Veritone Inc (VERI) 2023 Q3 法說會逐字稿

Good morning and welcome to the Veritone, Inc. third quarter 2023 financial results conference call. (Operator Instructions) I would now like to turn the conference over to Stefan Norbom of Investor Relations. Please go ahead.

早安，歡迎參加 Veritone, Inc. 2023 年第三季財務業績電話會議。 （操作員指示）我現在想將會議轉交給投資人關係部門的 Stefan Norbom。請繼續。

Thank you, and good morning. Before the market opened today, Veritone issued a press release announcing our results for the third quarter ended September 30th, 2023. The press release and other supplemental information are available on the Investors section of Veritone's website.

謝謝你，早安。在今天開市前，Veritone 發布了一份新聞稿，宣布了截至 2023 年 9 月 30 日的第三季業績。新聞稿和其他補充資訊可在 Veritone 網站的投資者部分取得。

Joining us for today's call are Veritone's CEO and President, Ryan Steelberg and CFO. Mike Zemetra will provide prepared remarks and open the call up for a live question-and-answer session. Please note that certain information discussed on the call today, including certain answers to your questions will include forward-looking statements.

參加今天電話會議的有 Veritone 執行長兼總裁 Ryan Steelberg 和財務長。麥克·澤梅特拉 (Mike Zemetra) 將發表準備好的講話，並開啟現場問答環節。請注意，今天電話會議中討論的某些資訊（包括對您問題的某些答案）將包含前瞻性陳述。

This includes, without limitation, statements about our business strategy and future financial and operating performance. These forward-looking statements are subject to risks, uncertainties and assumptions that may cause actual results to differ materially from those statements.

這包括但不限於有關我們的業務策略以及未來財務和營運績效的聲明。這些前瞻性陳述受到風險、不確定性和假設的影響，可能導致實際結果與這些陳述有重大差異。

Certain of these risks and assumptions are discussed in Veritone's SEC filings, including its annual report on Form 10-K, these forward-looking statements are based on assumptions as of today, November 8 2023, and Veritone undertakes no obligation to revise or update them during this call. The actual and forecasted financial measures we will be discussing include non-GAAP measures.

Veritone 的SEC 文件（包括其10-K 表格年度報告）中討論了其中某些風險和假設，這些前瞻性陳述基於截至今天（2023 年11 月8 日）的假設，Veritone 不承擔修改或更新這些假設的義務在這次通話期間。我們將討論的實際和預測財務指標包括非公認會計準則指標。

Reconciliations of these measures to the corresponding GAAP measures are included in the press release we issued today. Also, when we reference Pro Forma Measures such measures are presented on a combined pro forma basis to broad being as owned by Veritone during fiscal year 2022.

我們今天發布的新聞稿中包含了這些措施與相應公認會計原則措施的調節。此外，當我們引用備考措施時，這些措施是在 2022 財年 Veritone 所擁有的廣泛資產的綜合備考基礎上提出的。

Finally, I would like to remind everyone that the call today is being recorded and will be made available for replay via a link on the Investors section of Veritone's website at www.veritone.com.

最後，我想提醒大家，今天的電話會議正在錄音，並將透過 Veritone 網站 www.veritone.com 投資者部分的連結進行重播。

Now I'd like to turn the call over to our CEO and President, Ryan Steelberg.

現在我想將電話轉給我們的執行長兼總裁 Ryan Steelberg。

Thank you, Stefan, and thank you, everyone, for joining us today before turning to third quarter earnings business highlights and results, I want to provide an update on our strategic initiatives and discuss Veritone's positioning in the current operational landscape.

謝謝 Stefan，也謝謝大家今天加入我們，在討論第三季度收益業務亮點和結果之前，我想提供有關我們戰略計劃的最新信息，並討論 Veritone 在當前運營環境中的定位。

Exactly. A year ago, Veritone announced my appointment as CEO, and I introduced several strategic initiatives, including focused execution, operational excellence, and fiscal responsibility to accelerate our path to profitable growth and drive long-term shareholder value. I continue to be impressed with our team's progress against this framework.

確切地。一年前，Veritone 宣布任命我為首席執行官，我提出了多項戰略舉措，包括專注執行、卓越營運和財務責任，以加速我們實現盈利增長並推動長期股東價值。我們團隊在這個框架上取得的進展仍然給我留下了深刻的印象。

Despite lingering uncertainty across financial and consumer markets, Veritone has made significant strides in streamlining operations, and we look to the start of 2024 as an inflection point in our growth trajectory. Veritone has intensified its focus on the verticals we serve, allocating our resources to established markets where we have demonstrated differentiation and strong product market fit.

儘管金融和消費市場仍存在不確定性，但 Veritone 在簡化營運方面取得了重大進展，我們預計 2024 年初將成為我們成長軌蹟的轉折點。 Veritone 加強了對我們所服務的垂直行業的關注，將我們的資源分配給我們已經展示出差異化和強大產品市場契合度的成熟市場。

We took swift action to reshape our organization in pursuit of operational excellence, aligning Veritone's go-to-market strategy and purpose-built applications to solve critical problems for our customers, enabling them to cut costs, streamline operations and boost revenue streams.

我們迅速採取行動重塑我們的組織，以追求卓越運營，調整 Veritone 的上市戰略和專門構建的應用程序，為我們的客戶解決關鍵問題，使他們能夠削減成本、簡化運營並增加收入來源。

Even amidst the difficulties posed by the challenging macroeconomic environment, our customers are affirming the value of our services by choosing to extend their contracts. Veritone's recent award by Deloitte as a member of its 2023 technology, Fast 500 class underscores our position as a top innovator and high-growth company in North America across various sectors.

即使在充滿挑戰的宏觀經濟環境帶來的困難中，我們的客戶仍然透過選擇延長合約來肯定我們服務的價值。 Veritone 最近被德勤評為 2023 年技術高成長 500 強企業之一，突顯了我們作為北美各行業頂尖創新者和高成長公司的地位。

In addition to operational changes, Veritone's dedication to fiscal responsibility resulted in $24 million in annualized savings year to date, and we expect to realize more as we progress through the end of the year. As signaled last quarter, Veritone has taken decisive action to improve our liquidity position, restructuring our debt and adding $40 million in net new cash to our balance sheet while also extending a major portion of our debt to 2027 maturity.

除了營運變革之外，Veritone 對財務責任的奉獻精神今年迄今已實現年化 2,400 萬美元的節省，隨著我們在年底取得進展，我們預計將實現更多。正如上季度所表明的那樣，Veritone 已採取果斷行動來改善我們的流動性狀況，重組我們的債務，並向我們的資產負債表添加4000 萬美元的淨新現金，同時還將我們的大部分債務延長至2027 年到期。

Mike Zemetra will provide further information and details on the debt restructuring later as we approach the conclusion of 2023. I remain confident in our path forward and the strategic value of our products and services as well as the enduring growth potential of our business.

Mike Zemetra 將在 2023 年臨近時提供有關債務重組的更多資訊和細節。我對我們​​的前進道路、我們產品和服務的戰略價值以及我們業務的持久增長潛力仍然充滿信心。

According to Goldman Sachs Research companies involved in the AI ecosystem can be classified into two distinct groups enablers to make cognitive and generated AI possible or empowered entities that harness the power of cognitive and generative AI to grow stronger as enterprises increasingly seek to deploy AI solutions faster than ever before they face unique challenges in integrating and productively managing the growing sea of disparate data as well as the AI models they utilize by leveraging Veritone's proprietary AI, platform, our integration capabilities and our established partnerships.

根據高盛研究，參與人工智慧生態系統的公司可以分為兩個不同的群組：使認知和產生人工智慧成為可能的推動者，或隨著企業越來越尋求更快地部署人工智慧解決方案，利用認知和產生人工智慧的力量變得更強大的授權實體透過利用Veritone 專有的AI、平台、我們的整合能力和我們建立的合作夥伴關係，他們在整合和高效管理不斷增長的不同數據海以及他們使用的AI 模型方面面臨前所未有的獨特挑戰。

We support AI empowered companies in implementing cognitive and generative AI into their key business lines and work productivity tools. Veritone is an enabler, and we are committed to advancing human potential by blending human expertise with AI technology, helping organizations solve problems and achieve more than ever before.

我們支持人工智慧賦能公司將認知和產生人工智慧應用到其關鍵業務線和工作生產力工具中。 Veritone 是一個推動者，我們致力於透過將人類專業知識與人工智慧技術相結合來提高人類潛力，幫助組織解決問題並取得比以往任何時候都更多的成就。

Next, I'll highlight our progress in each of our core go-to-market verticals, talent acquisition, media, entertainment and public sector industries first to Veritone's hiring platform last quarter, our strategic acquisition of broadening further solidified our positioning in a talent acquisition industry.

接下來，我將首先在 Veritone 的招聘平台上強調我們在每個核心市場垂直領域、人才獲取、媒體、娛樂和公共部門行業的進展，上季度我們的戰略收購進一步鞏固了我們在人才領域的地位收購業。

These solutions offer substantial customer improvements to hiring performance, resulting in higher ROI. and accountability, while also enabling faster and more efficient hiring process. In Q3, we made substantial progress integrating Broadbean with Veritone and expect to complete this integration in early 2024 and subsequently start realizing anticipated synergies in the first half of 2024.

這些解決方案可顯著提高客戶的招募績效，進而帶來更高的投資報酬率。和問責制，同時還可以實現更快、更有效率的招募流程。第三季度，我們在 Broadbean 與 Veritone 的整合方面取得了實質進展，預計在 2024 年初完成整合，並隨後在 2024 年上半年開始實現預期的協同效應。

To that point, I'm excited to report that we have successfully integrated the sales and marketing organizations and have begun upselling Veritone programmatic solutions to the legacy Broadbean customer base. We remain committed to diversifying our customer revenue base and a notable increase in subscription-based customers this year has contributed to greater stability in revenues and earnings, reducing vulnerability to the actions of a single customer or market segment.

至此，我很高興地向大家報告，我們已經成功整合了銷售和行銷組織，並開始向遺留的 Broadbean 客戶群追加銷售 Veritone 程式化解決方案。我們仍致力於實現客戶收入基礎多元化，今年訂閱客戶的顯著增加有助於提高收入和收益的穩定性，減少單一客戶或細分市場行為的脆弱性。

Turning to Media and Entertainment, Veritone remains at the forefront of driving AI innovation in the media and entertainment sector. Our comprehensive range of services spans content and advertising analytics, asset management, licensing and bespoke cognitive and generative AI solutions by equipping content organizations and their teams.

談到媒體和娛樂領域，Veritone 仍然處於推動媒體和娛樂領域人工智慧創新的最前沿。我們的綜合服務範圍涵蓋內容和廣告分析、資產管理、授權以及為內容組織及其團隊提供客製化的認知和生成人工智慧解決方案。

With these powerful tools, we facilitate the swift and efficient management creation, monetization and innovation surrounding their proprietary datasets, enabling our customers to meet the ever-growing demand for personalized content and boost their organization's revenue streams.

借助這些強大的工具，我們促進圍繞其專有數據集的快速高效的管理創建、貨幣化和創新，使我們的客戶能夠滿足對個性化內容不斷增長的需求，並增加其組織的收入流。

Despite the turbulent environment impacting consumer behavior and the active SAG-AFTRA and recently settled WGA. strikes, our customer retention and engagement metrics in media and entertainment remained resilient. During the third quarter, we signed and renewed contracts with leading talent agency, CAA, United States Tennis Association, NBC Universal, A&E Networks, HBO, and Augusta National. Recently on the heels of the Women's World Cup, we renewed and extended our long-standing AI.

儘管動盪的環境影響著消費者的行為，而且 SAG-AFTRA 和最近和解的 WGA 都很活躍。儘管罷工，我們在媒體和娛樂領域的客戶保留率和參與度指標仍保持彈性。第三季度，我們與領先的人才機構、CAA、美國網球協會、NBC環球、A&E Networks、HBO 和 Augusta National 簽署並續約了合約。最近，在女足世界盃之後，我們更新並擴展了我們長期存在的人工智慧。

And monetization partnership with the U.S. Soccer Federation. Together, we will continue our efforts to oversee licensing rights and optimize content management and monetization. With U.S. women's and men's national teams, youth, national teams and extended national teams.

並與美國足球聯合會建立貨幣化合作關係。我們將共同繼續努力監督許可權並優化內容管理和貨幣化。包括美國女子和男子國家隊、青年隊、國家隊和擴展國家隊。

Lastly, I am proud to state that we renewed our flagship partnership with iHeartMedia, providing the largest audio media company with Veritone's market-leading AI-based applications and solutions to enable them to continue to drive consumer engagement and ROI for their advertisers.

最後，我很自豪地說，我們與iHeartMedia 續簽了旗艦合作夥伴關係，為最大的音頻媒體公司提供Veritone 市場領先的基於人工智能的應用程序和解決方案，使他們能夠繼續推動消費者參與度和廣告商的投資報酬率。

Our media and entertainment platform is well positioned to capture market share as blue-chip customers turned to Veritone to unlock the unrealized value from unstructured datasets and supercharge human output.

隨著藍籌客戶轉向 Veritone 來釋放非結構化資料集的未實現價值並增強人力產出，我們的媒體和娛樂平台處於有利地位，可以佔領市場份額。

Finally, I'd like to comment on Veritone's public sector business. Our Q3 wins with the Veritone public sector suite of solutions across state and local agencies, education U.S. Feds $2 billion and US Fed DoD, Intel showcase our value focus and passion for providing a high-powered solution to address the unique challenges faced by government agencies and legal organizations.

最後，我想談談 Veritone 的公共部門業務。我們在第三季度憑藉Veritone 公共部門解決方案套件贏得了州和地方機構、教育、美聯儲20 億美元和美聯儲國防部的勝利，英特爾展示了我們對提供高性能解決方案以應對政府機構面臨的獨特挑戰的價值關注和熱情和合法組織。

As of the end of Q3, Veritone is actively supporting over 325 with significant potential that utilizes the Veritone public sector product suite. We are thrilled that. Former Anaheim, police Chief Jorge Cisneros narrows, will act as a law enforcement adviser to Veritone public sector, working alongside our team to empower law enforcement agencies with the latest AI-driven tools to accelerate investigations, protect personally identifiable information and improve public safety.

截至第三季末，Veritone 正在積極支持超過 325 個利用 Veritone 公共部門產品套件且具有巨大潛力的企業。我們對此感到非常興奮。前阿納海姆警察局長豪爾赫·西斯內羅斯(Jorge Cisneros) 將擔任Veritone 公共部門的執法顧問，與我們的團隊合作，為執法機構提供最新的人工智慧驅動工具，以加速調查、保護個人識別資訊並改善公共安全。

In addition, this past quarter, we were selected by the U.S. Department of Justice for a $15 million sole contractor blanket purchase agreement that can be used by all organizations within the DOJ, which will facilitate access to Veritone software and services. Specifically, Veritone will enable DOJ personnel to greatly improve their productivity and proficiency as they investigate review and redact unstructured data, including digital documents, audio, and video files.

此外，上個季度，我們被美國司法部選中簽署價值 1500 萬美元的獨家承包商一攬子購買協議，該協議可供司法部內的所有組織使用，這將有助於訪問 Veritone 軟體和服務。具體來說，Veritone 將使 DOJ 人員在調查審查和編輯非結構化資料（包括數位文件、音訊和視訊檔案）時大大提高工作效率和熟練程度。

During the third quarter, we also launched a new product, Veritone Evidence to manage protect & share digital evidence amongst and across government agencies. As of last year, more than half of the 100 plus state and local law enforcement agencies were using cloud-based digital evidence management systems or plan to implement these solutions within the next three years.

在第三季度，我們還推出了一款新產品 Veritone Evidence，用於在政府機構之間管理、保護和共享數位證據。截至去年，100 多個州和地方執法機構中有一半以上正在使用基於雲端的數位證據管理系統或計劃在未來三年內實施這些解決方案。

We look forward to growing our public sector customer base as government agencies seek out solutions that rapidly extract actionable intelligence from their diverse data sources. Our pipeline continues to grow significantly, and we expect the Veritone public sector to deliver nearly 75% to 100% year-over-year growth in 2023 and continue to contribute a greater share of revenue through 2024 as Veritone executes its long-term strategy and embarks on its next phase of growth.

隨著政府機構尋求能夠從不同資料來源中快速提取可操作情報的解決方案，我們期待擴大我們的公共部門客戶群。我們的管道繼續大幅增長，我們預計 Veritone 公共部門將在 2023 年實現近 75% 至 100% 的同比增長，並在 2024 年之前繼續貢獻更大的收入份額，因為 Veritone 執行其長期戰略和開始下一階段的成長。

I'm thrilled to announce the addition of Mike Zilis; as an independent director to our board. Mike, who is currently serving as EVP and CFO of Ingram Micro, is an accomplished company executive and dynamic leader who shares Veritone's mission of delivering highly targeted solutions to help companies through technology to unlock operational efficiencies and productivity gains.

我很高興地宣布 Mike Zilis 的加入；作為我們董事會的獨立董事。 Mike 目前擔任Ingram Micro 的執行副總裁兼首席財務官，是一位卓有成就的公司高管和充滿活力的領導者，他與Veritone 的使命相同，即提供高度針對性的解決方案，透過技術幫助公司提高營運效率和生產力。

His financial and international operations expertise will bring a valuable perspective to Veritone's pursuit of operational excellence to prioritize the artificial needs of our customers while driving value for our shareholders.

他的財務和國際營運專業知識將為 Veritone 追求卓越營運帶來寶貴的視角，從而優先考慮客戶的人為需求，同時為股東創造價值。

We welcome Mike to the Veritone team overall customer growth, bookings strength and increasingly diverse revenue base demonstrate that Veritone is resilient and poised to accelerate its growth. We anticipate the company-wide financial advantages will become increasingly evident in 2024 with one-time integration and transaction costs behind us, Veritone is on a clear path to profitability, and we look forward to updating you on the progress we are making to unlock long-term value for our shareholders in the quarters to come.

我們歡迎 Mike 加入 Veritone 團隊 整體客戶成長、預訂實力和日益多樣化的收入基礎表明 Veritone 具有彈性並準備加速其成長。我們預計，隨著一次性整合和交易成本的過去，整個公司的財務優勢將在2024 年變得越來越明顯，Veritone 正走上一條清晰的盈利之路，我們期待向您通報我們在解鎖長期業務方面所取得的最新進展- 未來幾季我們股東的長期價值。

Now I would like to hand the call off to Mike Zemetra, our CFO, to go through the financial results in more detail. Over to you, Mike.

現在我想將電話交給我們的財務長 Mike Zemetra，讓他更詳細地了解財務表現。交給你了，麥克。

Thank you, Ryan. I'm pleased to report Veritone made material progress in the third quarter, headlined by the announced new debt structure, improving our balance sheet heading into 2024, increased annualized cost savings through Q3 of over $24 million and the integration of broad being all while closing the quarter with solid customer and operating metrics.

謝謝你，瑞安。我很高興地報告Veritone 在第三季度取得了實質進展，主要是宣布了新的債務結構，改善了我們進入2024 年的資產負債表，第三季度的年度成本節約增加了超過2400 萬美元，以及在關閉時整合了廣泛的業務該季度擁有可靠的客戶和營運指標。

I would like to highlight a few items before I begin with the June 2023 acquisition Broadbean our key software customer metrics are presented on. A Pro Forma basis, which assumes that we owned properties since the beginning of fiscal year 2022.

在開始介紹 2023 年 6 月收購 Broadbean 之前，我想強調一些事項，我們將介紹我們的關鍵軟體客戶指標。預估基礎，假設我們自 2022 財年年初以來擁有房產。

During my prepared remarks, I will discuss our third quarter financial and operating performance on a GAAP and, Pro Forma basis progress on 2023 cost initiatives, Q3 cash flow and liquidity sources, including our new $77.5 million debt facility and our Q4 and fiscal 2023 outlook and projected improvements in our cost structure heading into fiscal 2024.

在我準備好的發言中，我將討論我們根據GAAP 計算的第三季財務和營運業績，以及2023 年成本計劃、第三季現金流和流動性來源的預計進展情況，包括我們新的7750 萬美元債務融資以及我們第四季度和2023 財年的展望並預計到 2024 財年我們的成本結構將得到改善。

Starting with Q3 2023 performance, GAAP revenue was $35.1 million, down 6% or $2.1 million year-over -year, driven primarily by a $1.6 million decline in managed services and $0.5 million decline in software products to Q3 2023. Decline in managed services was driven in large part by advertising, which declined $1 million or 9% year-over-year, primarily driven by the lower ad net revenue contribution due in part to the challenging macro environment, coupled with customer deferral of budgeted ad spending to future periods.

從 2023 年第三季業績開始，GAAP 收入為 3,510 萬美元，年減 6%，或 210 萬美元，主要是由於截至 2023 年第三季託管服務減少 160 萬美元，軟體產品減少 50 萬美元。很大程度上是由廣告推動的，廣告支出比去年同期下降了100 萬美元，即9%，這主要是由於宏觀環境充滿挑戰而導致廣告淨收入貢獻下降，加上客戶將預算廣告支出推遲到未來時期。

In Q3 2023, average billings per customer dropped 15.7% to 630,000 as compared to Q3 2022 of 747,000. As previously discussed, advertising softness began to reverse itself into the second half of 2023 due largely to our customer mix, new customer activations, seasonality on spend and slightly improved economic outlook.

2023 年第三季度，每位客戶的平均帳單數下降 15.7%，至 630,000 筆，而 2022 年第三季為 747,000 筆。如前所述，廣告疲軟狀態在 2023 年下半年開始逆轉，這主要是由於我們的客戶組合、新客戶激活、支出季節性以及經濟前景略有改善。

We expect Q4 to continue to be down versus Q4 2022 but improved versus the first half of 2023. In addition, licensing declined by $0.6 million or 11% to 4.8 million, principally due to the deferral of certain planned deals from Q3 to Q4 2023.

我們預計第四季與2022 年第四季相比將繼續下降，但與2023 年上半年相比有所改善。此外，許可數量下降了60 萬美元或11%，至480 萬件，主要是由於某些計劃交易從2023 年第三季推遲到了第四季。

As a result of the pending writers and actors strikes software products and services decline was largely attributed to a lower consumption across our Veritone higher solutions customer base, including Amazon, offset by the addition of Broadbean in Q3 2023 which contributed $8.7 million of revenue in Q3 2023, an increase in both GRI and legacy media and entertainment revenue.

由於未決的作家和演員罷工，軟體產品和服務的下降很大程度上歸因於我們的Veritone 高級解決方案客戶群（包括亞馬遜）的消費減少，但被2023 年第三季增加的Broadbean 所抵消，該公司在第三季貢獻了870 萬美元的收入到 2023 年，GRI 以及傳統媒體和娛樂收入都會增加。

During Q3 2023, Amazon represented less than 10% of our consolidated revenue, down sequentially from 14% in Q2 2023 and from 31% during Q3 2022 each quarter. Veritone's revenue base is becoming increasingly diverse. On a Pro Forma basis, Q3 revenue of $35.1 million declined $9.9 million or 22%, largely due to lower consumption of our legacy higher solutions, which was largely driven by the decline in Amazon spending year over year, coupled with the decline in managed services as previously discussed.

2023 年第三季度，亞馬遜占我們合併收入的比例不到 10%，比 2023 年第二季的 14% 和 2022 年第三季每季的 31% 有所下降。 Veritone 的收入基礎變得越來越多元化。根據預計，第三季收入為3510 萬美元，下降了990 萬美元，即22%，這主要是由於我們傳統的高級解決方案的消耗減少，這主要是由於亞馬遜支出逐年下降以及託管服務的下降所致如前所述。

In addition to the year-over-year increase in GRI and legacy media entertainment Broadbean increased 12.2% as compared to Q3 2022. As a reminder, during 2022 and the first half of 2023 Broadbean focused a lot of its efforts on moving existing customers off its legacy. CareerBuilder platform in preparation to be sold.

除了 GRI 和傳統媒體娛樂的同比增長之外，與 2022 年第三季度相比，Broadbean 還增長了 12.2%。需要提醒的是，在 2022 年和 2023 年上半年，Broadbean 重點致力於吸引現有客戶它的遺產。 CareerBuilder平台準備出售。

This effort shifted sales focus on maintaining existing customers versus acquiring new customers, particularly in North America, despite this challenge, Broadbean revenue did grow slightly year-over-year, which highlights the stability of its subscription base business during Q3 2023, a little over 100 customers associated with this effort were removed from the Broadbean platform, the revenue impact of which was immaterial to both ARR and the financial results.

這項努力將銷售重點轉向維持現有客戶而不是獲取新客戶，特別是在北美，儘管面臨這一挑戰，Broadbean 收入確實同比略有增長，這凸顯了其訂閱基礎業務在2023 年第三季度的穩定性，略高於去年同期的水平。與此相關的 100 名客戶已從 Broadbean 平台中刪除，其收入影響對於 ARR 和財務業績而言並不重要。

Looking forward in Q3, we delivered strong key performance metrics on. A Pro Forma basis ARR of $98.6 million, including over $47 million from subscription versus consumption-based customers. Our subscription based ARR grew 8.7% year-over-year.

展望第三季度，我們提供了強而有力的關鍵績效指標。預估基礎 ARR 為 9,860 萬美元，其中超過 4,700 萬美元來自訂閱客戶與基於消費的客戶。我們基於訂閱的 ARR 年成長 8.7%。

Overall, ARR declined given the trailing 12 months pullback in consumption spending principally from Amazon. We expect this trend of consumption-based air are declining in Q4 2023 versus 2022, given Amazon pullback on spending over the trailing 12 months, total new bookings for $15.5 million, up 85% sequentially from Q2 2023, but down year-over-year, largely due to Amazon's reduced spend.

總體而言，鑑於過去 12 個月主要來自亞馬遜的消費支出下降，ARR 有所下降。鑑於亞馬遜在過去12 個月內削減支出，我們預計這種基於消費的空氣趨勢在2023 年第四季將比2022 年下降，新預訂總額為1,550 萬美元，比2023 年第二季季增85% ，但同比下降，很大程度上是由於亞馬遜減少了支出。

The sequential improvement in bookings was largely driven by our higher solutions and GRI. Gross Revenue retention continued to be in the high 90th percentile and total software products and services customers of 3,536, which were down slightly year-over-year, principally due to the previously discussed runoff of legacy CareerBuilder customers. Transitioning off of Broadbean platform, which had a minimal impact is overall air are at Broadbean on a stand-alone basis, improved 7% year-over-year.

預訂量的連續改善很大程度上是由我們更高的解決方案和 GRI 推動的。總收入保留率繼續保持在 90% 的較高水平，軟體產品和服務客戶總數為 3,536 個，同比略有下降，主要是由於先前討論的遺留 CareerBuilder 客戶的流失。脫離 Broadbean 平台對 Broadbean 的整體空氣品質影響很小，年增了 7%。

We remain encouraged by the growing number of opportunities that come from companies seeking to boost operational efficiencies given the challenging market. We continue to see meaningful traction from new and existing commercial enterprise and GRI customers that want to benefit from Veritone's industry-leading applications, hiring solutions and newer offerings such as cloud-based Veritone DMH., which accelerates unstructured data and workflows.

鑑於充滿挑戰的市場，尋求提高營運效率的公司提供了越來越多的機會，我們對此感到鼓舞。我們繼續看到新的和現有的商業企業和GRI 客戶的有意義的吸引力，他們希望從Veritone 行業領先的應用程式、招聘解決方案和更新的產品中受益，例如基於雲端的Veritone DMH，它可以加速非結構化資料和工作流程。

During the quarter, we closed several large deals, including a deal with the U.S. Senate and a blanket purchase agreement with the Department of Justice. Our future pipeline continues to grow and ample cross-selling opportunities, particularly in GRI, where we expect significant growth in the near and long term. As previously discussed, Q3 Managed Services gross billings per active client of 630,000 declined 15.7% from Q3 2022.

本季度，我們完成了幾項大型交易，包括與美國參議院的一項協議以及與司法部的一攬子購買協議。我們未來的產品線將繼續成長，並提供充足的交叉銷售機會，特別是在 GRI 領域，我們預計在短期和長期內都會顯著成長。如前所述，第三季每位活躍客戶的託管服務總帳單為 63 萬名，較 2022 年第三季下降 15.7%。

While the macro environment remains challenging, gross billings per active client did improve 9.4% sequentially from Q2 2023. Given our performance and bookings through today, we expect advertising revenue to be relatively consistent in Q4 versus Q3, but down year over year as customers continue to delay spend to future periods.

儘管宏觀環境仍然充滿挑戰，但每個活躍客戶的總帳單確實比2023 年第二季度增長了9.4%。鑑於我們今天的業績和預訂量，我們預計第四季度的廣告收入與第三季度相對一致，但隨著客戶繼續成長，廣告收入將年減將支出推遲到未來的時期。

However, and as of today, our advertising operations had the highest gross planned spend in 2024 since our inception coming from existing and newer customers, including meant mobile Q3 2023 GAAP loss from operations was $23.1 million as compared to $3.6 million in Q3 2022, largely driven by the decline in non-GAAP gross profit, coupled with nonrecurring cash benefit of $14.3 million in Q3 2022 associated with the change in estimated value of contingent purchase price consideration.

然而，截至今天，我們的廣告業務在2024 年的計劃總支出是自我們成立以來最高的，來自現有客戶和新客戶，其中移動業務的2023 年第三季度GAAP 運營損失為2,310 萬美元，而2022 年第三季為360 萬美元，主要是由於非公認會計準則毛利潤下降，加上與或有購買價格對價估計值變化相關的 2022 年第三季非經常性現金收益 1,430 萬美元。

Q3 2023 non-GAAP gross profit reached $27.9 million, down $2.2 million or 7%. The decline was largely driven by the reduction in higher-margin consumption-based revenue in Q3 2023 versus Q3 2022 to offset by the addition of Broadbean in Q3 2023.

2023 年第三季非 GAAP 毛利達到 2,790 萬美元，下降 220 萬美元或 7%。這一下降主要是由於 2023 年第三季與 2022 年第三季相比，基於高利潤的消費收入減少，但被 2023 年第三季 Broadbean 的增加所抵消。

Q3 non-GAAP gross profit margin of 80% was relatively flat when compared to Q3 2022 during Q3 2023 Broadbean contributed approximately $8.2 million of non-GAAP gross profit as compared to $7.5 million in Q3 2022. We expect consolidated non-GAAP gross margins to remain near 80% in Q4 2023.

與2022 年第三季相比，第三季非GAAP 毛利率相對持平，2023 年第三季Broadbean 貢獻了約820 萬美元的非GAAP 毛利，而2022 年第三季為750 萬美元。我們預計綜合非GAAP 毛利率將達到2023 年第四季仍維持在 80% 附近。

Q3 non-GAAP net loss was $7.9 million as compared to $5.7 million in Q3 2022, driven largely by the decline in revenue and corresponding non-GAAP gross margins, which negatively impacted our core operations, coupled with the addition of Broadbean operational expenses in Q3 2023, offset by the various cost reductions enacted through Q3 2023. On a pro forma basis, Q3 2022 non-GAAP net loss was approximately $2.8 billion.

第三季非GAAP 淨虧損為790 萬美元，而2022 年第三季為570 萬美元，主要原因是收入和相應的非GAAP 毛利率下降，這對我們的核心業務產生了負面影響，再加上第三季Broadbean 營運費用的增加2023 年，被 2023 年第三季頒布的各種成本削減所抵銷。按預計計算，2022 年第三季非 GAAP 淨虧損約為 28 億美元。

Turning to our balance sheet at September 30 2023, we held cash and restricted cash of $72.9 million compared to $185.3 million at December 31, 2022, to the $112.4 million decrease reflects net cash outflows from operations of approximately $48.1 million, driven principally by the timing of payments and managed services and by our non-GAAP net loss.

轉向我們截至2023 年9 月30 日的資產負債表，我們持有現金和限制性現金為7,290 萬美元，而2022 年12 月31 日為1.853 億美元，減少了1.124 億美元，反映出營運現金流出淨額約為4,810 萬美元，這主要是由於時間安排所致支付和託管服務以及我們的非公認會計原則淨虧損。

In addition, we had net cash outflows from financing and investing activities of $64.2 million, driven by the net $50.2 million acquisition of Broadbean in June 2023, and deferred purchase price consideration of $10.5 million attributable to PandoLogic 2022 earn-out and certain 2022 acquisitions.

此外，由於2023 年6 月以5,020 萬美元淨額收購Broadbean，融資和投資活動產生的淨現金流出為6,420 萬美元，由於PandoLogic 2022 年收益和2022 年某些收購，遞延購買價格考慮為1,050 萬美元。

Of the total $72.9 million in cash, approximately $60 million of our reported cash is essentially held for payment to third parties from our managed services, down from $93.1 million at December 31st, 2022 to the decline in cash held for third parties is partially reflective of the seasonality of our advertising services, coupled with certain catch-up payments made in Q1 2023 from delayed payments as we migrated onto new Oracle ERP system in the second half of 2022.

在7,290 萬美元現金總額中，我們報告的現金中約6,000 萬美元主要用於透過我們的託管服務向第三方付款，低於2022 年12 月31 日的9,310 萬美元，為第三方持有的現金減少部分反映了我們廣告服務的季節性，加上我們在 2022 年下半年遷移到新的 Oracle ERP 系統時因延遲付款而在 2023 年第一季度支付的某些補足款項。

Turning to liquidity. During the first half of 2023, we were approached by a highly regarded PE firm to sell one of our non-software-based assets for total consideration in excess of $100 million in cash in late Q3 2023. We terminated discussions with the PE firm due in large part from the uncertainty around the timing to close, coupled with macroeconomic challenges.

轉向流動性。 2023 年上半年，一家備受推崇的私募股權公司與我們接洽，希望在2023 年第三季末以超過1 億美元的現金出售我們的一項非軟體資產。我們終止了與該私募股權公司的討論，因為很大程度上是由於關閉時間的不確定性，加上宏觀經濟的挑戰。

That said, we may elect to run a formal banking process for this asset in mid-2024. I'm happy to report that in Q4, we committed to a four-year $77.5 million senior secured debt facility, which will replace our previously announced a our credit facility.

也就是說，我們可能會選擇在 2024 年中期對該資產運行正式的銀行流程。我很高興地向大家報告，在第四季度，我們承諾提供為期四年的 7,750 萬美元優先擔保債務融資，這將取代我們先前宣布的信貸融資。

Key terms of the debt facility include a rate of SOFR plus 8.50%, basis points, amortization payments of 2.5% per quarter, beginning on the six month anniversary of alone, 10% more coverage, a minimum liquidity covenant and the ability to pay down the debt with equity at certain price points prospectively, $37.5 million of the proceeds from the debt facility will be used to repurchase existing convertible debt at 75% of par and the remaining $40 million to be used for general corporate purposes.

債務融資的關鍵條款包括 SOFR 利率加 8.50%、基點、每季 2.5% 的攤銷付款（自 6 個月週年紀念日起）、覆蓋範圍增加 10%、最低流動性契約和還款能力未來，債務融資中的3,750 萬美元收益將用於以面額75% 回購現有可轉換債券，其餘4,000 萬美元將用於一般公司用途。

We expect the deal to close in the fourth quarter of this year. On a pro forma basis, we project to have approximately $37 million of unencumbered cash post-deal, which includes direct fees associated with the deal post-deal. Our consolidated pro forma debt will be $168.5 million, including our legacy November 2026 convertible notes of $91 million, down from $141 million at September 30, 2023. Additional information regarding the terminal facility was included in our earnings release today and more information will be included in our 10-Q, filing.

我們預計交易將於今年第四季完成。根據預計，我們預計交易後將有約 3,700 萬美元的未支配現金，其中包括與交易後相關的直接費用。我們的合併預計債務將為1.685 億美元，包括2026 年11 月遺留的9,100 萬美元可轉換票據，低於2023 年9 月30 日的1.41 億美元。有關碼頭設施的更多資訊已包含在我們今天的收益發布中，更多資訊將包含在內在我們的 10-Q 文件中。

We ended September 30th, 2023 with $37.0 million shares outstanding and convertible debt of $141 million principal, 1.75% interest due November 2026.

截至 2023 年 9 月 30 日，我們的流通股為 3,700 萬美元，可轉換債務本金為 1.41 億美元，利息為 1.75%，將於 2026 年 11 月到期。

Turning to cost savings, in February of this year, we announced $12 million to $15 million of annualized cost saving initiatives, which including optimizing our cost structure, along with the Q2 2023 divestiture of our energy group.

說到成本節約，今年 2 月，我們宣布了 1200 萬至 1500 萬美元的年度成本節約計劃，其中包括優化我們的成本結構，以及 2023 年第二季度剝離我們的能源集團。

In August, we announced that we are targeting an additional $10 million in annual cost savings. Today, we have executed over $24 million of annualized savings, well above our initial range as these cost reductions flow through the P&L, we expect they will have a much larger impact in 2024, which will be when Veritone pivots back towards vertical growth from existing software and services with a clear path towards profitability to put this in perspective, assuming no revenue growth in 2024 on a pro forma basis, and we are able to hold our exiting 2023 operating structure relatively flat.

8 月份，我們宣布目標是每年額外節省 1,000 萬美元的成本。今天，我們已經執行了超過2400 萬美元的年度節省，遠高於我們最初的範圍，因為這些成本削減會流向損益表，我們預計它們將在2024 年產生更大的影響，屆時Veritone 將從現有業務轉向垂直成長假設 2024 年營收沒有成長，我們能夠維持 2023 年現有的營運結構相對穩定。

Our non-GAAP net loss or our projected cash burn would improve greater than 50% of our projected 2023. And if we grew pro forma 2022 revenue by approximately 20% year-over-year, we will be close to breakeven. This is a substantial improvement over our baseline 2023 operating structure.

我們的非 GAAP 淨虧損或預期現金消耗將比 2023 年預計改善 50% 以上。如果我們預期 2022 年營收年增約 20%，我們將接近收支平衡。這比我們 2023 年基線營運結構有了實質改進。

Turning to our financial guidance for Q4 and fiscal 2023. Fiscal 2023 continues to be a difficult year with increased uncertainty amplified by Fed rate increases, inflation writer and actor strikes for time events in Israel and customer impact from decisions, including Amazon's recent Q2 2023 decision to reduce spending while we remain more efficient operationally and continue to progress on longer-term initiatives.

轉向我們對第四季度和2023 財年的財務指引。2023 財年仍然是困難的一年，聯準會升息、通膨作家和演員因以色列時間事件而罷工以及決策（包括亞馬遜最近的2023 年第二季度決策）對客戶的影響加劇了不確定性。減少支出，同時保持更高的營運效率，並繼續在長期措施上取得進展。

The consumption side of our business, including our advertising and legacy HR Solutions products, continues to be challenged. With that backdrop, we are guiding Q4 revenue to be between $33 million and $34.5 million down year-over-year at the midpoint.

我們業務的消費方面，包括我們的廣告和傳統人力資源解決方案產品，繼續受到挑戰。在此背景下，我們預計第四季營收中點將年減 3,300 萬美元至 3,450 萬美元。

Included in this Broadbean, which is expected to contribute eight to $8.5 million in revenue in Q4, excluding Broadbean, organic revenue is expected to decline overall, largely driven by our conservative outlook on Amazon spend in Q4 2023, coupled with a projected decline in advertising, offset by continued improvement in GRI and other services.

Broadbean 預計將在第四季度貢獻8 至850 萬美元的收入（不包括Broadbean），有機收入預計將整體下降，這主要是由於我們對亞馬遜2023 年第四季度支出的保守預期，加上預計廣告業務的下降。 ，被 GRI 和其他服務的持續改進所抵消。

Risk to Q4. Revenue guidance include the execution of new enterprise deliverables, namely across GRI, which can be unpredictable advertising concurrent with the current economic environment and the variability of usage across our hiring platform. And we expect Q4 quarterly non-GAAP net loss to be between $5.5 million and $6.5 million as compared to a $2.2 million non-GAAP gross profit in Q4 2022.

第四季的風險。收入指導包括新的企業交付成果的執行，即跨 GRI，這可能是與當前經濟環境和整個招聘平台使用變化同時發生的不可預測的廣告。我們預計第四季非 GAAP 淨虧損將在 550 萬美元至 650 萬美元之間，而 2022 年第四季非 GAAP 毛利為 220 萬美元。

In summary, our efforts in 2022 through have been focused on streamlining operations to build a strong foundation for Veritone's next phase of disruptive growth. Despite external challenges in the current environment, we are excited by the improvements we have made year to date.

總之，我們 2022 年的工作重點是精簡運營，為 Veritone 下一階段的顛覆性成長奠定堅實的基礎。儘管當前環境面臨外部挑戰，但我們對今年迄今所取得的進步感到興奮。

That concludes my prepared remarks. Operator, we would like to now open the call for questions. Operator,

我準備好的發言就到此結束。接線員，我們現在開始提問。操作員，

We will now begin the question-and-answer session. (Operator Instructions).

我們現在開始問答環節。 （操作員說明）。

The first question comes from Darren Aftahi with ROTH. Please go ahead.

第一個問題來自羅斯的達倫‧阿夫塔希 (Darren Aftahi)。請繼續。

Yeah, guys. Good morning. My questions are just two, if I may. On the DOJ contract. Can you kind of talk about the scope of work there and kind of the impact on P&L? Any clarity is the $50 million in aggregate, is that a number that spans over the fifth over the five years? Or is that an annual kind of ceiling in terms of the contract value?

是的，夥計們。早安.如果可以的話，我的問題只有兩個。關於司法部合約。您能談談那裡的工作範圍以及對損益表的影響嗎？是否清楚的是，總計 5000 萬美元，這個數字是否已超過五年內的第五次？或者說這是合約價值的年度上限？

I think thank you Darren's going to talk to you the blanket purchase agreement. You finally have a financial vehicle, an instrument in place and that a couple of key tenets here. Number one is sole-contractor. So, these are appropriated and approved funds. You asked for the DSG and the breadth of their agencies and spanning from the Bureau of Prisons.

我想謝謝你，達倫將與你討論一攬子購買協議。您終於擁有了一個金融工具、一個合適的工具以及幾個關鍵原則。第一個是獨家承包商。因此，這些是撥款和批准的資金。您詢問了 DSG 及其機構的廣度以及從監獄管理局開始的範圍。

Now to get the I do to be able to buy Veritone's product and services where we've already had a very large pent-up demand for these services.

現在，我要做的是能夠購買 Veritone 的產品和服務，我們對這些服務已經有非常大的被壓抑的需求。

You're correct that the $50 million blanket purchase agreement does provide on the allocation of those funds over a multiyear period of time. However, we're optimistic that working interest based upon the demand that we have and the active trials and other projects are working with these respective agencies, you'll hopefully be able to service it, I would say more and a lot of or a material amount of that $15 million prior to the end of extending that through year Four.

你是對的，5000 萬美元的一攬子購買協議確實規定了這些資金在多年時間內的分配。然而，我們樂觀地認為，基於我們的需求以及正在與這些各自機構合作的積極試驗和其他項目的工作興趣，您將有望能夠為其提供服務，我會說更多、很多或一個在將其延長至第四年結束前，支付這1500 萬美元的實質金額。

So again, we look at this as the beginning of a very active and dynamic opportunity with the Department of Justice Services include both our I'll call industry-specific applications. And then as it relates to recap for programmatic redaction, eliminate, which has been, I'll say, dynamic AI based on data analytics and discovery, but also it's kind of a blanket coverage for a net new initiative built natively on a aiWARE.

因此，我們再次將此視為與司法部服務的一個非常活躍和充滿活力的機會的開始，其中包括我們稱之為行業特定應用程式。然後，當它涉及到程序化編輯的回顧時，消除，我會說，這是基於數據分析和發現的動態人工智慧，但它也是基於 aiWARE 本地構建的網路新計劃的全面覆蓋。

And so again, we think that this is a bellwether turning point for our relationship with and that ship highlighted by the DOJ that hopefully we'll be able to service and work through that $15 million on a much faster clip.

因此，我們再次認為，這是我們與司法部強調的這艘船關係的一個風向標轉折點，希望我們能夠以更快的速度提供服務並完成這 1500 萬美元的工作。

That's helpful. Thanks. Right.

這很有幫助。謝謝。正確的。

Just maybe one on. So, Amazon looks like they are going to higher a quarter million people in the quarter that I think theoretically should be good for your (inaudible) business. The guidance sort of does it really assume that benefit? I am just trying to understand the relationship of your company or Pendo with Amazon and kind of how we can connect. Has that relationship changed meaningfully? Or is there an opportunity for that business to maybe have a resurgence kind of in the future?

也許只是一上。因此，亞馬遜看起來他們將在本季增加 25 萬人，我認為理論上應該對您的（聽不清楚）業務有利。該指南真的假設有這種好處嗎？我只是想了解貴公司或 Pendo 與亞馬遜的關係以及我們如何建立聯繫。這種關係發生了有意義的改變嗎？或者該業務是否有機會在未來復興？

We're taking a pretty conservative view on it, and we are still actively working with Amazon as (inaudible) mentioned, they still are a material customer. Thankfully, we've brought down that. Can that concentration risk down significantly, but we are going to keep it. And we have a pretty conservative view working with that with that entity. And it's taken us, as you're well aware, full year to kind of flush through that reduction through our business.

我們對此持相當保守的看法，我們仍在積極與亞馬遜合作，正如（聽不清楚）所提到的，他們仍然是重要客戶。值得慶幸的是，我們已經解決了這個問題。這種集中度風險是否會顯著降低，但我們將保持它。我們對與該實體合作持相當保守的看法。如您所知，我們花了一整年的時間才透過我們的業務來彌補這一減少。

Actually, we kind of do your own math and you look at and the locked contribution of net revenues and contribute to EBITDA kind of Veritone that the picture would look radically different down for us overall, just with that one customer.

事實上，我們自己做數學計算，你會看到淨收入的鎖定貢獻，以及對 EBITDA 的貢獻，就像 Veritone 那樣，對於我們整體而言，僅針對那個客戶，情況看起來會截然不同。

But to be very clear, I mean, Amazon is a great partner and we work with them on many different areas of the Veritone business line. We are co-selling with them. They're one of our most active co-selling partners in media entertainment and now growing quickly in the public sector.

但要非常明確的是，我的意思是，亞馬遜是一個很好的合作夥伴，我們在 Veritone 業務線的許多不同領域與他們合作。我們與他們共同銷售。他們是我們在媒體娛樂領域最活躍的聯合銷售合作夥伴之一，目前在公共部門迅速發展。

So what we need to do continue to do work to rightsize our cost structure and get it truly at a base level and a baseline for growth next year. But to be clear there, we are going to take a conservative view on the hiring side of the relationship with Amazon going into obviously in Q4, but even into 2024.

因此，我們需要做的就是繼續努力調整我們的成本結構，並真正達到明年成長的基礎水準和基準。但需要明確的是，我們將對與亞馬遜的招募關係持保守態度，而這種關係顯然會在第四季開始，甚至持續到 2024 年。

Great. Thank you. Okay.

偉大的。謝謝。好的。

Our next question comes from Chad Bennett with Craig-Hallum. Please go ahead.

我們的下一個問題來自查德貝內特和克雷格哈勒姆。請繼續。

Great. Thanks for taking my question. So can we just dig into a line item on the balance sheet, the accrued media payment line item, I think it was $84 million bucks. And how that kind of reconciles with your $60 million held for payment customer commentary on the call is that I assume that $60 million in that $84 million? And if so, what's what the remainder?

偉大的。感謝您提出我的問題。那麼我們可以深入研究資產負債表上的一個項目，即應計媒體付款項目，我認為它是 8400 萬美元。這與您在電話會議上持有的用於付款的 6000 萬美元的客戶評論是如何協調的，我認為這 8400 萬美元中有 6000 萬美元？如果是的話，剩下的是什麼？

Yeah, I'll take that one. So, you do have receivables associated with that business, which would plug the difference.

是的，我會接受那個。因此，您確實有與該業務相關的應收帳款，這可以彌補差異。

Okay. You have receivables in that $84 million as a liability.

好的。您將這 8400 萬美元的應收帳款作為負債。

Know, you have receivables plus the cash. We'll get you back to the liability.

要知道，你有應收帳款加上現金。我們會讓你承擔責任。

Okay. And so, the delta between your cash and that line item has grown actually went negative last quarter but grown this quarter. Is that I mean, just from a future payments term standpoint, that $84 million is cash going out over the next 12 months?

好的。因此，您的現金與該行項目之間的增量實際上在上個季度為負值，但在本季度有所增長。我的意思是，僅從未來付款期限的角度來看，未來 12 個月內將有 8,400 萬美元的現金支出？

Yes, that's right.

恩，那就對了。

Okay. And then what are the terms on the new debt facility come from? What's the current interest cost today? And then are there any covenants associated with that?

好的。那麼新債務融資的條款是怎麼樣的呢？今天目前的利息成本是多少？那麼是否有任何與之相關的契約？

Yeah. So, the current interest cost today is 1.75% on this one is going to go up just on the new debt facility, it will be a sulfur, so call it prime plus 850 basis points. It will be a four-year loan. So, the 2027 and the covenants, while the minimum liquidity covenant, that'll be pegged at $15 million consolidated cash and that those are the big ones.

是的。因此，目前的利息成本是 1.75%，這筆利息成本將因新的債務融資而上升，這將是一種硫磺，所以稱其為優質利率加上 850 個基點。這將是一筆為期四年的貸款。因此，2027 年和契約雖然是最低流動性契約，但將固定為 1500 萬美元的合併現金，而這些都是大的。

Are there is there any net leverage or anything else on the covenant side?

契約方是否有淨槓桿或其他任何內容？

No.

不。

Okay. And then just from a cost saving standpoint, the $24 million you talked about, and I think you alluded to additional cost savings. And I just wanted to get a sense from the current OpEx run rate, kind of how to think about that run rate, you know, maybe two quarters out into the first half of next year?

好的。然後，僅從節省成本的角度來看，您談到的 2400 萬美元，我認為您提到了額外的成本節省。我只是想了解目前的營運支出運行率，如何思考運行率，你知道，也許是明年上半年的兩個季度？

Yeah. So, what we said in our prepared remarks, if you take the pro forma business exiting this year and assuming no growth, our bottom line would be improved by over 50% from a non-GAAP net loss perspective, assuming 20% growth on that pro forma revenue, we'd be near breakeven.

是的。因此，正如我們在準備好的發言中所說，如果你考慮今年退出的預期業務並假設沒有成長，那麼從非GAAP 淨虧損的角度來看，假設成長20%，我們的底線將提高50% 以上.預計收入，我們將接近收支平衡。

Got it. Okay. Thanks. Much.

知道了。好的。謝謝。很多。

Yeah.

是的。

Our next question comes from Kunal Madhukar UBS. Please go ahead.

我們的下一個問題來自瑞銀集團 (Kunal Madhukar)。請繼續。

Hi, thanks a lot. This is Jason on for Kunal from UBS. A couple of questions as well. First question is on your unencumbered cash. So, you finished 3Q with for $14 million or so from our unencumbered cash.

你好，非常感謝。我是瑞銀 (UBS) 的傑森 (Jason) 代表庫納爾 (Kunal)。還有幾個問題。第一個問題是關於您的未支配現金。因此，您在第三季末從我們的未支配現金中獲得了約 1400 萬美元。

And I think in the prepared remarks, you said add to the debt still close, you're going to be at $37 million unencumbered cash. And so, I'm just trying to get or get a sense of how you guys manage the unencumbered cash, what is the minimum amount that you guys expect to have on balance sheet?

我認為在準備好的演講中，您說加上債務仍然接近，您將擁有 3700 萬美元的未支配現金。所以，我只是想了解你們如何管理未支配現金，你們預期資產負債表上的最低金額是多少？

And do you guys think about it in connection to other key metrics such as cost revenue, any help or any color will be helpful.

你們是否考慮將其與其他關鍵指標（例如成本收入）聯繫起來，任何幫助或任何顏色都會有幫助。

Yeah, the $37 million was the net benefit of the of the debt facility after you take in some of the fees, we continue to manage cash pretty tightly through this window on (inaudible).Okay. Gives you any more perspective.

是的，3700 萬美元是扣除部分費用後債務融資的淨收益，我們繼續透過這個窗口（聽不清楚）嚴格管理現金。好的。給你更多的視角。

Got it. Thanks. A lot and in the prepared remark, you also said 2024 will be an inflection point for growth trajectory. So, can we break that down a little bit by different verticals.

知道了。謝謝。在準備好的演講中，您還說了很多，2024 年將是成長軌蹟的轉折點。那麼，我們可以透過不同的垂直領域來稍微分解嗎？

Can you talk about some of the trends that you see as we go into 24 for software advertising, hiring trends? Anything you can share will be helpful. Thank you.

您能談談在我們進入 24 小時軟體廣告、招募趨勢時您看到的一些趨勢嗎？您可以分享的任何內容都會有所幫助。謝謝。

Yeah, we'll give more guidance on 2024 in our annual call in our Annual call in March.

是的，我們將在 3 月的年度電話會議中提供有關 2024 年的更多指導。

Okay. But I think, Mike, you did to reiterate what you just disclosed based upon what our projected exit pro forma is going to look like from a revenue and a cost structure perspective. And just to restate it again, if we proceed next year with near zero growth, we would realize around a 50% improvement year-over-year in our non-GAAP net loss, correct me if I'm wrong like.

好的。但我認為，麥克，你確實重申了你剛剛根據我們預計的退出形式從收入和成本結構角度來看的情況所披露的內容。再次重申一下，如果我們明年以接近零的增長速度繼續前進，我們將實現非 GAAP 淨虧損同比改善約 50%，如果我錯了，請糾正我。

And then if we are able to grow into two to be clear, we've kept and nearly 100% of our customer base. I'm less than I'll call reconciliation from a few customers as named entities for the divestiture on of them say the acquisition of Broadbean from CareerBuilder, but we've retained our customer base.

然後，如果我們能夠成長為兩個，那麼我們就可以保留近 100% 的客戶群。我不會將一些客戶稱為和解，因為他們中的一些人從 CareerBuilder 收購了 Broadbean，但我們保留了我們的客戶群。

And so in the event and which we're working very hard to see a growth of 20% or more next year that would get us close to breakeven and over the course of 2024. So that will kind of give you some perspective of the magnitude of the rightsizing of our cost structure against where we're expecting and from an exit velocity perspective on both our top and bottom line.

因此，如果發生這種情況，我們將非常努力地爭取明年實現 20% 或更多的增長，這將使我們在 2024 年期間接近收支平衡。因此，這會讓您對增長幅度有一些了解根據我們的預期以及從我們的頂線和底線的退出速度角度來調整我們的成本結構。

Got it. Thank you.

知道了。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Ryan Steelberg for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給瑞安·斯蒂爾伯格（Ryan Steelberg）發表閉幕詞。

I want to thank you, everybody for joining today. We've done a tremendous amount of work despite some unforeseen major pullbacks from and from a few customers, we've done a, I think, a brilliant job of maintaining those customers in the relationships while having to rightsize our cost structure, not easy for any organization, but I think we've done it in a sort of almost a masterful job and be very, very clear that we are fully committed to making sure that we're ready for sustained profitable growth in 2024.

我要感謝大家今天的加入。儘管一些客戶出現了一些不可預見的重大回調，但我們已經做了大量的工作，我認為，我們在維持這些客戶的關係方面做得非常出色，同時必須調整我們的成本結構，這並不容易對於任何組織來說，但我認為我們已經完成了近乎精湛的工作，並且非常非常明確地表明，我們完全致力於確保為2024 年的持續盈利增長做好準備。

And I really want to thank our Veritone team for their hard work and also their commitment to our customers, many of which we highlighted today on the call, most of our flagship customers have renewed when almost every company out there is looking to cut costs and find more efficiencies and gain that we really want to telegraph the how and how impactful and critical our solutions and applications are to our customers and considering the tightening of budget. So very thankful for the renewals there.

我真的要感謝我們的 Veritone 團隊的辛勤工作以及他們對客戶的承諾，其中許多是我們今天在電話會議上強調的，當幾乎所有公司都在尋求削減成本和找到更多的效率和收益，我們真正希望向客戶傳達我們的解決方案和應用程式對客戶的影響力和重要性，並考慮預算的緊縮。非常感謝那裡的續訂。

And probably lastly, I wouldn't really want to spend to recognize the employees, our employees and team members and partners who are in Israel and other conflict zone and who continues to amaze me that they continue to produce and execute at a high level despite these extremely challenging and tragic time.

也許最後，我真的不想花錢去表彰以色列和其他衝突地區的員工、我們的員工、團隊成員和合作夥伴，他們繼續讓我感到驚訝，儘管他們繼續高水準地生產和執行這些極具挑戰性和悲慘的時刻。

So I am a heartfelt thank you to, again, not just our employees, but also to partners and customers who are being impacted as well. So again, this is done and we're very, very thankful. So, what we're excited about push out push through the end of the year, completes kind of the initial work we laid out and really prepare ourselves for an exciting 2024.

因此，我再次衷心感謝我們的員工，也感謝受影響的合作夥伴和客戶。再說一次，這件事已經完成了，我們非常非常感激。因此，我們很高興能在今年年底前完成我們所製定的初步工作，並為令人興奮的 2024 年做好真正的準備。

Thank you. Very much.

謝謝。非常。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。