Veritone Inc (VERI) 2024 Q3 法說會逐字稿

Good day, and thank you for waiting. Welcome to the Veritone, Inc. third-quarter 2024 financial results conference call. (Operator Instructions) Please not that today's event is being recorded. I would now like to turn the conference over to Cate Goldsmith, Investor Relations. Please go ahead.

美好的一天，感謝您的等待。歡迎參加 Veritone, Inc. 2024 年第三季財務業績電話會議。（操作員說明）請注意，今天的活動正在錄製中。我現在想將會議交給投資者關係部門的凱特·戈德史密斯 (Cate Goldsmith)。請繼續。

Thank you, and good morning. Prior to market open, Veritone issued a press release announcing results for the third quarter ended September 30, 2024. The press release and other supplemental information are available on the Investor Relations section of Veritone's website.

謝謝你，早安。在開市前，Veritone 發布新聞稿，宣布截至 2024 年 9 月 30 日的第三季業績。新聞稿和其他補充資訊可在 Veritone 網站的投資者關係部分取得。

Joining us for today's call are Veritone's Chief Executive Officer and President, Ryan Steelberg; and Chief Financial Officer, Mike Zemetra, who will provide prepared remarks and then open up the call for a live question-and-answer session.

參加今天電話會議的有 Veritone 執行長兼總裁 Ryan Steelberg；財務長 Mike Zemetra 將發表事先準備好的講話，然後開啟現場問答環節。

Please note that certain information discussed on the call today, including certain answers to your questions will include forward-looking statements. This includes, without limitation, statements about our business strategy and future financial and operating performance.

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。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。

These forward-looking statements are subject to risks, uncertainties and assumptions that may cause the actual results to differ materially from those stated. 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 12, 2024, and Veritone undertakes no obligation to revise or update them.

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所述結果有重大差異。Veritone 向 SEC 提交的文件（包括其 10-K 表格年度報告）中討論了其中的某些風險和假設。這些前瞻性陳述是基於截至今天（2024 年 11 月 12 日）的假設，Veritone 不承擔修改或更新這些陳述的義務。

During this call, the actual and forecasted financial measures we will be discussing include non-GAAP measures. 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, treating Broadbean as acquired by Veritone on January 1, 2022.

在本次電話會議中，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。這些措施與相應的公認會計原則措施的調節包含在我們今天發布的新聞稿中。此外，當我們引用備考指標時，這些指標是在綜合準備基礎上提出的，將 Broadbean 視為 Veritone 於 2022 年 1 月 1 日收購的公司。

Periods commencing after June 13, 2023, are not presented on a pro forma basis. 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 Investor Relations section of Veritone's website at www.veritone.com.

2023 年 6 月 13 日之後開始的期間不會以預計形式列報。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 投資者關係部分的連結重播。

Now I would like to turn the call over to our Chief Executive Officer 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, Cate, and thank you, everyone, for joining us. We are excited to speak with you today and provide an update on our third-quarter 2024 operations, financial performance and strategic progress. Mike Zemetra will cover our quarterly performance and financials in more detail later, but I wanted to start by providing a broader company update and perspective on our current market environment and the opportunity that lies ahead.

謝謝你，凱特，也謝謝大家加入我們。我們很高興今天與您交談，並提供有關我們 2024 年第三季營運、財務業績和策略進展的最新資訊。Mike Zemetra 稍後將更詳細地介紹我們的季度業績和財務狀況，但我想首先提供更廣泛的公司最新情況以及對我們當前市場環境和未來機會的看法。

Before we dive into the results, I want to address the transformative announcement we made a few weeks ago that marked a pivotal moment in Veritone's journey. We have successfully executed an agreement and have closed on the divestiture of Veritone One, our legacy media agency business, in a transaction valued at up to $104 million.

在我們深入研究結果之前，我想先談談我們幾週前發布的變革性公告，該公告標誌著 Veritone 旅程中的關鍵時刻。我們已經成功簽署了一項協議，並完成了對我們的傳統媒體代理商業務 Veritone One 的剝離，交易價值高達 1.04 億美元。

Let me put this transaction into perspective and clearly articulate what it means for Veritone's future as it represents the culmination of the strategic plan laid out in early 2023 to transform and focus this business. This divestiture represents far more than the sale of a noncore asset. It's a fundamental repositioning of our company in the rapidly evolving AI landscape and a significant catalyst to unlock shareholder value and reinforce our market leadership position.

讓我來客觀地看待這筆交易，並清楚地闡明它對 Veritone 的未來意味著什麼，因為它代表了 2023 年初制定的戰略計劃的頂峰，該計劃旨在轉型和專注於該業務。此次剝離所代表的意義遠不止於出售非核心資產。這是我們公司在快速發展的人工智慧領域的根本重新定位，也是釋放股東價值和鞏固我們市場領導地位的重要催化劑。

When we initiated the strategic review of Veritone, when I first took on the role of CEO, our goal was to identify the optimal path to unlock shareholder value and position Veritone for sustainable long-term growth in the AI sector. The sale of Veritone One accomplishes several critical objectives.

當我們啟動對 Veritone 的策略審查時，當我第一次擔任執行長時，我們的目標是確定釋放股東價值的最佳路徑，並使 Veritone 在人工智慧領域實現可持續的長期成長。Veritone One 的出售實現了幾個關鍵目標。

First, it streamlines our operational focus, eliminating the complexity of managing two distinct business models, a technology software business and our legacy media agency. This refinement of purpose allows us to concentrate our resources, both financial and human capital on what we believe is the greatest opportunity, delivering the most advanced AI solutions to our customers and partners at scale through our enterprise AI software, applications and aiWARE platform.

首先，它簡化了我們的營運重點，消除了管理兩種不同業務模式（技術軟體業務和我們的傳統媒體代理商）的複雜性。這種目標的細化使我們能夠將財務和人力資本等資源集中在我們認為最好的機會上，透過我們的企業人工智慧軟體、應用程式和aiWARE 平台向我們的客戶和合作夥伴大規模提供最先進的人工智慧解決方案。

Second, this transaction significantly strengthens our financial foundation, substantially bolsters our balance sheet and enables us to reduce our debt servicing cash burden. Furthermore, this strategic sale focuses our operations on higher growth verticals with strong margin profiles, namely Public Sector and Commercial Enterprise AI. As a result, we are now well positioned as a pure-play AI enterprise software firm, building on top of our existing scale, which boast over 3,000 customers after the divestiture.

其次，這項交易顯著增強了我們的財務基礎，大大增強了我們的資產負債表，並使我們能夠減輕償債現金負擔。此外，此次策略出售將我們的業務重點放在利潤率較高的高成長垂直領域，即公共部門和商業企業人工智慧。因此，我們現在已成為一家純粹的人工智慧企業軟體公司，在我們現有規模的基礎上發展，剝離後我們擁有超過 3,000 家客戶。

Furthermore, post divestiture, Veritone has eliminated our customer concentration risk with no single customer accounting for more than 5% of our revenues, while still maintaining gross revenue retention well above the 90th percentile.

此外，剝離後，Veritone 消除了我們的客戶集中風險，沒有任何一個客戶占我們收入的 5% 以上，同時仍將總收入保留率保持在遠高於 90% 的水平。

I'm very proud of our staff and leadership team who have guided us through this lengthy and challenging transformation, all in the public market form. And our timing to complete this transformation could not be more perfect. We're at a pivotal moment in technology history. Just as the cloud revolution transforms software delivery into Software-as-a-Service, or SaaS, we're now witnessing an even more profound shift with AI.

我為我們的員工和領導團隊感到非常自豪，他們引導我們完成了這一漫長而富有挑戰性的轉型，所有這些都是以公開市場的形式進行的。我們完成這轉變的時機再完美不過了。我們正處於科技史上的關鍵時刻。正如雲端革命將軟體交付轉變為軟體即服務（SaaS）一樣，我們現在正在見證人工智慧帶來的更深刻的轉變。

This new paradigm is what we call service as software, the automation and amplification of knowledge work itself. This isn't just an incremental change. We're looking at a market opportunity worth trillions according to Forbes and several other sources.

這個新的範式就是我們所謂的軟體服務，也就是知識工作本身的自動化和放大。這不僅僅是一個漸進的改變。據《富比士》和其他幾個消息來源稱，我們正在尋找價值數萬億美元的市場機會。

Let me put this in perspective. The foundation layer of AI, the chips, infrastructure and general large language models is consolidating around major players like Microsoft OpenAI and Google DeepMind. This mirrors what we saw with cognitive AI. Large language models are readily available today and becoming increasingly commoditized, affordable and more affordable. The real opportunity where Veritone is well positioned lies in the application layer.

讓我正確看待這一點。人工智慧的基礎層、晶片、基礎設施和通用大型語言模型正在圍繞微軟 OpenAI 和Google DeepMind 等主要參與者進行整合。這反映了我們在認知人工智慧中看到的情況。如今，大型語言模型很容易獲得，並且變得越來越商品化、價格實惠且更實惠。Veritone 的真正優勢在於應用層。

Just a few years ago, skeptics dismissed application layer companies as just wrappers on GPT. Today, it's this technology, our technology that has emerged as one of the most compelling ways to build lasting value in the AI economy. According to Sequoia Capital, the most important segment for future AI investment is the application layer. This has been and will continue to be our focus.

就在幾年前，懷疑論者還認為應用層公司只是 GPT 的包裝。如今，正是這項技術，我們的技術，已成為在人工智慧經濟中創造持久價值的最引人注目的方式之一。紅杉資本認為，未來人工智慧投資最重要的環節是應用層。這一直是並將繼續是我們的重點。

For you, our investors, you need to know that Veritone goes far beyond simple API integration to call AI models. aiWARE, our core platform, is truly an operating system for AI, supporting dynamic and scalable cognitive architectures and workflows. This proven platform, which is today serving hundreds of enterprise customers around the world, combines dynamic data integration, hundreds of cognitive and generative AI models, intelligent model routing, vector databases, compliance frameworks and application workflow logic that can mirror human reasoning.

對於您，我們的投資者來說，您需要知道 Veritone 遠遠超出了簡單的 API 整合來呼叫 AI 模型。我們的核心平台 aiWARE 是真正的人工智慧作業系統，支援動態且可擴展的認知架構和工作流程。這個經過驗證的平台目前正在為全球數百家企業客戶提供服務，它結合了動態資料整合、數百個認知和生成人工智慧模型、智慧模型路由、向量資料庫、合規框架和可以反映人類推理的應用程式工作流程邏輯。

We have expressed this powerful technology through dozens of award-winning applications, that are solving real business and service problems with clear and definable ROI. For several years now, our leading aiWARE platform and applications have been delivering critical value for public and commercial sectors, including media and entertainment, sports, state and local law enforcement, Fed SIV and now Fed DoD. With our strengthened balance sheet and renewed focus on our aiWARE software and applications, we're uniquely positioned to capitalize on this opportunity.

我們透過數十個屢獲殊榮的應用程式展示了這種強大的技術，這些應用程式以清晰可定義的投資回報率解決實際的業務和服務問題。多年來，我們領先的 aiWARE 平台和應用程式一直為公共和商業部門提供關鍵價值，包括媒體和娛樂、體育、州和地方執法部門、聯邦 SIV 和現在的聯邦國防部。隨著我們資產負債表的增強以及對 aiWARE 軟體和應用程式的重新關注，我們擁有獨特的優勢來利用這一機會。

Our strategy is in full focus. Our track record of execution is strong, and our serviceable addressable market is in the tens of billions. We are not just participating in AI revolution, we're leading it. When appointed as CEO, I stated my strategic imperatives, streamline operations, bolster our financials and zero in on what we do best, AI software and services. Now as we near the close of fiscal 2024, we've advanced each initiative meaningfully, and we're in the prime position to capitalize on the booming demand for AI and leverage the strength of Veritone's aiWARE platform, applications and solutions.

我們的戰略是完全集中的。我們的執行記錄非常出色，我們的可用目標市場達數百億。我們不僅參與人工智慧革命，而且正在引領它。當被任命為執行長時，我闡述了我的策略要務：簡化營運、增強我們的財務狀況，並將我們最擅長的人工智慧軟體和服務歸零。現在，隨著2024 財年即將結束，我們已經有意義地推進了每項計劃，並且我們處於有利地位，可以充分利用對人工智慧不斷增長的需求，並利用Veritone 的aiWARE 平台、應用程式和解決方案的優勢。

Now let me walk you through our performance in our core market verticals, Commercial and Public Sector. In the commercial sector, our AI applications and custom-built AI solutions continue to unlock tremendous value for commercial enterprises across functions and industries in this quarter. Within media and entertainment in August, we officially announced our landmark partnership with the NCAA. Since then, we've continued to build upon that success with additional partnerships and agreements with many notable brands.

現在，讓我向您介紹我們在核心市場垂直領域（商業和公共部門）的表現。在商業領域，我們的人工智慧應用和客製化的人工智慧解決方案在本季繼續為跨職能和行業的商業企業釋放巨大價值。在八月份的媒體和娛樂領域，我們正式宣布與 NCAA 建立具有里程碑意義的合作夥伴關係。從那時起，我們繼續在這一成功的基礎上與許多知名品牌建立了更多的合作夥伴關係並簽訂了協議。

Today, we're in the final stages with a material media customer to secure an expanded multiyear deal worth over $20 million in potential total contract value, which we expect to close this contract in the fourth quarter. Additionally, I'm pleased to announce that Veritone has extended its agreement with iHeartMedia, the nation's leading audio company. This multiyear SaaS agreement enables iHeartMedia to seamlessly and automatically process, transform and review audio data in near real-time, with enhanced ad and content tracking, comprehensive analytics, faster content extension and smarter media management.

今天，我們與材料媒體客戶正處於最後階段，以確保一項潛在合約總價值超過 2000 萬美元的擴大的多年期交易，我們預計將在第四季度完成該合約。此外，我很高興地宣布 Veritone 已與美國領先的音訊公司 iHeartMedia 延長了協議。這項多年期的SaaS 協議使iHeartMedia 能夠近乎即時地無縫、自動地處理、轉換和審查音訊數據，並提供增強的廣告和內容追蹤、全面的分析、更快的內容擴展和更智慧的媒體管理。

When we initially launched iHeartMedia as a customer in 2017, we deployed our AI solutions across 200 stations in 50 markets. As current multiyear agreement extends our solutions to over 850 stations across 150 markets, showcasing the increasing value our software provides to both iHeart and their customers. In addition to the iHeart extension, in media and entertainment, we executed over 28 deals in the quarter.

當我們在 2017 年首次推出 iHeartMedia 作為客戶時，我們在 50 個市場的 200 個電台部署了我們的 AI 解決方案。目前的多年協議將我們的解決方案擴展到 150 個市場的 850 多個站點，展示了我們的軟體為 iHeart 及其客戶提供的不斷增長的價值。除了 iHeart 擴展之外，我們在媒體和娛樂領域本季執行了超過 28 筆交易。

One other recently executed deal was the re-signing of ESPN, which will leverage our software to effectively track the impact on native advertising placements and promotions, both spoken and visual across multiple ESPN owned channels. Other notable deals in the quarter include agreements with Amblin Partners, Carson Entertainment Group, Univision, Westwood One and the United States Tennis Association, showcasing our commitment to client satisfaction and the stickiness of our AI solutions.

最近執行的另一項交易是 ESPN 的重新簽約，該交易將利用我們的軟體有效追蹤對本地廣告投放和促銷的影響，包括多個 ESPN 擁有的頻道的口頭和視覺內容。本季其他值得注意的交易包括與 Amblin Partners、Carson Entertainment Group、Univision、Westwood One 和美國網球協會達成的協議，展示了我們對客戶滿意度的承諾以及人工智慧解決方案的黏性。

Staying in commercial, let me provide an update on our AI hiring solutions. Veritone Hire successfully weathered market pressures on global label markets for another quarter, remaining focused and consistent in its strategy to add SaaS clients at the higher end of the middle and enterprise market to offer significant budget efficiencies to programmatic and media services clients and to continue to expand the reach and cross-selling of programmatic advertising and media services globally.

留在商業領域，讓我提供我們的人工智慧招募解決方案的最新情況。Veritone Hire 在另一個季度成功抵禦了全球標籤市場的市場壓力，保持專注和一致的策略，在高端中端和企業市場增加 SaaS 客戶，為程序化和媒體服務客戶提供顯著的預算效率，並繼續擴大全球程序化廣告和媒體服務的覆蓋範圍和交叉銷售。

Also, I'd like to call out that our Hiring Solutions General Manager, Alex Fourlis was selected for TAtech's Fall 2024 Honor Class of Business and Thought Leaders. For awareness, TAtech is the leading association for talent acquisition leaders.

另外，我想指出的是，我們的招募解決方案總經理 Alex Fourlis 被選為 TAtech 2024 年秋季商業和思想領袖榮譽班。在意識方面，TAtech 是人才招募領導者的領先協會。

Additionally, we signed significant AI programmatic contracts in the UK with a global staffing client and broke into Australia for the first time, utilizing AI-based programmatic job placement. A few notable global deals include Magna International, Shell Energy Australia, Marriott International, Teleperformance and Mitsubishi Chemical.

此外，我們在英國與一家全球人力資源客戶簽署了重要的人工智慧程式化合同，並利用基於人工智慧的程式化就業安置首次進入澳洲。一些著名的全球交易包括麥格納國際公司、殼牌澳洲能源公司、萬豪國際集團、Teleperformance 和三菱化學。

Switching to our Public Sector vertical, which will be a key focus for us post-divestiture. We remain very bullish on our Public Sector opportunities and growth prospects. Our market-leading AI products built on aiWARE are driving our success. Our clear go-to-market strategy extends across law enforcement, judicial agencies and government sectors globally, enabling fast customer onboarding.

轉向公共部門垂直領域，這將是我們剝離後的重點。我們仍然非常看好公共部門的機會和成長前景。我們基於 aiWARE 構建的市場領先的人工智慧產品正在推動我們的成功。我們明確的市場進入策略涵蓋全球執法、司法機構和政府部門，從而實現快速客戶入職。

Launched this year, Veritone Intelligent Digital Evidence Management System, or iDEMS, powered by aiWARE, has exceeded our expectations. iDEMS strengthens Veritone's position in the digital evidence management market as a leading system for aggregating, analyzing and sharing investigation materials with advanced AI-powered video and audio analytics.

今年推出的 Veritone 智慧數位證據管理系統（iDEMS）由 aiWARE 提供支持，超出了我們的預期。 iDEMS 鞏固了 Veritone 在數位證據管理市場中的地位，作為透過先進的人工智慧驅動的視訊和音訊分析來聚合、分析和共享調查材料的領先系統。

In local law enforcement, we now service hundreds of customers and are adding opportunities and partnerships weekly. On the federal side, we already are contracting with both Fed SIV and Fed DoD agencies and are very active with several material trials and software implementations.

在當地執法部門，我們現在為數百名客戶提供服務，並每週增加機會和合作關係。在聯邦方面，我們已經與美聯儲 SIV 和美聯儲 DoD 機構簽訂了合同，並且非常積極地進行了多項材料試驗和軟體實施。

Internationally, we have also added customers who are active with trials in our in procurement on several important and large opportunities. Our solutions are gaining traction globally with new customer acquisitions and a growing pipeline that is now exceeding $110 million. This quarter, we added 13 new Public Sector customers to our portfolio.

在國際上，我們也增加了在幾個重要和大型機會的採購中積極嘗試的客戶。隨著新客戶的獲取和不斷增長的管道（現已超過 1.1 億美元），我們的解決方案在全球範圍內獲得了關注。本季度，我們的投資組合中新增了 13 位公共部門客戶。

New state and local agency customers include Englewood, Colorado, Sandoval County in New Mexico, two of the largest counties in Southern California and a statewide law enforcement agency. New federal business includes the Department of Justice, the Office of Public Affairs.

新的州和地方機構客戶包括科羅拉多州恩格爾伍德、新墨西哥州桑多瓦爾縣、南加州最大的兩個縣和全州執法機構。新的聯邦機構包括司法部、公共事務辦公室。

During Q3, we expanded our distribution channels and market reach with new strategic technical partnerships, including Nuix and Getac. We completed and announced our integrations with Axon's evidence.com and Milestone's VMS connector, where we have created automated workflows and efficiencies for our customers by automating the ingestion process from those applications into our iDEMS suite, which allows our customers to take advantage of our Public Sector applications and our suite of AI capabilities that are part of aiWARE.

第三季度，我們透過新的策略技術合作夥伴（包括 Nuix 和 Getac）擴大了我們的分銷管道和市場覆蓋範圍。我們完成並宣布了與Axon 的evidence.com 和Milestone 的VMS 連接器的集成，透過將這些應用程式的攝取流程自動化到我們的iDEMS 套件中，我們為客戶創建了自動化工作流程和效率，這使我們的客戶能夠利用我們的公共部門應用程式和我們的 AI 功能套件是 aiWARE 的一部分。

This is all part of our strategy to be an open technology solution that can aggregate data from all the disparate evidence solutions, particularly audio, video and unstructured data, and allow investigators to take advantage of our AI applications and aiWARE technology.

這是我們成為開放技術解決方案策略的一部分，該解決方案可以聚合來自所有不同證據解決方案的數據，特別是音訊、視訊和非結構化數據，並允許調查人員利用我們的人工智慧應用程式和aiWARE技術。

As I close, I want to share some additional third-quarter operational highlights in the Public Sector to provide a comprehensive view of our progress to date in this vertical. In Q3, we initiated a second phase of a project with a major DoD agency for our iDEMS solutions. We also delivered an iDEMS solution and began assisting in its implementation with yet another DoD organization.

在結束時，我想分享公共部門的一些其他第三季營運亮點，以全面了解我們迄今為止在這一領域取得的進展。在第三季度，我們與國防部主要機構啟動了 iDEMS 解決方案專案的第二階段。我們也交付了 iDEMS 解決方案，並開始協助另一個 DoD 組織實施此解決方案。

During the quarter, we announced and released our latest version of Track with enhanced UI and search capabilities and the ability to track and re-ID vehicles as individual objects. We also enhanced our model for tracking and re-IDing humans based on no biometric information.

在本季度，我們宣布並發布了最新版本的 Track，該版本具有增強的 UI 和搜尋功能，以及將車輛作為單一物件進行追蹤和重新識別的能力。我們還增強了基於無生物識別資訊的追蹤和重新識別人類的模型。

Track 2.0 is now fully deployed on aiWARE, and it is included as a fully operational application in our iDEMS suite. Finally, the results of this month's presidential election, we believe will be a net positive for our prospects in the US Fed and have little to no impact on our existing contracts. The size and quality of our pipeline continues to grow and improve as a result of the iDEMS product suite, the expansion of our technical partnerships and the addition of new channel partners.

Track 2.0 現已完全部署在 aiWARE 上，並作為完全可操作的應用程式包含在我們的 iDEMS 套件中。最後，我們相信本月總統選舉的結果將對我們在聯準會的前景產生正面的影響，並且對我們現有的合約幾乎沒有影響。由於 iDEMS 產品套件、我們技術合作夥伴關係的擴展以及新通路合作夥伴的增加，我們管道的規模和品質不斷增長和提高。

I would now like to turn it over to Mike Zemetra, who will provide more details on our quarterly performance and future guidance. Mike?

我現在想將其交給 Mike Zemetra，他將提供有關我們季度業績和未來指導的更多詳細資訊。麥克風？

Thank you, Ryan. I am pleased to report our third-quarter results, which were in line with our previously announced guidance and demonstrates continued execution of our strategic initiatives set out earlier this year. Post our October 2024 divestiture of our Media Agency, we are now shifting our projected cash flow profitability to fiscal 2026.

謝謝你，瑞安。我很高興地報告我們的第三季業績，該業績符合我們先前宣布的指導方針，並表明我們繼續執行今年早些時候制定的戰略舉措。在 2024 年 10 月剝離媒體代理商後，我們現在將預計的現金流量獲利能力轉移到 2026 財年。

During my prepared remarks, I will discuss the key financial terms of the October 2024 divestiture of our Media Agency, our Q3 year-over-year performance in KPIs from continuing operations, which exclude the results of our Media Agency, which are presented as discontinued operations as of September 30, 2024, and in the corresponding historical financial periods, balance sheet and liquidity positions pre- and post-divestiture and our updated guidance for fiscal year 2024 and '25.

在我準備好的發言中，我將討論2024 年10 月剝離我們媒體代理機構的關鍵財務條款、我們來自持續經營業務的KPI 的第三季度同比表現，其中不包括我們媒體代理機構的業績，這些業績被列為已終止的業務截至 2024 年 9 月 30 日的營運情況以及相應的歷史財務期間、剝離前後的資產負債表和流動性頭寸以及我們對 2024 財年和 25 財年的更新指引。

Starting with the key financial terms of our October 2024 divestiture of our media agency, Veritone One. Total consideration from the sale was up to $104 million in cash, which consisted of $86 million in cash at closing and $18 million in cash subject to earn-out based upon Veritone One's revenue for calendar year 2025.

首先是我們於 2024 年 10 月剝離媒體機構 Veritone One 的關鍵財務條款。此次出售的總對價高達 1.04 億美元現金，其中包括成交時的 8,600 萬美元現金和根據 Veritone One 2025 日曆年收入計算的 1,800 萬美元現金。

The divestiture represented approximately 25% of our consolidated revenue during the trailing 9 months ended September 30, 2024. The total purchase price was 3.5 times multiple on revenue and an 8.9 times multiple on EBITDA for the trailing 12 months ended September 30, 2024. To be clear, Veritone One was predominantly a service business and a traditional media agency.

此次剝離約占我們截至 2024 年 9 月 30 日的過去 9 個月合併收入的 25%。截至 2024 年 9 月 30 日的過去 12 個月，總購買價格是收入的 3.5 倍，是 EBITDA 的 8.9 倍。需要明確的是，Veritone One 主要是一家服務企業和傳統媒體機構。

These multiples represent a significant discount in the current market value of Veritone today, which is predominantly Software Products & Services. Of the total $86 million in cash at closing, the net cash proceeds were $59.1 million in cash after $6.7 million in cash was held in escrow and $20.3 million in purchase price adjustments.

這些倍數代表了 Veritone 當前市場價值的大幅折扣，該市場主要是軟體產品和服務。在成交時的 8,600 萬美元現金總額中，扣除 670 萬美元託管現金和 2,030 萬美元購買價格調整後，淨現金收益為 5,910 萬美元現金。

Net cash proceeds from the sale were used to pay down $30.5 million in principal amount of the company's December 2023 term loan, plus an additional $3.3 million in accrued interest and prepayment premiums associated with the debt and $3.9 million of deal-related expenses.

出售所得現金淨額用於償還公司 2023 年 12 月定期貸款的 3,050 萬美元本金，加上與債務相關的額外 330 萬美元的應計利息和預付款溢價以及 390 萬美元的交易相關費用。

After giving it back to the sale and term loan payment, Veritone ended with approximately $27.3 million in cash, an aggregate principal debt of approximately $134.4 million, down from $168.8 million in debt at December 31, 2023. Including amounts held in escrow and the earn-out, potential future proceeds include up to $24.7 million in cash, which will largely be payable towards the end of 2025 through April 2026 as certain escrows expire and the 2025 earn-out is known.

在返還銷售和定期貸款付款後，Veritone 最終獲得約 2,730 萬美元現金，總本金債務約 1.344 億美元，低於 2023 年 12 月 31 日的 1.688 億美元債務。包括託管金額和收益在內，未來潛在收益包括高達 2,470 萬美元的現金，這些現金大部分將在 2025 年底至 2026 年 4 月期間支付，因為某些託管到期且 2025 年收益已知。

Given the media agency's growth throughout fiscal 2024 and its forecasted exit of customers and expected bookings for fiscal 2025, we feel highly confident on achieving at least a large portion of the $18 million earn out at this point in time. The divestiture of our Media Agency is an important and strategic shift in our operations, namely, it positions Veritone is a pure-play AI company, allowing us to be more focused across our core AI products and services.

鑑於該媒體機構在 2024 財年的成長以及預計的客戶退出和 2025 財年的預期預訂量，我們對目前實現 1800 萬美元收入中的至少大部分充滿信心。剝離我們的媒體代理商是我們營運中的一個重要的策略轉變，也就是說，它將 Veritone 定位為純粹的人工智慧公司，使我們能夠更加專注於我們的核心人工智慧產品和服務。

In addition, it improves our balance sheet by reducing our annualized debt carry costs on our December 2023 term debt to almost half of the way it was at December 31, 2023. This annualized cash savings represented almost all of the EBITDA contribution from the divestiture over the trailing 12 months ended September 30, 2024. As a result of this strategic shift, the financial results of the divestiture have been recast and are now reported as discontinued operations on the face of our financial statements. All commentary exclude the results from the divestiture for the 2023 and 2024 periods.

此外，它還透過將 2023 年 12 月定期債務的年化債務成本降低至 2023 年 12 月 31 日的近一半，改善了我們的資產負債表。這一年化現金節省幾乎相當於截至 2024 年 9 月 30 日的過去 12 個月剝離帶來的全部 EBITDA 貢獻。由於這一策略轉變，剝離的財務結果已被重新調整，現在在我們的財務報表中報告為已終止業務。所有評論均不包括 2023 年和 2024 年期間的剝離結果。

Next, I would like to discuss our Q3 2024 performance. Q3 revenue was $22 million in line with our guidance and down $6 million from Q3 2023, principally due to a decline in Software Products & Services. The decline in Software Products & Services was driven in part by Commercial Enterprise, which declined $5.8 million year-over-year largely due to the expected decline in consumption-based customers over the same period, including Amazon and certain one-time software revenue in Q3 2023 of approximately $2.7 million, which did not recur in Q3 2024. Offsetting this was a slight increase in Public Sector.

接下來，我想討論一下我們 2024 年第三季的業績。第三季營收為 2,200 萬美元，符合我們的指引，比 2023 年第三季減少 600 萬美元，主要是因為軟體產品和服務的下降。軟體產品和服務的下降部分是由商業企業推動的，該業務同比下降 580 萬美元，主要是由於同期基於消費的客戶（包括亞馬遜和某些一次性軟體收入）的預期下降。約270 萬美元，2024 年第三季未再發生。公共部門的小幅增長抵消了這一影響。

As I will discuss later in more detail, we remain extremely bullish on our future, and we expect fiscal 2025 to be a breakout year across our Commercial Enterprise and Public Sector, with the Public Sector expected to grow year-over-year anywhere from 100% to 150%, driven by our iDEMS applications. Overall, Managed Services, which excludes the divestiture of our legacy Media Agency, was relatively flat year-over-year.

正如我稍後將更詳細討論的那樣，我們仍然對未來極為樂觀，我們預計 2025 財年將是我們商業企業和公共部門突破的一年，公共部門預計將同比增長 100 % 至150%，由我們的iDEMS 應用程式驅動。總體而言，管理服務（不包括剝離我們的傳統媒體代理商）比去年同期相對持平。

As of Q3 2024, I'm happy to report we did not have a single customer that represented 5% or more of our consolidated revenue in Q3 2024, demonstrating our successful efforts to diversify our revenue base. Across our Software Products & Services, our key performance metrics for Q3 2024 show ARR of $63.3 million, down year-over-year as we begin to exit expected declines in consortia-based revenue from customers across our traditional enterprise sector, including Amazon over the trailing 12 months, offset by a slight increase in recurring subscription-based SaaS customers.

截至 2024 年第三季度，我很高興地報告，我們沒有一個客戶占我們 2024 年第三季度合併收入的 5% 或更多，這表明我們在實現收入基礎多元化方面所做的成功努力。在我們的軟體產品和服務中，我們 2024 年第三季的關鍵績效指標顯示 ARR 為 6,330 萬美元，年減，因為我們開始擺脫來自傳統企業部門（包括亞馬遜）客戶的聯盟收入預計下降的局面。過去12 個月的成長，被基於訂閱的SaaS 經常性客戶的小幅成長所抵消。

As of Q3 2024, 76% of our ARR was from subscription versus consumption-based customers, up from 53% at Q3 2023. Total new bookings of $16.5 million, up 17% sequentially from Q2 2024 and 6% year-over-year. Gross revenue retention continued to be above the 90th percentile, and total Software Products & Services customers of 3,291 down slightly quarter-over-quarter and year-over-year, predominantly from our commercial sector, which began sunsetting legacy CareerBuilder customers post the June 2023 acquisition of Broadbean and smaller customers as we focus on larger ARR opportunities, offset by an increase across Public Sector, largely from the growth in public safety customers.

截至 2024 年第三季度，我們的 ARR 中有 76% 來自訂閱客戶而非基於消費的客戶，高於 2023 年第三季的 53%。新預訂總額達 1,650 萬美元，較 2024 年第二季較上季成長 17%，較去年同期成長 6%。總收入保留率繼續高於 90%，軟體產品和服務客戶總數為 3,291 個，環比和同比略有下降，主要來自我們的商業部門，該部門在 2023 年 6 月後開始淘汰遺留的 CareerBuilder 客戶收購Broadbean 和較小的客戶，因為我們專注於更大的ARR 機會，但被公共部門的成長所抵消，主要來自公共安全客戶的成長。

Q3 loss from operations was $22.5 million as compared to $25.2 million, an improvement of $2.7 million or 11% from Q3 2023. This was primarily driven by improvements made in our operating expense structure over the past 24 months, offset by a lower non-GAAP gross profit from the decline in revenue over the same period.

第三季的營運虧損為 2,250 萬美元，較 2023 年第三季的 2,520 萬美元增加了 270 萬美元，即 11%。這主要是由於過去 24 個月我們營運費用結構的改善，但被同期收入下降導致的非 GAAP 毛利下降所抵消。

Excluding the divestiture, Q3 2024 non-GAAP gross profit reached $15.7 million, declining 24.9% from Q3 2023 of $20.9 million. Our non-GAAP gross margin in Q3 2024 was 71.2% as compared to 74.9% in Q3 2023. Driving this was the decline in the revenue mix over the corresponding period, which largely came from revenue that generated over 90% non-GAAP gross margin. We expect our non-GAAP gross margin to range from 73% to 74%, depending on the mix of revenue in 2024. Overall, Q3 non-GAAP net loss was $7.1 million as compared to $7.9 million in Q3 2023, an improvement of 10.1%.

不包括資產剝離，2024 年第三季非 GAAP 毛利達到 1,570 萬美元，比 2023 年第三季的 2,090 萬美元下降 24.9%。我們 2024 年第三季的非 GAAP 毛利率為 71.2%，而 2023 年第三季為 74.9%。推動這一趨勢的是同期收入組合的下降，這主要來自產生超過 90% 非 GAAP 毛利率的收入。我們預計我們的非 GAAP 毛利率將在 73% 至 74% 之間，具體取決於 2024 年的收入組合。總體而言，第三季非 GAAP 淨虧損為 710 萬美元，而 2023 年第三季為 790 萬美元，改善了 10.1%。

Excluding the divestiture, which generated Q3 non-GAAP net profit of $4 million versus $2.5 million in Q3 2023. Q3 non-GAAP net loss from continuing operations was $11.1 million as compared to $10.4 million in Q3 2023. This performance reflects the expected decline in non-GAAP gross profit, offset by cost savings enacted in 2024.

不包括剝離，第三季非公認會計準則淨利潤為 400 萬美元，而 2023 年第三季為 250 萬美元。第三季的非 GAAP 持續經營業務淨虧損為 1,110 萬美元，而 2023 年第三季為 1,040 萬美元。這一業績反映了非 GAAP 毛利的預期下降，但被 2024 年實施的成本節約所抵消。

On the strategic front, as we transition our focus away from the divestiture, we are poised to return to growth with a much more efficient operating structure and laser focus on our AI solutions. Since the beginning of 2023, we have executed over $40 million of annualized cost savings, which includes over $17 million of annualized cost reductions in fiscal 2024.

在策略方面，隨著我們將重點從剝離轉移，我們準備透過更有效率的營運結構和專注於人工智慧解決方案來恢復成長。自 2023 年初以來，我們已實現了超過 4,000 萬美元的年度成本節約，其中包括 2024 財年超過 1,700 萬美元的年度成本削減。

The 2024 restructuring included organizational realignments within sales, engineering and corporate, the results of which was a reduction of over 15% of our global workforce. This positions us very well from a cost perspective heading into fiscal 2025. On revenue growth and our outlook, our Software Products & Services revenue pipeline and long-term outlook remain at all-time highs.

2024 年的重組包括銷售、工程和企業內部的組織重組，結果是我們的全球員工人數減少了 15% 以上。從成本角度來看，這使我們在 2025 財年處於有利地位。在收入成長和我們的前景方面，我們的軟體產品和服務收入管道和長期前景保持在歷史最高水準。

More specifically, we continue to see strong demand across the global digital evidence management market, which represents an approximate $10 billion market opportunity today. In the Public Sector alone, we remain in near-term contract phases on several large projects with various facets of the US federal government and international public safety customers. With the sales pipeline of over $100 million, these near-term growth opportunities, coupled with a much-improved cost structure heading into fiscal 2025, provide us a pathway to profitability as early as fiscal 2026.

更具體地說，我們繼續看到全球數位證據管理市場的強勁需求，這代表著當今約 100 億美元的市場機會。僅在公共部門，我們與美國聯邦政府和國際公共安全客戶各個方面的幾個大型專案仍處於短期合約階段。憑藉超過 1 億美元的銷售管道，這些近期成長機會，加上進入 2025 財年大幅改善的成本結構，為我們最早在 2026 財年實現盈利提供了途徑。

Turning to our balance sheet. As of September 30, 2024 and including the divestiture, we held cash and restricted cash of $46.9 million as compared to $72.9 million at December 31, 2023. The net change reflects net cash from outflows from operations of $24.2 million, principally driven by our non-GAAP net loss of $21.6 million. Net cash outflows from investing and financing activities of $9.2 million driven largely by capital expenditures of $5.1 million and debt and deferred purchase consideration of $5.9 million, offset by cash proceeds of $1.8 million from the cash sale of our energy group in Q2 2024.

轉向我們的資產負債表。截至 2024 年 9 月 30 日（包括資產剝離），我們持有現金和限制性現金為 4,690 萬美元，而 2023 年 12 月 31 日為 7,290 萬美元。淨變化反映了 2,420 萬美元營運流出的淨現金，主要是由於我們的非 GAAP 淨虧損 2,160 萬美元造成的。投資和融資活動產生的現金淨流出為920 萬美元，主要由510 萬美元的資本支出以及590 萬美元的債務和遞延購買對價推動，被2024 年第二季能源集團現金出售的180 萬美元現金收益所抵消。

Turning to liquidity today. To date, we have executed on our strategic initiatives set out at the beginning of 2024, including material cost reductions, the divestiture of non-core assets, which included the cash sales of our energy group and Veritone One and setting us up for optimal growth heading into fiscal 2025. On top of this, we've reduced our debt carry substantially.

今天轉向流動性。迄今為止，我們已經執行了 2024 年初制定的戰略舉措，包括降低材料成本、剝離非核心資產（其中包括現金出售我們的能源集團和 Veritone One），並為我們實現最佳增長做好準備進入2025 財年。除此之外，我們也大幅減少了債務負擔。

Post the 2024 divestiture of Veritone One, our consolidated debt is down from a peak of $201 million in December 2021 to approximately $134 million today, comprised of term debt of $43.1 million due by December 2027 and convertible debt of $91.3 million due November 2026.

2024 年剝離Veritone One 後，我們的綜合債務從2021 年12 月的峰值2.01 億美元降至目前的約1.34 億美元，其中包括2027 年12 月到期的4310 萬美元定期債務和2026 年11 月到期的9,130​​ 萬美元可轉換債務。

We reported cash on hand of approximately $27 million immediately following the divestiture with the potential opportunity to bring in an additional $24 million of cash through deferred purchase consideration from the divestiture over the next 12 to 24 months. That said, we are currently exploring additional strategic pathways to further improve our balance sheet and reduce our consolidated debt in the near term, which we will discuss in more detail as these initiatives progress.

剝離後，我們報告手頭現金約為 2,700 萬美元，並有可能在未來 12 至 24 個月內透過剝離的遞延購買對價帶來額外 2,400 萬美元現金。也就是說，我們目前正在探索其他策略途徑，以在短期內進一步改善我們的資產負債表並減少我們的合併債務，隨著這些舉措的進展，我們將更詳細地討論這些途徑。

Now turning to updated fiscal 2024 and 2025 guidance. First, I would like to remind everyone that we have some very large Public Sector deals that we are expecting to close in the near term. These deals range in the 7- to mid-8-figure level and will close at any time over the next 3 to 12 months.

現在轉向更新的 2024 年和 2025 財年指導。首先，我想提醒大家，我們有一些非常大的公共部門交易，預計在短期內完成。這些交易的金額在 7 到 8 位數之間，並將在未來 3 到 12 個月內隨時完成。

As exact timing and rollout of these larger deals are still actively being negotiated today, we have provided a larger range on revenue in fiscal 2025 outlook. Conversely, we have conservatively narrowed our revenue and non-GAAP net loss ranges for fiscal 2024, including Q4 2024 to discount the potential of any of these large deals closing by the end of fiscal 2024.

由於這些大型交易的確切時間和推出目前仍在積極談判中，我們在 2025 財年展望中提供了更大的收入範圍。相反，我們保守地縮小了 2024 財年（包括 2024 年第四季）的收入和非 GAAP 淨虧損範圍，以降低在 2024 財年末完成的任何大型交易的潛力。

As a result, and excluding the divestiture of Veritone One and based on our year-to-date performance, we are updating our fiscal 2024 guidance and are reaffirming our fiscal 2025 business outlook. More specifically, we expect -- fiscal 2024 full year revenue is expected to be between $92.5 million and $93.5 million as compared to $100 million for the full year 2023.

因此，排除 Veritone One 的剝離，並根據我們今年迄今的業績，我們正在更新 2024 財年指引，並重申我們的 2025 財年業務前景。更具體地說，我們預計 2024 財年全年收入預計在 9,250 萬美元至 9,350 萬美元之間，而 2023 年全年收入為 1 億美元。

Full year non-GAAP loss is projected to be between $37.5 million and $36.5 million as compared to $45.5 million full year 2023. Key assumptions in our guidance include the divestiture of Veritone One, we expect the divestiture to provide less than $0.5 million of non-GAAP gross profit in Q4 2024 guide. Continued growth in Public Sector revenue.

全年非公認會計準則虧損預計在 3,750 萬美元至 3,650 萬美元之間，而 2023 年全年虧損為 4,550 萬美元。我們的指導中的關鍵假設包括剝離 Veritone One，我們預計剝離將在 2024 年第四季指導中提供低於 50 萬美元的非 GAAP 毛利。公共部門收入持續成長。

In the event one of these large deals accelerates into Q4 2024, it will only represent upside to our current guidance. Consistent with prior periods, we do expect reduction in consumption-based revenue from customers, such as Amazon, which is embedded in our guidance year-over-year. And the full realization of our cost reduction initiatives will not happen until Q1 2024 as we did enact certain cost reduction initiatives up through Q3 2024, which we will not see the full benefit of until Q1 2025.

如果其中一項大型交易加速到 2024 年第四季度，它只會代表我們目前指引的上行空間。與之前的時期一致，我們確實預計來自客戶（例如亞馬遜）的基於消費的收入將減少，這一點已納入我們的指導中。我們的成本削減計劃要到 2024 年第一季才能完全實現，因為我們確實在 2024 年第三季之前製定了某些成本削減計劃，但要到 2025 年第一季我們才能看到其全部效益。

Turning to fiscal 2025 outlook. We are holding our prior guidance for fiscal 2025, which we are expecting revenue to be between $107 million to $122 million, which at the midpoint represents a 22% increase year-over-year and non-GAAP net loss to be between $25 million to $15 million, representing a 46% improvement year-over-year at the midpoint. Key assumptions in our fiscal 2025 guidance include Public Sector.

轉向 2025 財年展望。我們維持先前對 2025 財年的指導，預計收入將在 1.07 億美元至 1.22 億美元之間，其中值同比增長 22%，非 GAAP 淨虧損將在 2500 萬美元至 2500 萬美元之間1500 萬美元，年比中位數成長46%。我們 2025 財政年度指導中的關鍵假設包括公共部門。

We are expecting the Public Sector to grow 100% to 150% year-over-year, led by near-term deals across the Department of Defense, public safety, including international expansion into Europe and through more recently announced and expanded partnerships with AWS, Getac and others. We are currently in trials and our early phase deployments on all these projects, which when aggregated are projected to generate substantial revenue over today's baseline.

我們預計公共部門將年增 100% 至 150%，這主要得益於國防部、公共安全部門的近期交易，包括向歐洲的國際擴張，以及最近宣布和擴大的與 AWS 的合作夥伴關係，神基等。我們目前正在對所有這些項目進行試驗和早期部署，預計這些項目匯總後將在今天的基準基礎上產生可觀的收入。

Commercial Enterprise. Since August 2024, we renewed our partnerships with some of our largest customers, including multiyear deals and expanded services with the NCAA and iHeart. Moreover, we recently renewed ESPN for a multiyear deal that included expanded Software Products & Services.

商業企業。自 2024 年 8 月以來，我們與一些最大的客戶續簽了合作夥伴關係，包括與 NCAA 和 iHeart 的多年協議和擴展服務。此外，我們最近與 ESPN 續簽了一份多年期協議，其中包括擴展的軟體產品和服務。

Atop this, one of our largest customers is set to renew in Q4 2024 with annual contract value in excess of $20 million. We are also in the beginning phases of announcing exciting new partnerships with some of the largest AI LOMs and cloud providers to expand our offerings in degenerative AI. These existing and new market opportunities will drive year-over-year growth across our Commercial Sector.

除此之外，我們最大的客戶之一將於 2024 年第四季續約，年度合約價值超過 2,000 萬美元。我們也處於宣布與一些最大的 AI LOM 和雲端供應商建立令人興奮的新合作夥伴關係的開始階段，以擴展我們在退化 AI 領域的產品。這些現有的和新的市場機會將推動我們商業部門的逐年成長。

Enterprise. During the second half of 2024, we began to focus efforts on more Enterprise opportunities. During Q4 2024, we have sold a multiyear deal with a big 4 firm to provide AI application services across the hiring platform.

企業。2024年下半年，我們開始集中精力尋找更多的企業機會。2024 年第四季度，我們與一家四大公司達成了一項多年協議，在整個招聘平台上提供人工智慧應用服務。

We are also in early trials with one of the largest homebuilders in the US to provide deeper AI analytics and tools to accelerate some of their existing manual process and data collections today. Lastly, we are in middle stages with the US Senate to assist them in managing their existing data. While we are forecasting modest revenue in fiscal 2025 around Enterprise, we do believe this will be a larger area of growth beyond fiscal 2025.

我們也與美國最大的住宅建築商之一進行早期試驗，以提供更深入的人工智慧分析和工具，以加速他們目前一些現有的手動流程和資料收集。最後，我們正與美國參議院合作，協助他們管理現有數據。雖然我們預測 2025 財年 Enterprise 的營收將會適度，但我們確實相信這將是 2025 財年後更大的成長領域。

Veritone Hire. Given the current macro, we continue to expect modest to small growth across our Veritone Hire applications and services in fiscal 2025. With the exit of consumption-based customer dependencies in fiscal 2024, we do expect a more stable year in fiscal 2025, with a return back to growth in late fiscal '25 to fiscal '26.

維里通租賃。鑑於當前的宏觀形勢，我們仍然預計 2025 財年 Veritone Hire 應用程式和服務將出現溫和至小幅成長。隨著 2024 財年基於消費的客戶所依賴的退出，我們預計 2025 財年將更加穩定，並在 25 財年末至 26 財年恢復成長。

Non-GAAP gross margins. We are projecting our non-GAAP gross margins conservatively to be between 72% to 74% throughout fiscal 2025. To the extent that we approach the higher end of our fiscal 2025 revenue guide, we can see non-GAAP gross margins expanding closer to 75% to 77% on a blended basis. As we begin to scale and look towards 2026 and profitability, our non-GAAP gross margins should return back to 78% to 80%.

非公認會計準則毛利率。我們保守預計 2025 財年的非 GAAP 毛利率將在 72% 至 74% 之間。如果我們接近 2025 財年收入指南的高端，我們可以看到非 GAAP 毛利率在混合基礎上擴大到接近 75% 至 77%。隨著我們開始擴大規模並展望 2026 年和獲利能力，我們的非 GAAP 毛利率應該會恢復到 78% 至 80%。

And finally, our cost structure. With the backdrop of significant cost savings enacted over the last two years, we will exit 2024 with a much-improved cost structure relative to the past three years. Moreover, we will continue to manage our cost structure throughout fiscal 2025 to ensure we tie necessary investments in our cost structure with corresponding growth.

最後是我們的成本結構。在過去兩年大幅節省成本的背景下，到 2024 年，我們的成本結構將比過去三年大幅改善。此外，我們將在 2025 財年繼續管理我們的成本結構，以確保我們將成本結構的必要投資與相應的成長連結起來。

Today, our largest cost remains head count and to a lesser degree, professional services that has recently been higher and driven by transactional volume and integrations. As we exit 2024, we are not expected to focus on M&A and tactical transactions, which will allow us to get more efficient with our back end of support services and exit dependencies of higher professional fees over the past several years.

如今，我們最大的成本仍然是人員數量，其次是最近由交易量和整合推動的專業服務成本。當我們退出 2024 年時，我們預計不會專注於併購和戰術交易，這將使我們能夠提高後端支援服務的效率，並退出過去幾年對較高專業費用的依賴。

Before closing the call, I'd like to remind everyone listening that we will be presenting at the Needham's Sixth Annual Needham Virtual infrastructure, Data Analytics Software and Cloud Communications Conference on November 20 at 1:30 p.m. Eastern Time. The webcast link is available on our Investor Relations website. On-demand replay will be available shortly after the presentation for 90 days.

在結束通話之前，我想提醒各位聽眾，我們將於 11 月 20 日下午 1:30 在 Needham 第六屆年度 Needham 虛擬基礎設施、數據分析軟體和雲端通訊會議上進行演講。東部時間。網路廣播連結可在我們的投資者關係網站上找到。演示後不久將提供 90 天內的點播重播。

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

我準備好的發言就到此結束。接線員，我們現在要開始提問。

(Operator Instructions)

（操作員說明）

Seth Gilbert, UBS.

賽斯吉伯特，瑞銀集團。

Hey, guys. Thanks for taking the question. Can you talk about the updated 2024 revenue guide? Is the $4 million to $5 million change 100% allocated to public deal push out? Or were there maybe updates on the hiring side of the business as well?

嘿，夥計們。感謝您提出問題。能談談更新後的2024年收入指南嗎？400 萬美元到 500 萬美元的變化是否 100% 分配給公共交易推出？或者業務招募方面是否也有更新？

Yeah, I can take that. Yeah, you're right. It's 100% allocated to timing on Public Sector. And as I mentioned in my prepared remarks, there's potential upside, assuming some of these larger deals get pulled into the quarter.

是的，我可以接受。是的，你是對的。100% 分配給公共部門的時間。正如我在準備好的發言中提到的那樣，假設其中一些較大的交易被拉到本季度，則存在潛在的上漲空間。

Got it. And then maybe as a follow-up, can you give us a bit more of a bridge on acceleration to 2025. I think on our numbers, 2024 revenue growth is going to finish around maybe negative 7% on a pro forma basis. And you're guiding 2025 to above 30% at the high end, an addition of almost $30 million. So is that all allocated to public deal sector as well? Or maybe there's other spots of improvement that you would call out that we should be cognizant of in our model? Thank you.

知道了。也許作為後續行動，您能否為我們提供更多關於加速邁向 2025 年的橋樑。我認為根據我們的數據，預計 2024 年收入成長可能會出現負 7% 左右。您預計 2025 年的成長將達到 30% 以上，即增加近 3,000 萬美元。那麼這也全部分配給公共交易部門嗎？或者也許您會指出我們的模型中應該認識到其他改進點？謝謝。

Yeah. I think we mentioned the Public Sector growing between 100% to 150% year-over-year. So if you take the residual of that, we are expecting growth across commercial sector. But that -- the large portion of growth on a dollar basis will come from the Public Sector.

是的。我想我們提到了公共部門的年成長率在 100% 到 150% 之間。因此，如果你考慮其剩餘部分，我們預計整個商業領域都會出現成長。但以美元計算，成長的很大一部分將來自公共部門。

Got it. Thanks.

知道了。謝謝。

(Operator Instructions)

（操作員說明）

And at this time, it appears that we have no further questioners in the queue. And this does conclude our question-and-answer session as well as today's conference. Thank you for attending today's presentation, and you may now disconnect.

此時，隊列中似乎沒有其他提問者了。我們的問答環節和今天的會議到此結束。感謝您參加今天的演示，您現在可以斷開連接了。