SoundThinking Inc (SSTI) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to SoundThinking's first-quarter 2026 earnings conference call. My name is Latanya, and I'll be your operator for today's call. Joining us are SoundThinking's CEO, Ralph Clark; and CFO, 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 and future financial and operating performance.

各位下午好，歡迎參加 SoundThinking 2026 年第一季財報電話會議。我是 Latanya，將擔任今天會議的接線員。與會者包括 SoundThinking 執行長 Ralph Clark 與財務長 Alan Stewart。請注意，今天電話會議中討論的部分資訊將包含前瞻性陳述，涉及我們未來事件以及 SoundThinking 的業務策略與未來財務及營運表現。

These forward-looking statements are only predictions, are subject to risks, uncertainties and assumptions that are difficult to predict and may cause actual results to differ materially from those stated or implied by those statements. Certain of these risks and uncertainties and assumptions are discussed in SoundThinking's SEC filings, including its most recent annual report on Form 10-K and other SEC filings.

這些前瞻性陳述僅為預測，並受難以預測的風險、不確定性與假設影響，可能導致實際結果與該等陳述所述或所暗示者存在重大差異。部分風險、不確定性與假設已在 SoundThinking 向美國證券交易委員會（SEC）提交的文件中討論，包括其最近一期 Form 10-K 年度報告及其他 SEC 申報文件。

These forward-looking statements reflect management's beliefs, estimates and predictions as of today's live broadcast, May 14, 2026, 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管理層截至今日直播（2026 年 5 月 14 日）的信念、估計與預測；SoundThinking 不承擔在本次電話會議日期之後，因事件或情況變化而修訂或更新任何前瞻性陳述的義務。

In addition, our comments on the call today contain references to non-GAAP financial measures such as adjusted EBITDA and key business metrics such as annual recurring revenue. Non-GAAP measures should be viewed in addition to and not as an alternative for company's reported GAAP results.

此外，我們今天在電話會議中的評論包含對非 GAAP 財務衡量指標（例如調整後 EBITDA）以及關鍵業務指標（例如年度經常性收入，ARR）的引用。非 GAAP 指標應與公司依 GAAP 報告的結果一併看待，而非作為其替代。

A reconciliation of these non-GAAP measures to their most directly comparable GAAP measures as well as definitions of the key business metrics referenced and management's reasons for including the non-GAAP measures and key business metrics referenced by be found in the press release.

上述非 GAAP 指標與其最直接可比的 GAAP 指標之調節表，以及所引用關鍵業務指標的定義，並包括管理層納入所引用非 GAAP 指標與關鍵業務指標的原因，均可在新聞稿中查閱。

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

最後提醒各位，本次電話會議將被錄音，並將透過公司網站投資人關係（Investor Relations）專區中的連結提供重播，網址為 ir.soundthinking.com。

With that, I will now turn the call over to Ralph. Please proceed.

接下來，我將把電話會議交給 Ralph。請開始。

Good afternoon, and thank you for joining SoundThinking's Q1 2026 earnings call. I'll start by providing some high-level commentary on our financial results, share updates on our strategic investments and growth initiatives and frame how we're thinking about the year. Alan will then walk through the financials in greater detail, after which we'll be happy to take your questions.

各位下午好，感謝各位參加 SoundThinking 2026 年第一季財報電話會議。我將先就我們的財務結果提供一些高層次評論，分享我們在策略性投資與成長計畫上的最新進展，並說明我們對今年的思考框架。接著 Alan 會更詳細地說明財務數據，之後我們很樂意回答各位的問題。

Let me start with the headline numbers. Q1 revenue was $24.2 million, essentially in line with consensus. Q1 adjusted EBITDA was approximately negative $100,000. We are reaffirming our full year guidance of $109 million to $111 million in revenue, representing approximately 6% year-over-year growth at the midpoint and an adjusted EBITDA margin guidance of 16% to 18% and exiting ARR of $110 million, representing 15% growth in 2026.

我先從重點數字開始。第一季營收為 2,420 萬美元，基本符合市場共識。第一季調整後 EBITDA 約為負 10 萬美元。我們重申全年財測：營收 1.09 億至 1.11 億美元，以中位數計算約為年增 6%；調整後 EBITDA 利潤率指引為 16% 至 18%；以及期末 ARR 為 1.10 億美元，代表 2026 年成長 15%。

Let me give you some high-level commentary on the structural shape of our year because once it becomes clear, the math becomes fairly straightforward. Q1 is by design and by calendar, our most cost-heavy quarter and our lightest revenue quarter. Annual costs concentrate in Q1 such as audit fees, proxy and shareholder meeting costs, year-end legal and tax work. These items are largely absorbed in Q1 every year and do not repeat in subsequent quarters.

我想先就全年結構性的節奏做一些高層次說明，因為一旦這點清楚，數學就相當直觀。第一季在設計上與日曆季節性上，都是我們成本最重的一季、也是營收最輕的一季。年度成本會集中在第一季，例如審計費用、委託書與股東會成本、年終法律與稅務工作等。這些項目每年大多在第一季吸收，後續季度不會重複。

At the same time, our revenue is back-end loaded as deployments, renewals and expansions build throughout the year. Our business has substantial operating leverage as quarterly revenue scales above our cost run rate. Once we're past our cost base in any given quarter, we expect incremental revenue contributes disproportionately to adjusted EBITDA.

同時，隨著部署、續約與擴張在全年逐步累積，我們的營收偏向下半年（後段）集中。我們的業務具有顯著的營運槓桿：當單季營收規模高於我們的成本運行水準時，一旦跨過該季度的成本基準點，我們預期新增營收將以不成比例的幅度貢獻於調整後 EBITDA。

Q1 sits below that point and Q2 through Q4 are above it. Combined with approximately $4 million of annual savings expected from the workforce optimization we executed effective April 1, we believe we have clear line of sight to our full year adjusted EBITDA guidance. Alan will walk through the detailed bridge in his section.

第一季低於該基準點，而第二季至第四季則高於該點。再加上我們於 4 月 1 日生效、透過人力優化所帶來的預期年度節省約 400 萬美元，我們相信已能清楚看見達成全年調整後 EBITDA 指引的路徑。Alan 會在他的段落中說明詳細的銜接（bridge）。

Let me share some updates on our strategic execution, which gives us confidence in the second half ramp and what reflects the deeper transformation underway in our business as we continue to evolve into a broader public safety technology company. In Q1, we took ShotSpotter mileage live across seven customer accounts, added 50 PlateRanger cameras on our LPR platform and went live with 85 lanes of SafePointe.

接著分享一些策略執行的最新進展，這些進展讓我們對下半年加速成長更有信心，也反映出我們業務正在進行更深層的轉型：我們持續演進為更廣泛的公共安全科技公司。第一季，我們在七個客戶帳戶上線了 ShotSpotter 里程（mileage）功能，在我們的 LPR 平台新增了 50 台 PlateRanger 攝影機，並讓 SafePointe 的 85 條通道（lanes）正式上線。

Customer health and retention remain a real strength of our business and the trust we've built over time continues to be reflected in our Net Promoter Score in the world-class category and our renewal performance, which is currently ahead of plan. I want to highlight one renewal in particular, Cleveland.

客戶健康度與留存仍是我們業務的真正強項；我們長期建立的信任，持續反映在我們屬於世界級水準的淨推薦值（Net Promoter Score, NPS）以及續約表現上，目前續約進度領先計畫。我特別想強調一筆續約：克里夫蘭（Cleveland）。

Over the last several months, there was significant public commentary in the trade press, in local city deliberations and even some investor conversations suggesting that we were at risk of losing Cleveland to a newer entrant in our category. The narrative was that the contract was slated to be a competitive loss.

過去幾個月，業界媒體、當地市政討論，甚至部分投資人對話中，都出現大量公開評論，認為我們可能有失去克里夫蘭、轉而被本類別的新進業者取代的風險。當時的敘事是：該合約預計會在競爭中流失。

I'm pleased to share that the Cleveland renewal is in process and that Mayor Bibb and the city's public safety leadership have publicly touted the technology and specifically credited ShotSpotter's contribution in Cleveland's 80% homicide solve rate. I want to be direct about what Cleveland represents because it speaks to a broader competitive dynamic that I know is on investors' minds.

我很高興分享，克里夫蘭的續約正在進行中，且市長 Bibb 與該市公共安全領導團隊已公開稱讚這項技術，並特別肯定 ShotSpotter 對克里夫蘭 80% 兇殺案破案率的貢獻。我想直接說明克里夫蘭代表的意義，因為這反映出一個更廣泛的競爭動態，我知道這也是投資人關注的重點。

Anyone can promise gunshot detection in a pitch deck. The category has been around long enough that the marketing materials have started to converge. Same buzzwords, same accuracy claims, same talking points. But running an acoustic detection system that actually works across 1,000-plus square miles of dense, noisy urban environments with sub-meter precision and conditions ranging from fireworks to construction noise to weather with audio data that withstands real-world scrutiny, that's an entirely different proposition from describing it on a slide.

任何人都可以在簡報（pitch deck）裡承諾槍聲偵測。這個類別存在已久，行銷素材也開始趨於同質化：同樣的流行詞、同樣的準確率主張、同樣的話術。但要在超過 1,000 平方英里、密集且嘈雜的都市環境中，以亞米級（sub-meter）精度運行一套真正有效的聲學偵測系統，並在從煙火、施工噪音到天候等各種條件下，產出能經得起真實世界檢驗的音訊資料——這與在投影片上描述，完全是不同層級的命題。

And that is where the moat is. 25 years of ground truth physical data, accuracy performance that has been independently validated at 97% in 2024 against a 90% contractual standard and deployment tested integration depth that newer entrants are now only learning they need.

而護城河就在這裡：25 年的地面真實（ground truth）實體資料；在 2024 年以 97% 的準確率表現通過獨立驗證，相較之下合約標準為 90%；以及經過部署驗證的整合深度——新進業者現在才開始理解自己也需要這些。

When agencies move from the marketing to the operational reality, what they tend to find is that there is only really just us. Cleveland is a clear data point on that. Performance decides these deals, not narrative and not pitch decks. With respect to deep operational integration, our efforts complementing drone as first responders is another area where we're seeing meaningful traction, and it's a natural fit with ShotSpotter.

當執法機關從行銷走向營運現實時，他們往往會發現，真正能做到的其實只有我們。克里夫蘭就是一個明確的數據點。這些交易由績效決定，而不是由敘事、也不是由簡報決定。就深度營運整合而言，我們在「無人機作為第一線應變者（drone as first responders）」的互補努力，是另一個我們看到顯著進展的領域，且與 ShotSpotter 天然契合。

We now have 16 cities live with ShotSpotter-to-drone integrations across Skydio and BRINC. The cadence has accelerated. Las Vegas, Pittsburgh, Suffolk County, Monmouth County, West Palm Beach, Fresno, Tampa and Virginia Beach all came online within the last two months. In Albuquerque, a ShotSpotter trigger drone arrived on scene and observed a subject actively firing a weapon, relaying that to responding officers in real time.

目前我們已有 16 個城市完成 ShotSpotter 與無人機整合上線，涵蓋 Skydio 與 BRINC。推進節奏正在加快。拉斯維加斯（Las Vegas）、匹茲堡（Pittsburgh）、薩福克郡（Suffolk County）、蒙茅斯郡（Monmouth County）、西棕櫚灘（West Palm Beach）、弗雷斯諾（Fresno）、坦帕（Tampa）與維吉尼亞海灘（Virginia Beach）都在過去兩個月內上線。在阿布奎基（Albuquerque），一架由 ShotSpotter 觸發的無人機抵達現場並觀察到一名對象正在開槍，並即時將資訊回傳給到場員警。

In a separate incident, the drone located a gunshot wound victim. That's the kind of operational outcome our customers are realizing today. The strategic point is that these aren't simple ShotSpotter-to-drone alert handoffs. They're integrations into the operational fabric of how an agency responds. Physical AI at work in the real world. That's what creates durable value for our customers, and that's what's made the SafetySmart Platform increasingly difficult to replace.

在另一起事件中，無人機找到了槍傷受害者。這就是我們客戶今天正在實現的營運成果。策略重點在於：這些並非單純的 ShotSpotter 到無人機的警示交接，而是整合進機關應變方式的營運脈絡之中。實體 AI（physical AI）在真實世界中運作。這才是為客戶創造持久價值的原因，也使得 SafetySmart 平台愈來愈難以被取代。

Last week, we launched SafetySmart Field Agent, an AI-powered user experience within our SafetySmart platform. It is now in beta with more than a dozen ShotSpotter agencies. Broader availability is targeted for later this summer. With SafetySmart Field Agent, a police chief, an investigator, a crime analyst or even a city council member can ask questions in plain English and get back what they need, an insight, a chart, a map or a briefing-ready summary.

上週，我們推出了 SafetySmart Field Agent，這是我們 SafetySmart 平台內一個由 AI 驅動的使用者體驗。目前已在十多個 ShotSpotter 機關進行 Beta 測試，預計在今年夏末更廣泛提供。透過 SafetySmart Field Agent，警察局長、調查人員、犯罪分析師，甚至市議員，都可以用日常英文提問，並取得所需內容：洞見、圖表、地圖或可直接用於簡報的摘要。

How much gunfire has occurred near our public schools this year? What are the emerging hotspots? Create a command staff briefing for this month's trends. Until now, getting these types of answers required an analyst, a query language and a dashboard. Field agents puts that capability directly in the hands of any authorized user with a question. And let me say why this is a meaningful step forward for us.

今年在我們公立學校附近發生了多少槍擊？有哪些新出現的熱點？為本月趨勢製作一份指揮幕僚簡報。過去，要得到這類答案需要分析師、查詢語言與儀表板。Field Agent 把這項能力直接交到任何具授權、且有問題要問的使用者手中。我也想說明，為什麼這對我們而言是重要的向前一步。

Field Agent works across all SafetySmart data sources, gunfire data from ShotSpotter, crime data from ResourceRouter, license plate reads from PlateRanger through one unified experience. That's something we believe only we can deliver because only we have this breadth of public safety data running on a single platform. It's our integrated SafetySmart platform showing up in a real day-to-day customer experience.

Field Agent 可在單一、統一的體驗中，跨所有 SafetySmart 資料來源運作：來自 ShotSpotter 的槍聲資料、來自 ResourceRouter 的犯罪資料、以及透過 PlateRanger 的車牌辨識讀取資料。我們相信只有我們能交付這點，因為只有我們擁有在單一平台上運行的如此廣度的公共安全資料。這是我們整合式 SafetySmart 平台在客戶日常使用體驗中的具體呈現。

And it's a tangible expression of the physical AI moat thesis that SoundThinking exemplifies. AI value is only as good as the data foundation underneath it, and ours is genuinely broad, genuinely unique, represented by 25 years of ground truth acoustic detection data across 1,000-plus square miles of deployment that we believe no competitor can replicate.

而這也具體展現了 SoundThinking 所體現的「實體 AI 護城河」論點。AI 的價值取決於其底層資料基礎的品質；而我們的資料基礎確實廣泛、確實獨特——由 25 年的地面真實聲學偵測資料所構成，涵蓋超過 1,000 平方英里的部署範圍，我們相信沒有任何競爭對手能夠複製。

SafetySmart Field Agent is our second AI-driven user experience following CrimeTracer Gen 3, which we launched last fall and the next step in a broader rollout of AI capabilities across the SafetySmart Platform. We also continue to make innovation progress on our SoundThinking glass initiatives, including our sniper threat detection solution targeted at critical infrastructure. We have demonstrated early technical success in the perimeter protection use case that is relevant to the substation utility market.

SafetySmart Field Agent 是我們繼去年秋季推出的 CrimeTracer Gen 3 之後，第二個以 AI 驅動的使用者體驗，也是我們在 SafetySmart 平台上更廣泛推動 AI 能力部署的下一步。我們也持續在 SoundThinking glass 計畫上推進創新，包括針對關鍵基礎設施的狙擊手威脅偵測解決方案。我們已在與變電站公用事業市場相關的周界防護使用情境中，展現出初步的技術成功。

We look forward to sharing more as we gain commercial traction. Internationally, we continue to see growing interest in acoustic gunshot detection as global markets mature in their approach to public safety infrastructure. Our deployments in Montevideo, Uruguay and Niterói, Brazil have served as compelling proof points for broader Latin American expansion.

隨著我們在商業化方面取得進展，我們期待分享更多資訊。在國際市場方面，隨著全球市場在公共安全基礎設施的作法日益成熟，我們持續看到對聲學槍聲偵測的興趣升溫。我們在烏拉圭蒙得維的亞（Montevideo）與巴西尼泰羅伊（Niterói）的部署，已成為推動拉丁美洲更廣泛擴張的有力佐證。

We're building pipeline in these and additional markets in the region, driven by our recently hired in-country sales executive, Bruno Bolorino. We view international as a multiyear expansion runway for the core platform, and we're investing deliberately to capture it. Our SafePointe pipeline and go-live momentum through Q1 has been particularly encouraging. Monthly recurring revenue more than doubled from January to March of this year as Moffitt, Morgan State and other key go-lives came online, and we're entering Q2 at a meaningful higher run rate.

在這些以及該區域的其他市場，我們正在建立銷售管線，動能來自我們近期在當地聘用的銷售主管 Bruno Bolorino。我們將國際市場視為核心平台多年期擴張的長期跑道，並正有計畫地投入以把握此機會。我們 SafePointe 的管線以及截至第一季的上線動能尤其令人振奮。今年 1 月到 3 月，隨著 Moffitt、Morgan State 及其他關鍵客戶陸續上線，月度經常性收入（MRR）增加逾一倍，我們以顯著更高的運行水準（run rate）進入第二季。

In addition, earlier this week, we executed a three-year $3.2 million booking, representing over $1 million of ARR from a top five major hospital chain for all of their hospitals in just one of the states and where they have operations. In addition, we anticipate closing a 15-lane three-year $1 million-plus booking for $300,000-plus of ARR with a clinic in the Northeast. These two transactions are important validation points of our health care security focus and a meaningful proof point for the SafePointe addressable market in the hospital vertical.

此外，本週稍早我們簽下為期三年的 320 萬美元訂單（booking），相當於每年超過 100 萬美元的年度經常性收入（ARR），客戶為前五大之一的大型醫院連鎖體系，涵蓋其在某一州內營運的所有醫院。另外，我們預期將與美國東北部一家診所完成一筆 15 線道、為期三年、金額超過 100 萬美元的訂單，對應 ARR 超過 30 萬美元。這兩筆交易是我們聚焦醫療照護安全的重要驗證，也是在醫院垂直領域中，對 SafePointe 可服務市場（addressable market）的關鍵佐證。

The health care opportunity is substantial. As we've discussed on prior calls, California's AB 2975 will require weapon detection capabilities across more than 400 hospitals by March 2027, and that's just one mandate in one state. The broader health care market is moving in the same direction as systems prioritize patient and staff safety.

醫療照護的機會相當可觀。如同我們在先前電話會議中所討論，加州 AB 2975 將要求超過 400 家醫院在 2027 年 3 月前具備武器偵測能力，而這僅是一個州的一項法規要求。更廣泛的醫療照護市場也正朝同一方向發展，因為各體系將病患與員工安全列為優先。

Across the portfolio, what we're seeing is consistent. Customers are choosing platforms over point solutions. Our SafetySmart platform, ShotSpotter, PlateRanger, CrimeTracer, ResourceRouter, CaseBuilder and SafePointe, now all augmented by Field Agent and our deep DFR integrations give agencies an integrated approach to public safety that we believe no point solution competitor can match.

在整個產品組合中，我們看到的趨勢一致：客戶選擇平台而非單點解決方案。我們的 SafetySmart 平台、ShotSpotter、PlateRanger、CrimeTracer、ResourceRouter、CaseBuilder 與 SafePointe，如今都由 Field Agent 與我們深度的 DFR 整合所強化，為各機構提供一套整合式公共安全方案，我們相信這是任何單點解決方案競爭者都無法匹敵的。

The trust that drives our world-class customer retention is what allows us to keep deepening that platform and the data foundation we've built over 25 years, and that's what makes our AI investments compound rather than commoditize. Before Alan walks through the financials, I want to add some strategic context on how we think about our capital allocation strategy.

支撐我們世界級客戶留存率的信任，使我們得以持續深化該平台與我們 25 年來建立的資料基礎，這也讓我們的 AI 投資呈現複利效應，而非走向商品化。在 Alan 說明財務數字之前，我想補充一些我們如何思考資本配置策略的策略性背景。

At a high level, you would see that SoundThinking today is two very distinct businesses at very different stages of development in our broader transformation into a vertical physical AI company. Our core public safety platform, ShotSpotter, CrimeTracer, PlateRanger, ResourceRouter and CaseBuilder is a modestly growing but profitable business generating strong adjusted EBITDA and free cash flow beyond what we're showing today on a consolidated basis.

從高層次來看，SoundThinking 目前是兩個非常不同、且處於不同發展階段的業務，這也反映我們正進行更廣泛的轉型，朝向垂直領域的實體 AI（physical AI）公司邁進。我們的核心公共安全平台（ShotSpotter、CrimeTracer、PlateRanger、ResourceRouter 與 CaseBuilder）是一項溫和成長但具獲利能力的業務，能產生強勁的調整後 EBITDA 與自由現金流，超過我們目前在合併基礎上所呈現的水準。

SafePointe, on the other hand, is an early stage but rapidly growing business in which we are deliberately investing in today in order to capture what we believe is a category-defining opportunity in physical AI security. The blended adjusted EBITDA profile you see at the consolidated level reflects that deliberate capital allocation choice. Alan will provide additional color on the magnitude and the path and time line for the SafePointe breakeven.

另一方面，SafePointe 是一項早期但快速成長的業務；我們目前正有意識地投入資源，以掌握我們認為在實體 AI 安全領域具類別定義（category-defining）的機會。您在合併層級看到的調整後 EBITDA 混合表現，正反映了這項刻意的資本配置選擇。Alan 將就 SafePointe 損益兩平的規模、路徑與時間表提供更多說明。

So stepping back, revenue tracked at consensus, Q1 adjusted EBITDA reflects the structural shape of our year, our customer momentum across retention, SafePointe acceleration and our investments in innovation like our SafetySmart Field Agent and growing DFR integration reinforces our conviction.

因此回過頭看，營收符合市場共識，第一季調整後 EBITDA 反映了我們年度的結構性走勢；我們在留存、SafePointe 加速，以及在 SafetySmart Field Agent 等創新與日益增長的 DFR 整合投資上的客戶動能，進一步強化了我們的信心。

The underlying strength of our business remains intact and the differentiated platform we've built grounded in trust, performance and 25 years of physical AI data, we believe, positions us well for the rest of 2026 and beyond. I'll now turn the call over to Alan to discuss our financial results for the first quarter and our outlook for the full year 2026 in greater detail.

我們業務的基本面仍然穩健；我們所打造、以信任、績效與 25 年實體 AI 資料為基礎的差異化平台，我們相信能讓我們在 2026 年剩餘期間及更長遠的未來保持良好定位。接下來我把電話交給 Alan，請他更詳細說明第一季財務結果以及 2026 全年的展望。

Then we'll be happy to take your questions. Okay, Alan, over to you.

之後我們很樂意回答各位的問題。好的，Alan，交給你。

Thank you, Ralph. Good afternoon, everyone. Revenues in the first quarter were $24.2 million compared to $28.3 million in the first quarter of 2025. As a reminder, first quarter of 2025 included approximately $0.5 million of revenue related to our Puerto Rico ShotSpotter contract where it has not yet been renewed as well as the nonrecurring impact of approximately $3.5 million in prior year catch-up revenues related to the two- three- year renewals of our large contracts with NYPD.

謝謝你，Ralph。各位下午好。第一季營收為 2,420 萬美元，對比 2025 年第一季的 2,830 萬美元。提醒一下，2025 年第一季包含約 50 萬美元與我們波多黎各 ShotSpotter 合約相關、但尚未續約的營收，以及上一年度約 350 萬美元的一次性影響，該部分為與紐約市警局（NYPD）大型合約進行兩年、三年期續約所帶來的前期補認列（catch-up）營收。

Gross profit was $11.3 million or 47% of revenue compared to $16.6 million or 59% of revenue in the prior year period. The decrease in gross margin reflects the continued costs related to servicing existing and new customers without the benefit of the catch-up revenue recognized in the prior year quarter.

毛利為 1,130 萬美元，約占營收 47%，對比去年同期毛利 1,660 萬美元、約占營收 59%。毛利率下降反映了我們在服務既有與新客戶方面的持續成本，但未能享有去年同季所認列的補認列營收帶來的效益。

Our adjusted EBITDA was approximately negative $100,000 compared to a positive $4.5 million in the first quarter of 2025. It's important to highlight that our first quarter adjusted EBITDA was impacted by costs associated with ongoing product development, most notably in SafePointe, which is currently generating over $8 million of annualized losses as we invest ahead of expected revenue.

我們的調整後 EBITDA 約為負 10 萬美元，對比 2025 年第一季為正 450 萬美元。需要強調的是，我們第一季調整後 EBITDA 受到持續產品開發相關成本的影響，最顯著的是 SafePointe；由於我們在預期營收之前先行投入，SafePointe 目前造成超過 800 萬美元的年化虧損。

Absent these investments, adjusted EBITDA would have increased year-over-year in the first quarter, underscoring the continued improvements in our core business. We are deliberately making these investments based on what we're seeing in customer demand, pipeline growth, contract size and long-term margin opportunity, and we expect this pressure to moderate as these programs mature and begin contributing more meaningfully to profitability.

若不計這些投資，第一季調整後 EBITDA 將較去年同期成長，凸顯我們核心業務持續改善。我們基於所觀察到的客戶需求、管線成長、合約規模與長期毛利機會，刻意進行這些投資；隨著這些計畫成熟並開始對獲利做出更有意義的貢獻，我們預期此壓力將趨於緩和。

In fact, given the large SafePointe pipeline and expected growth, we expect that product group to achieve profitability at the end of 2027 or early in 2028. 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 related fixed asset disposals, stock-based compensation expenses and acquisition-related expenses, including adjustments to our contingent consideration obligations.

事實上，鑑於 SafePointe 龐大的管線與預期成長，我們預期該產品團隊將在 2027 年底或 2028 年初達成獲利。提醒一下，調整後 EBITDA 為非 GAAP 財務衡量指標，其計算方式為以 GAAP 淨利或淨損為基礎，並調整排除利息收入、所得稅、折舊、攤銷與減損、重組成本與損失（包含相關固定資產處分）、以股份為基礎的薪酬費用，以及併購相關費用（包含對或有對價義務的調整）。

Our operating expenses were $18.1 million compared to $17.8 million in the first quarter of 2025. Operating expenses remained relatively consistent year-over-year, reflecting higher employee-related compensation costs and restructuring charges, partially offset by reduced sales and marketing spend.

我們的營業費用為 1,810 萬美元，對比 2025 年第一季的 1,780 萬美元。營業費用年對年大致持平，反映員工相關薪酬成本與重組費用增加，但部分被銷售與行銷支出下降所抵銷。

Breaking down our expenses, sales and marketing expense in the first quarter was $6.5 million or approximately 27% of total revenue compared to $7.3 million or 26% of total revenue in the prior year period. Our R&D expenses were $4.4 million or approximately 18% of total revenue compared to $4.1 million or 14% of total revenue in the prior year period, reflecting continued investment in product innovation, AI-driven capabilities and platform enhancements.

進一步拆解費用，第一季銷售與行銷費用為 650 萬美元，約占總營收 27%，對比去年同期為 730 萬美元、約占總營收 26%。我們的研發費用為 440 萬美元，約占總營收 18%，對比去年同期為 410 萬美元、約占總營收 14%，反映我們持續投資於產品創新、AI 驅動能力與平台強化。

G&A expenses for the quarter were $6.7 million or approximately 28% of total revenue compared to $6.5 million or 23% of total revenue in the prior year period. We expect our G&A expenses to grow more slowly than revenue over time as we scale the business. Our GAAP net loss was approximately $7 million or $0.54 per basic and diluted share for the quarter based on 12.9 million basic and diluted weighted average shares outstanding.

本季一般及行政（G&A）費用為 670 萬美元，約占總營收 28%，對比去年同期為 650 萬美元、約占總營收 23%。隨著我們擴大規模，我們預期 G&A 費用長期將以低於營收的速度成長。本季 GAAP 淨損約 700 萬美元，或每股基本及稀釋虧損 0.54 美元，係以 1,290 萬股基本及稀釋加權平均流通股數計算。

This compares to a GAAP net loss of $1.5 million or $0.12 per basic and diluted share based on 12.6 million basic and diluted weighted average shares outstanding in the prior year period. The increased loss was driven primarily by the absence of prior year catch-up revenue, restructuring-related charges and continued investment in our platform.

相較之下，去年同期 GAAP 淨損為 150 萬美元，或每股基本及稀釋虧損 0.12 美元，係以 1,260 萬股基本及稀釋加權平均流通股數計算。虧損擴大主要由於缺少去年同期的補認列營收、重組相關費用，以及對平台的持續投資。

Deferred revenue as of March 31, 2026, was $40.4 million compared to $43.9 million at December 31, 2025, reflecting normal contract receivable variability and revenue recognition during the quarter. We ended the quarter with $14.2 million in cash and cash equivalents compared to $15.8 million at the end of 2025. Currently, we have approximately $36 million available on our line of credit as we have approximately $4 million in debt outstanding, all on our line of credit.

截至 2026 年 3 月 31 日，遞延收入為 4,040 萬美元，對比 2025 年 12 月 31 日的 4,390 萬美元，反映合約應收款項的正常波動以及本季的收入認列。我們在季末持有現金及約當現金 1,420 萬美元，對比 2025 年底的 1,580 萬美元。目前，我們的循環信用額度（line of credit）尚可動用約 3,600 萬美元，因為我們目前約有 400 萬美元的未償債務，且全部來自該循環信用額度。

Now turning to guidance for the full year 2026. We are reiterating our full year revenue guidance range of $109 million to $111 million, which represents approximately 5% to 7% year-over-year growth. We are also reiterating our full year 2026 adjusted EBITDA margin guidance range of 16% to 18%. We expect to achieve this adjusted EBITDA range through three primary things. First, Q1 is historically our most expensive OpEx quarter of the year, so we expect our quarterly OpEx costs to go down.

現在轉向 2026 全年指引。我們重申全年營收指引區間為 1.09 億美元至 1.11 億美元，約代表年增 5% 至 7%。我們也重申 2026 全年調整後 EBITDA 利潤率指引區間為 16% 至 18%。我們預期將透過三個主要因素達成此調整後 EBITDA 區間。第一，第一季歷來是我們全年營運費用（OpEx）最高的季度，因此我們預期各季度的 OpEx 成本將下降。

In addition, our recent cost reductions should add an additional $2.5 million for the remainder of the year. And lastly, we believe that over 90% of new revenue growth beyond our Q1 revenue run rate will flow directly towards adjusted EBITDA. Our guidance reflects the structural shape of the year that Ralph discussed earlier.

此外，我們近期的成本削減措施，預計在今年剩餘期間可再貢獻 250 萬美元。最後，我們相信，超過 90% 高於我們第一季營收運行率（run rate）的新增營收成長，將直接流向調整後 EBITDA。我們的指引反映了 Ralph 先前所討論的年度結構形態。

As a reminder, revenue and profitability are back-end loaded as deployments, renewals and expansions build throughout the year. Our outlook reflects the investments we are making in SafePointe, AI-driven capabilities, platform innovation as well as the benefit of approximately $4 million in annualized cost savings from our workforce and business optimization actions that became effective at the start of the second quarter.

提醒一下，隨著部署、續約與擴張在全年逐步累積，營收與獲利能力將偏向下半年（後段）集中。我們的展望反映了我們在 SafePointe、AI 驅動能力、平台創新方面的投資，以及自第二季初生效的員工與業務優化行動所帶來、約 400 萬美元的年度化成本節省效益。

As we move through the balance of 2026, we expect improved revenue scale and operating leverage to drive a materially stronger profitability profile in the second half of the year. We are confident in our ability to execute against our full year framework and remain focused on disciplined cost management while continuing to invest in long-term growth opportunities. Overall, we're pleased with the progress we've made on each of our strategic initiatives and operational performance of the business.

隨著我們走過 2026 年剩餘期間，我們預期營收規模提升與營運槓桿將在下半年推動顯著更強的獲利輪廓。我們對於依照全年框架執行的能力充滿信心，並將持續專注於嚴謹的成本管理，同時持續投資於長期成長機會。整體而言，我們對於各項策略性計畫的進展以及業務的營運表現感到滿意。

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

接下來，我們很高興開放提問。接線員，請為問答（Q&A）開放線路。

(Operator Instructions)

（接線員指示）

Richard Baldry, ROTH Capital.

Richard Baldry，ROTH Capital。

Could you talk about the visibility you have into the growth for the balance of the year, sort of how much is signed but needs to be deployed versus what's the go get that you'd have to sign and be able to deploy intra-year?

你能談談你們對於今年剩餘期間成長的可見度嗎？也就是說，大概有多少已簽約但仍需部署，對比之下又有多少是你們必須在年內簽下並完成部署的「待爭取」部分？

Do you want to take that, Alan? Or do you want to address it?

Alan，你想回答這題嗎？還是你想補充說明？

Sure. No, I can go ahead and start. I think at this point, although Q1 was a little slow in certain areas like our ShotSpotter sales, I would say that we are ahead of schedule in several other ones and certainly will be by the end of the first half of the year. You heard Ralph mention about the two new SafePointe contracts that got signed literally this week, one which was $3.2 million and another one, which is over $1 million, adding about $1.4 million per year.

當然。我可以先開始回答。我認為目前雖然第一季在某些領域（例如我們的 ShotSpotter 銷售）稍微偏慢，但我會說我們在其他幾個方面進度超前，而且到上半年結束時肯定會是如此。你也聽到 Ralph 提到，本週 буквально（真的就是這週）簽下兩份新的 SafePointe 合約，一份是 320 萬美元，另一份超過 100 萬美元，合計每年增加約 140 萬美元。

If you recall from our last call, we said we were going to add about $4 million in ARR for SafePointe alone. When we're getting large contracts like that, that add 70 new lanes and literally both of those just signed this week, it's showing a lot of positive activity there. Ralph also mentioned the other things that we're adding like the 50 PlateRanger cameras that we've got as well as the other solutions that we're feeling quite positive about.

如果你還記得我們上次的電話會議，我們說 SafePointe 單一業務就會增加約 400 萬美元的 ARR。當我們拿到像這樣的大型合約、可新增 70 條新通道（lanes），而且這兩份都在本週剛簽下，這顯示那邊有非常多正向活動。Ralph 也提到我們正在新增的其他項目，例如我們取得的 50 台 PlateRanger 攝影機，以及其他我們感到相當正面的解決方案。

Internationally, although things are a little slower right now for the first half of the year, we still -- are still expecting the top line revenue to be able to be hit based on what we're seeing in the pipelines right now. Ralph, you may have additional comments as well.

在國際市場方面，雖然今年上半年目前進展稍慢，但根據我們目前在管線（pipeline）中看到的情況，我們仍然——仍然預期能達成營收（top line）目標。Ralph，你也許還有其他補充。

Yes. I think I would just add, and I agree with everything that Alan said. I think as we had commented earlier, we feel really good about hitting $50 million or so for the first half. We've acknowledged that our structure of our year is going to be more back-end loaded. So the way to think about at least the revenue coming on board is $50 million in the first half and then $60 million in the second half of the year.

是的。我想我只想補充一下，而且我同意 Alan 所說的一切。正如我們先前評論過的，我們對於上半年達到約 5,000 萬美元感覺非常好。我們也已經承認，我們的年度結構會更偏向下半年（後段）集中。因此，至少就營收進帳的思考方式而言，上半年 5,000 萬美元、下半年 6,000 萬美元。

And a big portion of that growth in the second half, as we talked about previously, are two very large deals that are multimillion dollar deals, one with a large statewide or semi-state-wide CrimeTracer deal of about $2.5 million. And then we're expecting the recapture of Puerto Rico, which can add another $2.7 million of ARR. And of course, how they convert to revenue is pretty much time sensitive. So we're looking to get those closed early in the second half of the year in order for it to contribute to the revenue escalation we expect for 2026.

而下半年成長的一大部分，如同我們先前談到的，來自兩筆非常大型的交易，都是數百萬美元等級：一筆是大型州級或準州級的 CrimeTracer 交易，約 250 萬美元；另一筆則是我們預期重新拿回波多黎各（Puerto Rico），可再增加 270 萬美元的 ARR。當然，它們如何轉換為營收，基本上相當取決於時間點。因此我們希望在下半年初期就把這些案子結案，以便能對我們預期 2026 年的營收加速成長做出貢獻。

And if you look at the two hospital deals, one is a $3 million deal, one is $1 million, let's call it. So there's a pretty big gap between those two. How typical are either end of that? Or is that both ends of what an average deal should look like? How do we think about that versus the 400-hospital opportunity in California?

再看那兩筆醫院交易，一筆是 300 萬美元，一筆是 100 萬美元，我們就先這樣算。這兩者之間差距很大。這兩端各自有多典型？或者說，這就是平均交易規模可能呈現的兩端？相較於加州 400 家醫院的機會，我們應該如何看待？

Yes. So yes, that's a good call out, Rich. So I would say we're so early in the process. I don't know that I'm ready to define what the cadence of deals look like. What I can say is the pipeline is growing very, very quickly. We're hyper focused on casinos and health care. We're building momentum in health care as we get more customers that are positive references for us.

是的。Rich，你點得很好。我會說我們在這個流程上還非常早期，我不確定我是否已準備好去定義交易的節奏（cadence）會長什麼樣子。但我能說的是，管線正在非常、非常快速地成長。我們高度聚焦在賭場與醫療保健領域。隨著我們取得更多客戶並成為我們的正面推薦案例，我們在醫療保健領域正在建立動能。

There's one state -- excuse me, the one larger deal, the $3 million-plus deal that we talked about is basically consolidating SafePointe across all the hospitals they have in one particular state. This particular hospital chain has presence in multiple states. So that's just a big opportunity in and of itself.

其中一個州——抱歉，剛才提到的那筆較大的交易，也就是我們談到的 300 萬美元以上的交易，基本上是在某一個州把 SafePointe 整合並擴展到他們旗下所有醫院。這家醫院體系在多個州都有據點，所以這本身就是一個很大的機會。

And that -- again, that's all prior to 2975. So I think our expectation is we're going to see a mix of deals from 10 lanes to 50-lane type of opportunities as we saw in this large case. And then we're going to see expansion start to play in this thing, too, as people standardize on our solutions after they have deployed in just a percent of their hospital. So we're really encouraged about SafePointe in the hospital and casino vertical.

而且——再次強調，那都發生在 2975 之前。所以我認為我們的預期是，我們會看到從 10 條通道到 50 條通道這類機會的混合，就像我們在這個大型案例中看到的一樣。接著我們也會看到擴張開始在這件事上發揮作用，因為當客戶先在其醫院的一小部分完成部署後，會逐步把我們的解決方案標準化。因此，我們對 SafePointe 在醫院與賭場垂直領域的表現感到非常鼓舞。

One last for me. When you look at the $8 million sort of drag from SafePointe right now, how much of that is in the sales and marketing really sort of going demand driving side of the table versus ongoing product development or back office?

我最後一題。當你看 SafePointe 目前約 800 萬美元的拖累時，其中有多少是在銷售與行銷、也就是偏需求帶動（demand driving）那一端，對比持續的產品開發或後勤／後台（back office）？

Yes, that's a great question. And if you think about it, the $8 million, by the way, is what we expect to have the negative adjusted EBITDA for '26. In '25, it was actually over $9 million. So we're already improving. But I would say, if you want to break it out between the different categories, out of that total loss, our revenue is going to go from somewhere around $3.6 million last year to north of $6.5 million this year.

是的，這是個很好的問題。你如果這樣想，順帶一提，這 800 萬美元是我們預期 2026 年的調整後 EBITDA 為負的金額。2025 年其實超過 900 萬美元，所以我們已經在改善了。但如果你想把它拆分到不同類別，在這個總虧損之中，我們的營收將從去年約 360 萬美元提升到今年超過 650 萬美元。

We do believe that the cost of goods sold, which does have a lot of personnel cost in it, is going to go from about $8 million last year to maybe about $9 million. We don't need to add a lot more there as we're adding over $3 million in revenue. And the actual OpEx goes from about $7 million to close to $9 million.

我們確實認為銷貨成本（COGS）——其中包含大量人員成本——將從去年的約 800 萬美元增加到今年可能約 900 萬美元。隨著我們新增超過 300 萬美元的營收，我們不需要在那裡增加太多。實際的營運費用（OpEx）則會從約 700 萬美元增加到接近 900 萬美元。

So as revenue goes up by $3 million and the other stuff only goes up by $2 million, that $9 million loss goes down to $8 million loss. So it really is a mix of different ones. Specifically, your question about sales and marketing, we really only had one person in the sales and marketing group last year for SafePointe, we now have four.

因此，當營收增加 300 萬美元，而其他項目只增加 200 萬美元時，900 萬美元的虧損就下降到 800 萬美元的虧損。所以這確實是多個項目的混合。針對你特別問到的銷售與行銷，我們去年在 SafePointe 的銷售與行銷團隊其實只有 1 個人，現在有 4 個人。

And we think we're fully staffed to be able to hit those numbers. And as the pipeline continues to build and we see large contracts like this, it's proving itself that what we're expecting can happen is actually happening.

而我們認為人力配置已足以達成那些數字。隨著管線持續建立、且我們看到像這樣的大型合約，這也證明我們所預期會發生的事情，確實正在發生。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Great, thanks for taking the questions. Ralph, maybe I'll start with you on more platform product level questions. For the DFR commentary and the integrations you got with, I think, the 16 cities on that front, I see how that can definitely be making ShotSpotter sticky there.

很好，謝謝讓我提問。Ralph，我可能先從你開始，問一些更偏平台產品層面的問題。關於你對 DFR 的評論，以及你在那方面與我記得是 16 個城市所做的整合，我可以理解這確實能讓 ShotSpotter 在那裡更具黏著度。

Can you walk us through or talk about how that's maybe creating actual like kind of additional, like not just keeping of revenue, but getting more revenue as those integrations and that particular use case comes about?

你能否帶我們走一遍，或談談這如何可能帶來實際的額外收入——不只是維持既有收入，而是當這些整合與該特定使用情境出現時，如何帶來更多收入？

Yes, that's a fair call out. I think I'm not being an incredibly greedy person. I think the right way to think about our drone or DFR integrations is to think more about adding value to customers and being more embedded in their operational fabric about how they respond to the ShotSpotter alert. So the net result or net benefit to us beyond adding value to our customers and integrating with their operational fabric is really around retention and stickiness.

是的，這個提醒很合理。我認為我並不是一個非常貪婪的人。我認為看待我們的無人機或 DFR 整合的正確方式，是更多從為客戶增加價值、並更深度嵌入他們在回應 ShotSpotter 警報時的作業流程來思考。因此，對我們而言，除了為客戶增加價值並與其作業流程整合之外，最終的結果或淨效益其實主要在於留存率與黏著度。

And I think that has to be the focus for us for right now. We're not looking to add on additional revenues or whatever. I think our focus is much more on how to add value around ShotSpotter to our customers in terms of how they respond to ShotSpotter alerts. So frankly, we'll probably be investing more.

而我認為這必須是我們目前的重點。我們並不是要去增加額外營收或諸如此類。我認為我們的重點更多是在於，如何在客戶回應 ShotSpotter 警報的方式上，圍繞 ShotSpotter 為客戶增加價值。所以坦白說，我們可能會投入更多。

So like right now, I would describe our DFR integrations as kind of Level 1 DFR integrations where we're basically sending a digital alert that can be consumed by DFR, sending them to a lat/long opportunity. What would be really interesting is to make those integrations bidirectional.

所以像現在，我會把我們的 DFR 整合描述為某種第 1 級的 DFR 整合：我們基本上是發送一個可由 DFR 端接收的數位警報，把它們導向一個經緯度的位置機會。真正有意思的是，讓這些整合變成雙向的。

So we would love to, in terms of Phase 2, be thinking about how we can get once the eyes are on target, getting that visual back incorporated into a ShotSpotter alert and have it all be combined into one data package, which then, frankly, could go to our CrimeTracer solution, right, and then combined with LPR, then goes to CaseBuilder for case management stuff. I mean, you see some really existing opportunities.

所以我們很希望在第 2 階段能思考：一旦「眼睛」已經鎖定目標，如何把那個視覺畫面回傳並納入 ShotSpotter 警報，讓它全部整合成一個資料封包；然後坦白說，這個封包可以送到我們的 CrimeTracer 解決方案，對吧，再與 LPR 結合，接著送到 CaseBuilder 做案件管理相關的事情。我的意思是，你可以看到一些非常既有的機會。

So I think our focus is really about how to be more valuable to customers, and we'll get the proper benefit that we need to get in terms of retention. That's where the focus is, not in terms of revenue enhancement. Did that answer your question?

所以我認為我們的重點確實是在於如何對客戶更有價值，而我們也會在留存方面取得我們需要的適當效益。重點在這裡，而不是在營收提升上。這樣有回答到你的問題嗎？

Yes, absolutely. That's great color. I appreciate it. Maybe switching over to the Field Agent piece and kind of AI empowerment within the platform. Is that just being offered for free as core service? Or do customers have to own a certain set of products to kind of turn that on? How is that from just a kind of a deployment/kind of saleable item looking like?

是的，完全有。這些補充很有幫助，謝謝你。也許切換到 Field Agent 這一塊，以及平台內的 AI 賦能。這是作為核心服務免費提供嗎？還是客戶必須擁有某一組產品才能把它打開？從部署／可銷售項目的角度來看，這會是怎麼樣？

Yes. Thanks for that question as well. So again, I think Phase 1, very similar to my response to the DFR integrations. We're looking just to roll that out to add value and stickiness. I think the more individuals that we can get interacting with the data, the more valuable it becomes frankly, we can have these briefing packages prepared for city councils. Again, it's really around adding value to customers and improving stickiness.

是的，也謝謝這個問題。所以同樣地，我認為第 1 階段非常類似我對 DFR 整合的回覆。我們只是希望把它推出去，以增加價值與黏著度。我認為能讓更多人與資料互動，坦白說資料就越有價值；我們也可以為市議會準備這些簡報套件。再說一次，這主要是為客戶增加價值並提升黏著度。

I think going forward, we're going to continue to invest in this area. And I think the Field Agent can be something that goes across the platform, not just for ShotSpotter, but for kind of LPR with PlateRanger, also CrimeTracer, CaseBuilder, et cetera. There's a lot of really interesting possibilities there. This is about a data game for us and capturing the data and building the physical AI moat that comes along with the data.

我認為往後我們會持續在這個領域投資。而我認為 Field Agent 可以跨平台運作，不只是 ShotSpotter，也包括像 PlateRanger 的 LPR、CrimeTracer、CaseBuilder 等等。那裡有很多非常有意思的可能性。對我們來說，這是一場資料的競賽：取得資料、捕捉資料，並建立隨著資料而來的實體 AI 護城河。

Got it. Perfect. Maybe just one more -- one last one for me for you, Alan. Can you just help me understand, I guess, maybe first talk a little bit about the workforce optimization. Was that kind of broad-based across business functions as that took effect?

了解。很好。也許再一個——我最後一個問題，Alan。你能幫我理解一下，我想先談談人力優化。那個措施生效時，是不是橫跨各個業務職能、屬於比較全面性的？

And then I think you had called out in your remarks that there's $4 million in annual savings specific to that workforce optimization. But then when you were kind of rolling through your points around adjusted EBITDA, there was cost reductions of $2.5 million in savings for the year. So the -- I guess, for the balance of the year.

然後我記得你在談話中提到，這項人力優化每年可節省 400 萬美元。但當你在說明調整後 EBITDA 的幾個重點時，你提到今年的成本削減節省是 250 萬美元——也就是，我想，是今年剩餘期間的部分。

I don't know if that's the same as the workforce optimization or related but separate. So if you could maybe just again, give us a sense of what the workforce, like the kind of qualitative piece was and then the bridge in terms of how that's kind of going to affect EBITDA for the year, that would be terrific, if that makes sense.

我不確定那是否與人力優化是同一件事，或是相關但分開的項目。所以如果你能再幫我們說明一下：人力優化在質性上大概是什麼樣子，以及從橋接（bridge）的角度，它將如何影響今年的 EBITDA，那就太好了，如果這樣問有道理的話。

Yes. Absolutely. Great question. Thank you for asking that. So we did -- it was about 20 people that were part of our reduction, but it wasn't just people. We had some other reductions we had in terms of things, some meetings that we were no longer going to have like the all-hands meeting, we definitely decided we didn't need that. We had some marketing changes. So in terms of the total $4 million, that is over a year.

是的，當然。很好的問題，謝謝你提出。我們確實——大約有 20 個人納入這次縮減，但不只是人員。我們也在其他方面做了一些縮減，例如有些會議我們不再舉辦，像是全員大會（all-hands meeting），我們明確決定不需要了。我們也做了一些行銷方面的調整。所以就總計 400 萬美元而言，那是以一年為期的數字。

So it basically took effect April 1. So the first quarter of that, you would expect to be somewhere between $500,000 and maybe as high as $700,000. So that $2.5 million that I mentioned in my script is probably $500,000 to $700,000 in the first or the second quarter of the year and then approximately $1 million in Q3 and approximately $1 million in Q4. That's how you get to the $2.5 million, might even be a little higher than that.

所以它基本上是從 4 月 1 日生效。因此第一個季度的效益，你會預期大約在 50 萬美元到可能高達 70 萬美元之間。所以我在講稿裡提到的 250 萬美元，可能是今年第一或第二季的 50 萬到 70 萬美元，然後第三季大約 100 萬美元，第四季大約 100 萬美元。這樣加總就到 250 萬美元，甚至可能略高一些。

The savings will continue, though, because it is 12 months of savings where we get the $4 million savings. So we will continue to have that. All of that's going to help us in terms of reducing our total cost and increasing our adjusted EBITDA. But in order to get to the guidance that we talked about in terms of 17%, we're only counting $2.5 million of that towards the increase to be able to get to that -- to the guidance.

不過節省會持續，因為要達到 400 萬美元的節省是以 12 個月計算的，所以我們會持續享有這些效益。這些都會在降低總成本、提高調整後 EBITDA 方面幫助我們。但為了達到我們談到的 17% 指引，我們只把其中的 250 萬美元計入提升，以便達到——達到該指引。

Got it. Makes sense. Thanks for the clarification and appreciate the question. So I'll hop back in the queue.

了解，說得通。謝謝你的釐清，也謝謝你回答這個問題。我會回到隊列裡。

Michael Latimore, Northland Capital.

Michael Latimore，Northland Capital。

All right. Thanks very much. Just a couple of questions on, I guess, SafePointe to start. Nice wins there, it sounds like. Can you just talk about why you win -- you won those deals? And then within the hospitals, are they being used kind of at the front door in the emergency room? Or like how extensively are they being used?

好，謝謝你。先從 SafePointe 談起，我想問幾個問題。聽起來你們在那裡有不錯的勝利。你能談談你們為什麼能贏下——贏下那些案子嗎？另外在醫院裡，它們是用在急診室的前門那種位置嗎？或是實際使用範圍有多廣？

So this is Ralph. I'll start and Alan jump in and add -- and complement. But I think the wins are for hospitals, the focus that a hospital has is how to provide some level of security without having a checkpoint and frustrating the free, I would say, kind of ingress, egress of individuals coming in and out of the hospital.

我是 Ralph。我先回答，Alan 再補充——並加以補足。我認為在醫院這些案子上，醫院關注的重點是：如何在不設置安檢關卡、也不讓人感到挫折的情況下，提供一定程度的安全性，讓人員能自由地——我會說——進出醫院。

We hear a lot when we talk to hospitals about the patient experience and the visitor experience being very important. They want a dignified experience and having people to be almost effectively criminalized by going through a checkpoint, yielding -- having to discard themselves of keys, laptops and the like is just a negative.

我們在與醫院交流時常聽到，他們非常重視病患體驗與訪客體驗。他們希望有尊嚴的體驗；讓人幾乎像被當成罪犯一樣通過安檢關卡、必須把鑰匙、筆電等物品拿出來接受檢查，這就是負面的。

And frankly, it creates a security risk profile in terms of a soft target as people kind of aggregate around going one by one through a checkpoint. We address that very nicely with our very unique (inaudible) setup where we're not having an active sensor solution, it's passive sensors. It's very discreet, not very noticeable, very wide lanes.

而且坦白說，當人們聚集、逐一通過安檢關卡時，這會在「軟目標」的角度形成一種安全風險輪廓。我們用非常獨特的（聽不清）配置很好地解決了這點：我們不是主動式感測器方案，而是被動式感測器；非常低調、不太顯眼，通道很寬。

So people can go in and out. And we're specifying a very low false positive rate. So think in terms of kind of low single-digit false positive rate because you are going to have false positives in these kind of situations, which is considerably lower false positive rate than some of our competitors have and still having a very effective true positive rate in terms of capturing a number of weapons that are coming through.

所以人們可以進出。我們也把誤報率（false positive rate）設定得非常低。可以想像成個位數低檔的誤報率，因為在這類情境下你一定會有誤報；而這個誤報率明顯低於一些競爭對手，同時在真陽性率（true positive rate）方面仍然非常有效，能攔截到相當數量的武器通過。

So the balance is there, and it's prioritized for us at least in a hospital environment, where we would not play very well, frankly, and we're rooting other folks on in this environment. If you go to an arena or go to a stadium, I think people are kind of conditioned to have more of a TSA experience. And so our uniqueness doesn't play as effectively there. And so we're ceding those kind of opportunities to folks that have checkpoints.

所以這個平衡點就在那裡，至少在醫院環境中對我們而言是優先事項；在那種環境裡，坦白說，我們不會表現得很好——我們也會替其他人在那個環境加油。如果你去體育館或球場，我認為大家某種程度上已經習慣更像 TSA 的體驗。因此我們的獨特性在那裡就不會那麼有效，所以我們會把那類機會讓給有安檢關卡的業者。

But we want to really own the hospital vertical and casino vertical that has the same type of requirements. Casinos don't want to slow people down from getting into casino and having a good time and perhaps losing a little bit of money. So that's where we're going to focus, and we think we have a competitive advantage in those particular environments. And I think with respect to the lanes that people are deploying in hospitals, it's across the board. It's visitor lanes, emergency lanes, some employee entrances are also being covered by our solution.

但我們希望真正主導醫院垂直市場與同樣需求的賭場垂直市場。賭場不希望拖慢人們進入賭場、玩得開心，或許還能輸點錢的速度。所以這就是我們要聚焦的地方，我們認為在那些特定環境中我們有競爭優勢。至於醫院部署的通道，我認為是全面性的：訪客通道、急診通道，有些員工入口也會由我們的解決方案覆蓋。

And is the -- you mentioned casinos and health care as key verticals, I guess, is health care the prominent one? And are you seeing a pickup in California given this legislation?

那——你提到賭場與醫療保健是關鍵垂直市場，我想問，醫療保健是更主要的那一個嗎？另外，鑑於這項立法，你們是否看到加州的需求正在升溫？

Yes. This is Alan. I'll go ahead and say we do have hospitals in California. We haven't really seen them specifically tied to the Assembly Bill 2975, which we've talked about for the last couple of quarters, which is requiring about 400 hospitals in California to have a weapon detection solution. We believe that some of the hospitals that we're doing right now are just getting ahead of that.

是的。我是 Alan。我先說，我們在加州確實有醫院。我們尚未看到它們明確地與我們過去幾個季度一直在談的《加州眾議院法案 2975》（Assembly Bill 2975）直接掛鉤；該法案要求加州約 400 家醫院必須配備武器偵測解決方案。我們認為，我們目前正在合作的一些醫院只是提前因應這項要求。

In terms of actual casinos, we're seeing casino expansions as well. We've got casinos now expanding in Illinois, in Alabama. Those have been in the last couple of quarters. elsewhere as well. I mean even as you heard Ralph talk about Morgan State, which is a university.

就實際的賭場而言，我們也看到賭場在擴建。我們現在有賭場在伊利諾伊州、阿拉巴馬州擴張。這些都是過去幾個季度發生的，其他地方也有。我的意思是，甚至如同你聽到 Ralph 提到的 Morgan State，那是一所大學。

So it isn't necessarily a focus area for us, but they basically came to us and they also deployed ShotSpotter as well. So we are seeing about half of our customers are in the hospitals, maybe a little north of 50% and then about half are in the casinos with a small percentage, the delta would be for other things.

所以這不一定是我們的重點領域，但他們基本上主動找上我們，也部署了 ShotSpotter。因此我們看到大約一半的客戶在醫院，可能略高於 50%；另外大約一半在賭場；剩下的一小部分差額則來自其他用途。

Okay. And then in terms of the ARR growth for the year, it sounds like you're expecting roughly $3 million to come from SafePointe. Can you provide any detail on kind of the major other categories that would drive that $15 million?

好的。那麼就今年的 ARR 成長而言，聽起來你們預期大約有 300 萬美元會來自 SafePointe。你能否提供一些細節，說明推動那 1,500 萬美元的其他主要類別大概有哪些？

Yes. This is Alan. We're expecting actually about $4 million in SafePointe, and we believe we'll be over $2 million by the end of the first half of the year or certainly close to that. So well on our way with the SafePointe. We did say that we're going to have about $7.3 million in ARR for ShotSpotter, of which $2.7 million of that is getting Puerto Rico back online.

是的。我是 Alan。我們其實預期 SafePointe 約 400 萬美元，而且我們相信在上半年結束前會超過 200 萬美元，或至少非常接近。因此 SafePointe 的進展相當順利。我們也提到 ShotSpotter 的 ARR 約為 730 萬美元，其中 270 萬美元是讓波多黎各重新上線。

So out of that $7.3 million, $2.7 million is Puerto Rico, that leaves about $5.6 million left. That would include both domestic lanes and international lanes. So if you think international's maybe $1 million of that, which would be really just two new products -- projects for us, which we believe we can get that leaves the domestic down to about $4.6 million.

所以在那 730 萬美元中，270 萬美元是波多黎各，剩下約 560 萬美元。這會同時包含國內的「lane」以及國際的「lane」。如果你把國際部分估約 100 萬美元，那對我們來說其實就是兩個新產品／專案，我們相信可以拿下；如此一來，國內部分就約為 460 萬美元。

So you have to have somewhere around 60 to 70 new lanes domestically. That's less than we've done in past years, and we believe that -- and certainly hope that we can get there from that. The other products that we have are relatively smaller in terms of the ARR. We do expect that the PlateRanger is going to be somewhere around -- maybe around $1.5 million in terms of new ARR, which will give us approximately $800,000 to $900,000 in actual GAAP revenue versus zero from last year.

因此你需要在國內新增大約 60 到 70 條新 lane。這比我們過去幾年的水準要少，而我們相信——也當然希望——我們可以達成。至於我們的其他產品，在 ARR 方面相對較小。我們確實預期 PlateRanger 的新增 ARR 大概會在 150 萬美元左右，這將帶來約 80 萬到 90 萬美元的實際 GAAP 營收，而去年是零。

So that's nice growth. And then the balance of the rest relatively small. I should say CrimeTracer, it adds about $3.2 million of that. So that's the delta. $2.5 million of that is the large new state that Ralph mentioned. So out of the $3.2 million, $2.5 million comes there, that only adds another $600,000 in other CrimeTracer new customers.

所以這是很不錯的成長。其餘的部分相對較小。我還要補充，CrimeTracer 會貢獻約 320 萬美元。這就是差額。其中 250 萬美元來自 Ralph 提到的那個大型新州案。因此在 320 萬美元中，有 250 萬美元來自那裡，其他 CrimeTracer 新客戶只再增加約 60 萬美元。

(Operator Instructions)

（接線員指示）

Eric Martinuzzi, Lake Street.

Eric Martinuzzi，Lake Street。

I wanted to follow up on the two significant contract delays, the Puerto Rico and the state CrimeTracer. Just the fact that they are such needle movers for you all in the second half of the year, curious to know where are they in the kind of renew approval process?

我想追問兩個重大合約延遲的情況：波多黎各以及州政府的 CrimeTracer。考量到它們在今年下半年對你們的影響很大，我想了解它們目前在續約／核准流程中進展到哪一步？

Is this -- the ball is in their court and we're waiting for them to get back to us? Or is there a timeline and they're hitting their timelines as far as internal approvals, and that's why we've got them teed up for the second half?

這是——球在他們那邊，我們在等他們回覆嗎？還是有一個時程，他們在內部核准方面也按時推進，所以我們才把它們安排在下半年落地？

Yes. So this is Ralph. I'll start and then Alan jump in as appropriate. With respect to the CrimeTracer deal, I would say we're literally exchanging paper with the entities. And so that's really quite encouraging. In fact, I was really hoping we were going to be able to be more specific actually on this call.

是的。所以我是 Ralph。我先說，然後 Alan 視需要補充。就 CrimeTracer 這筆交易而言，我會說我們基本上正在和相關單位來回交換文件。因此這其實相當令人鼓舞。事實上，我原本希望在這通電話上能夠講得更具體一些。

So I think our large CrimeTracer deal is probably no more than 30 to 45 days away from getting paper is my hope. We were actually as a team down in a particular state meeting with the governor's office around this. We got the contracting vehicle. I think we've pretty much agreed on all the language.

所以我希望我們那筆大型 CrimeTracer 交易，距離完成文件簽署大概不超過 30 到 45 天。我們團隊其實也到某個州，和州長辦公室就此事會面。我們已經拿到簽約載體（contracting vehicle），我認為我們幾乎已就所有條款文字達成一致。

And as I said, we're literally swapping paper back and forth. Puerto Rico is still positively engaged. I would say that, that is as far along as CrimeTracer, although there's still very positive engagement down there. There have been some moves, I would say, organizationally and politically that are net positive for us, but that one is still -- there's still some work that needs to be done with respect to Puerto Rico.

如我所說，我們真的就是在來回交換文件。波多黎各方面仍然保持正向互動。我會說，它的進度沒有 CrimeTracer 那麼靠前，儘管那邊仍然非常正向地在推進。我們看到一些組織與政治層面的變化，整體對我們是淨正面，但波多黎各這一案仍然——還有一些工作需要完成。

Okay. And then the other thing that you guys have over the past couple of years -- actually, I guess, since the Chicago nonrenewal, you had put in place procedures to get ahead of renewals, whether it's proactively reaching out even at the council member level to demonstrate the efficacy and the power of the ShotSpotter system. Any changes in how you're approaching that process and any significant renewals that we should be aware of here in the next six months?

了解。那另外一件事是，過去幾年——其實我想是自芝加哥未續約事件之後——你們建立了一些程序來提前因應續約，例如更主動地接觸，甚至到市議員層級，去展示 ShotSpotter 系統的有效性與價值。你們在做法上有任何改變嗎？以及未來六個月內，有沒有我們需要留意的重大續約案？

Yes, this is Ralph again. Go ahead, Ralph.

是的，我又回來了，Ralph。請說，Ralph。

No. Go ahead, Alan. sorry.

不，你先說，Alan。抱歉。

No, I was going to say that we are being very proactive about this. The guidance that we have given for the year has higher attrition than we have in the past, primarily related to budgets and no longer having ARPA funds that cities or states are even allowed to use. So we do expect attrition to be a little higher, which is causing us to spend more time and maybe going to our customers a little earlier than we would have in the past.

不，我想說的是，我們在這方面非常主動。我們今年給出的指引，預期的流失率比過去更高，主要與預算有關，以及城市或州不再擁有、甚至不被允許使用 ARPA 資金。因此我們確實預期流失會略高，這也使我們投入更多時間，並且可能比以往更早去拜訪客戶。

So it is something that we are doing very aggressively. I wouldn't say the process has changed too much other than we are trying to get some potential funding sources for them in some cases that we haven't necessarily done aggressively in the past, if the customer tells us in advance that they're having challenges. So I would say that would be the only thing that's really different in terms of how we're doing it.

所以這是我們非常積極在做的事。我不會說流程有太大改變，除了在某些情況下，如果客戶提前告訴我們他們面臨挑戰，我們會嘗試替他們找一些潛在資金來源，而這在過去我們不一定做得那麼積極。我會說，這是做法上唯一真正不同的地方。

In terms of large renewals that we are expecting, we have Detroit, which is a large customer has over 30 miles. We've already submitted our proposal with an RFP that they put out. That should hopefully get awarded in the next couple of months. We do have another one in Suffolk County.

至於我們預期的大型續約案，我們有底特律，這是一個大型客戶，覆蓋超過 30 英里。我們已經針對他們發布的 RFP 提交了提案。希望在接下來幾個月內能夠決標。我們在 Suffolk County 也有另一個案子。

That is a very interesting customer for us because we were with them before and then they ultimately canceled their 7 miles that they had and then renewed and went above 20 miles. So that's one. It's a little later in the second half of this year, but something that we're focused on. Other than that, our larger customers like Albuquerque, fully supportive of us, have expanded by 4 times. There aren't a lot of other ones other than Puerto Rico that are, I would say, are large enough to be concerning.

那是一個對我們很有意思的客戶，因為我們之前曾與他們合作，但他們最終取消了原本的 7 英里覆蓋，之後又續約並擴大到超過 20 英里。這是一個案子。它會稍微落在今年下半年較後段，但我們正聚焦在那上面。除此之外，我們較大的客戶，例如 Albuquerque，對我們完全支持，且已擴張到原來的 4 倍。除了波多黎各之外，我不認為還有很多其他規模大到需要擔心的案子。

Got it. Thanks for taking my questions.

了解。謝謝回答我的問題。

Thank you. At this time, I would like to turn the call back over to Mr. Ralph Clark for closing comments.

謝謝。此時我想把電話交回給 Ralph Clark 先生做結語。

Great. Thank you, operator. So thank you all for joining us today, and thank you for your thoughtful questions. As you can tell, we're pretty excited about the trajectory of our business and feel as though we have very clear line of sight around our reaffirmed guidance. So we're looking forward to updating you on our progress in the next quarterly call. And of course, if you have any additional questions, feel free to reach out to Alan or myself, and we'd be happy to engage.

很好。謝謝你，接線員。也謝謝各位今天加入我們，並感謝你們深思熟慮的提問。如各位所見，我們對業務發展軌跡感到相當振奮，並且覺得我們對已重申的財測指引有非常清晰的能見度。因此我們期待在下一次季度電話會議中向各位更新我們的進展。當然，如果你們還有任何其他問題，歡迎隨時聯絡 Alan 或我本人，我們很樂意進一步交流。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。您現在可以掛線。感謝您的參與，祝您有美好的一天。