Veritone Inc (VERI) 2024 Q4 法說會逐字稿

Good day and welcome to the Veritone Inc., fourth-quarter 2024 financial results conference call.

大家好，歡迎參加 Veritone Inc. 2024 年第四季財務業績電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員指示）請注意，此事件正在被記錄。

I would, now, like to turn the conference over to Cate Goldsmith, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係部的 Cate Goldsmith。請繼續。

Thank you and good evening.

謝謝，晚上好。

After the market closed today, Veritone issued a press release, announcing results for the fourth-quarter 2024 and full-year fiscal 2024, ending December 31, 2024. The press release and other supplemental information are available on the Investor Relations section of Veritone's website.

今天收盤後，Veritone 發布了一份新聞稿，宣布了截至 2024 年 12 月 31 日的 2024 年第四季和 2024 財年全年業績。新聞稿和其他補充資訊可在 Veritone 網站的投資者關係部分查閱。

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

參加今天電話會議的有 Veritone 董事長兼執行長 Ryan Steelberg；財務長 Mike Zemetra 將發表準備好的講話，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，今天電話會議上討論的某些資訊（包括對您的問題的某些回答）將包含前瞻性陳述。這包括但不限於有關我們的業務策略和未來財務和經營業績的聲明。

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.

這些前瞻性陳述受風險、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 向美國證券交易委員會提交的文件（包括其 10-K 表年度報告）中討論了其中的某些風險和假設。

These forward-looking statements are based on assumptions as of today, March 13, 2025. Veritone undertakes no obligation to revise or update them.

這些前瞻性陳述是基於截至 2025 年 3 月 13 日的假設。Veritone 不承擔修改或更新它們的義務。

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.

在本次電話會議中，我們將討論實際和預測的財務指標，包括非公認會計準則指標。我們今天發布的新聞稿中包含了這些指標與相應 GAAP 指標的對帳。

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.

最後，我想提醒大家，今天的電話會議正在錄音，您可以透過 Veritone 網站 www.veritone.com 上的投資者關係部分連結重播。

Now, I would like to turn the call over to our Chairman and Chief Executive Officer, Ryan Steelberg.

現在，我想將電話轉給我們的董事長兼執行長 Ryan Steelberg。

Thank you, Cate. Thank you, everyone, for joining us.

謝謝你，凱特。謝謝大家的參與。

We are excited to speak with you, today, and provide an update on our fourth-quarter and full-year 2024 operations, financial performance, and strategic progress.

今天，我們很高興與您交談，並提供有關我們第四季度和 2024 年全年營運、財務業績和策略進展的最新情況。

We are pleased to report our Q4 2024 and full-year fiscal 2024 financial results, which reflects solid revenue performance and significant strides in our strategic initiatives.

我們很高興地報告 2024 年第四季和 2024 財年全年的財務業績，這反映了穩健的收入表現和我們策略舉措的重大進展。

Throughout 2024, we've made decisive moves to optimize our operating structure and strengthen our balance sheet, allowing us to focus and prioritize investments to drive growth and differentiation in our core AI software and services offerings.

在整個 2024 年，我們採取了果斷措施來優化我們的營運結構並加強我們的資產負債表，使我們能夠集中並優先投資，以推動我們核心 AI 軟體和服務產品的成長和差異化。

This disciplined approach has laid a strong foundation. And we're already seeing the benefits, in the early part of 2025. Building on the strong foundation and fueled by megatrends, such as the momentum and enterprise-wide AI adoption, the exponential growth rate of unstructured data, as well as our growing robust sales pipeline, we're very confident in our ability to accelerate the Veritone strategy.

這種嚴謹的做法奠定了堅實的基礎。到 2025 年初，我們已經看到了好處。在堅實基礎的基礎上，並受到諸如企業範圍內的人工智慧應用、非結構化資料的指數級增長率以及我們不斷增長的強勁銷售管道等大趨勢的推動，我們對加速 Veritone 策略的能力非常有信心。

Today, Baritone is positioned to become the leading enterprise AI software, applications, and services provider, across the commercial and public sectors and create long-term value for our shareholders.

如今，Baritone 致力於成為商業和公共領域領先的企業 AI 軟體、應用程式和服務供應商，並為我們的股東創造長期價值。

Mike Zemetra will cover our quarterly and full-year 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.

Mike Zemetra 稍後將更詳細地介紹我們的季度和全年業績和財務狀況。但首先我想提供更廣泛的公司更新資訊以及對我們當前市場環境和未來機會的看法。

Over the last 10 years, we've grown Veritone into a full-service enterprise AI company. We are a market leader in ingesting and managing unstructured data, indexing that data, and harnessing the power of our AI platform to transform data into near real-time actionable analytics and intelligent workflows, which provides support to organizations by bringing clarity to the chaos of this data and, ultimately, derive increasing yields and revenue from their data sets.

在過去的 10 年裡，我們已將 Veritone 發展成為一家全方位服務的企業 AI 公司。我們是接收和管理非結構化資料、索引資料以及利用我們的人工智慧平台的強大功能將資料轉換為近乎即時的可操作分析和智慧工作流程的市場領導者，透過澄清這些資料的混亂情況為組織提供支持，並最終從他們的資料集中獲得更高的收益和收入。

Just in 2024, alone, we've cognitively processed over 10 petabytes of data, which includes over 58 million hours of video and audio. Against this incredible data scale, we utilized over 862 unique AI models through aiWARE, which include both proprietary Veritone models, as well as models from leading third parties. This is proven AI, at scale and in full production.

光是 2024 年，我們的認知處理量就已超過 10PB 的數據，其中包括超過 5,800 萬小時的視訊和音訊。針對這一驚人的數據規模，我們透過 aiWARE 使用了超過 862 個獨特的 AI 模型，其中包括專有的 Veritone 模型以及來自領先第三方的模型。這是經過驗證的人工智慧，已大規模投入生產。

This performance all starts with our technology platform, aiWARE, the first AI operating system. aiWARE is a secure, platform-agnostic open system that leverages and orchestrates hundreds of cognitive and generative AI models so that unstructured data -- including audio and video -- can be ingested, indexed, processed, transformed, correlated, and analyzed.

這一表現始於我們的技術平台 aiWARE，即第一個人工智慧作業系統。 aiWARE 是一個安全的、與平台無關的開放系統，它利用和協調數百種認知和生成 AI 模型，以便可以提取、索引、處理、轉換、關聯和分析非結構化資料（包括音訊和視訊）。

On top of this dynamic platform, we have developed purpose-built and award-winning AI applications to meet the specific needs of the public and commercial sectors. And, in 2024, we launched our aiWARE-based consulting ProServe arm, AISG, assisting both new and existing customers to develop transformative AI solutions for organizations of all backgrounds, through our AI adoption framework phases of assess, realize, and evolve.

在這個充滿活力的平台上，我們開發了專門的、屢獲殊榮的人工智慧應用程序，以滿足公眾和商業部門的特定需求。並且，在 2024 年，我們推出了基於 aiWARE 的諮詢 ProServe 部門 AISG，透過我們的 AI 採用框架階段（評估、實現和發展），幫助新舊客戶為各種背景的組織開發變革性 AI 解決方案。

I am proud to say that, currently, we deploy and license our end-to-end platform, applications, and solutions to over 3,200 customers, across the public and commercial sectors.

我很自豪地說，目前，我們向公共和商業領域的 3,200 多家客戶部署和授權我們的端到端平台、應用程式和解決方案。

On the commercial side, our customers include Creative Artists Agency, CBS News, ESPN, the NCAA, the Australian Open, PepsiCo, FedEx, and State Farm.

在商業方面，我們的客戶包括 Creative Artists Agency、CBS News、ESPN、NCAA、澳洲網球公開賽、百事可樂、聯邦快遞和 State Farm。

In the public sector, we actively service the Department of Justice, the Department of Defense, and hundreds of state and local law enforcement agencies nationwide, including Anaheim Police Department, Pittsburgh PD, Nassau County Sheriff's Department, the California Highway Patrol, and the Beverly Hills Police Department.

在公共部門，我們積極為司法部、國防部以及全國數百個州和地方執法機構提供服務，包括阿納海姆警察局、匹茲堡警察局、拿騷縣警長局、加州公路巡警局和比佛利山莊警察局。

In a rapidly changing AI landscape, we enter 2025 from a position of strength, set to unlock shareholder value and reinforce our market leadership.

在快速變化的人工智慧領域，我們將以實力雄厚的地位邁入2025年，釋放股東價值並鞏固我們的市場領導地位。

One of the most significant moves we made in 2024 was the sale or divestiture of Veritone One, our legacy advertising agency, which accomplished several critical objectives for the company. The divestiture focused our operations and concentrated our resources on what we believe is our greatest business opportunity: delivering the most advanced AI solutions to our customers and partners, at scale.

我們在 2024 年採取的最重要的舉措之一是出售或剝離我們的傳統廣告代理商 Veritone One，這為該公司實現了幾個關鍵目標。此次剝離使我們的營運和資源集中在我們認為最大的商業機會：大規模地向我們的客戶和合作夥伴提供最先進的人工智慧解決方案。

Secondly, the transactions strengthened our financial foundation, substantially bolstering our balance sheet, enabled us to greatly reduce our debt-servicing cash burden. As a result, we are now firmly positioned as a pure-play AI enterprise software firm, building on top of our existing scale; again, which boasts over 3,000 customers, after the divestiture.

其次，這些交易加強了我們的財務基礎，大大增強了我們的資產負債表，使我們能夠大幅減輕償債現金負擔。因此，我們現在已牢牢定位為一家純粹的人工智慧企業軟體公司，並在現有規模的基礎上繼續發展；剝離之後，該公司再次擁有超過 3,000 名客戶。

Veritone has emerged well positioned, relative to 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.

相對於客戶集中度風險，Veritone 已佔據有利地位，沒有單一客戶的收入占我們總收入的 5% 以上，同時仍將總收入保留率保持在 90% 以上。

During the fourth quarter of 2024, we announced several transformative wins and major product advancements, not the least of which included the expansion of iDEMS' data integration to enhance public safety and law enforcement efficiency, product enlisting expansion within the AWS marketplace, and a major multi-year renewal and expansion with CBS News.

在 2024 年第四季度，我們宣布了幾項變革性的勝利和重大的產品進步，其中包括擴展 iDEMS 的數據整合以提高公共安全和執法效率、在 AWS 市場內擴展產品招募，以及與 CBS News 進行多年的重大續約和擴展。

On the product and solution front, we recently launched Veritone Data Refinery, or VDR, built on aiWARE, that is already in full production and working with many of the largest hyperscalers and generative AI model companies, helping them train and fine-tune their respective models, with our proprietary data aggregation, management, annotation, indexing, and distribution capabilities.

在產品和解決方案方面，我們最近推出了基於 aiWARE 構建的 Veritone Data Refinery（VDR），該產品已全面投入生產，並與許多最大的超大規模企業和生成式 AI 模型公司合作，利用我們專有的數據聚合、管理、註釋、索引和分發功能，幫助他們訓練和微調各自的模型。

The trends we are seeing in the market make our offerings more critical than ever, as AI promises a complete transformation of data workflows, from pipeline construction to unlocking the value of unstructured information.

我們在市場上看到的趨勢使我們的產品比以往任何時候都更加重要，因為人工智慧有望徹底改變資料工作流程，從管道建構到釋放非結構化資訊的價值。

According to Gartner, unstructured data represents an estimated 80% to 90% of all new enterprise data created and is growing 3 times faster than structured data. The global unstructured data solution market size is over $30 billion, estimated in 2024, and is expected to expand to over $90 billion by 2033.

據 Gartner 稱，非結構化資料約佔所有新創建的企業資料的 80% 至 90%，且成長速度是結構化資料的 3 倍。預計2024年全球非結構化資料解決方案市場規模將超過300億美元，到2033年預計將擴大到900億美元以上。

The largest obstacles to AI adoption are the high cost and complexities of harnessing AI-ready data and deploying enterprise AI solutions. Storing and backing up unstructured data exceeds 30% of the IT budgets of more than 50% of organizations surveyed in an August 2024 DIS study.

採用人工智慧的最大障礙是利用人工智慧數據和部署企業人工智慧解決方案的高成本和複雜性。2024 年 8 月 DIS 的一項研究顯示，超過 50% 受訪的組織表示，儲存和備份非結構化資料的預算佔其 IT 預算的 30% 以上。

However, such enterprises, many of whom are already our customers, lack the proper tools to collect, organize, access, and analyze the rapidly growing variety, velocity, and volume of data in real time. Furthermore, legacy systems and manual processes cannot keep up with the increasing demands for data-driven decision making and compliance. And integrating multiple cognitive engines is expensive and slow.

然而，這些企業（其中許多已經是我們的客戶）缺乏適當的工具來即時收集、組織、存取和分析快速增長的資料種類、速度和數量。此外，遺留系統和手動流程無法滿足日益增長的資料驅動決策和合規性需求。並且整合多個認知引擎既昂貴又緩慢。

Our open AI ecosystem intelligently utilizes multiple best-of-breed cognitive and generative AI models, within a single cloud-based solution, to process, analyze, and organize data in volumes that can far exceed human cognitive capabilities. Moreover, our platform is model-agnostic, positioned to adapt to the evolving AI model arms race that is currently underway.

我們的開放式人工智慧生態系統在單一基於雲端的解決方案中智慧地利用多種最佳的認知和生成人工智慧模型來處理、分析和組織遠遠超出人類認知能力的資料量。此外，我們的平台與模型無關，能夠適應目前正在進行的不斷發展的人工智慧模型軍備競賽。

As we close out fiscal year 2024, I am proud of our team's unwavering commitment to advancing our strategic business initiatives. These efforts have been critical in purposefully repositioning Veritone to harness and unlock the power of our unique capabilities, supported by aiWARE.

在 2024 財年即將結束之際，我為我們團隊堅定不移地致力於推進戰略業務計劃而感到自豪。這些努力對於重新定位 Veritone 以利用和釋放我們在 aiWARE 支援下的獨特功能至關重要。

By strategically aligning our investments and resources towards delivering advanced AI solutions in our highest growth verticals, we are optimally positioned to leverage the core strengths of Veritone's aiWARE platform, applications, and solutions to seize the expanding opportunities in the AI market.

透過策略性地調整我們的投資和資源，在成長最快的垂直領域提供先進的人工智慧解決方案，我們能夠充分利用 Veritone 的 aiWARE 平台、應用程式和解決方案的核心優勢，抓住人工智慧市場不斷擴大的機會。

Now, let me walk you through our performance in our core market verticals: commercial and public sectors.

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。

In the commercial sector, the explosive growth and creation of digital media, especially audio and video, is increasing at an unprecedented rate, driving up the audience demand for on-demand, localized, diverse content anytime, anywhere.

在商業領域，數位媒體，尤其是音訊和視訊的爆炸式增長和創作正以前所未有的速度增長，推動了觀眾對隨時隨地播放、本地化、多樣化內容的需求。

We are witnessing these trends resulting in fragmented consumption across platforms and devices, with increased expense. Media organizations are grappling with macroeconomic pressures, industry mergers, consolidation, remote work, and leaner teams while trying to keep revenue streams intact.

我們見證了這些趨勢，導致跨平台和跨裝置的消費分散，費用增加。媒體組織正在努力應對宏觀經濟壓力、產業合併、整合、遠距工作和精簡團隊，同時努力維持收入來源的暢通。

As the industry's leading audio and video data experts, we help broadcast media, sports, and entertainment professionals, leverage AI to transform content workflows, extend media assets, and unlock value across functions for ongoing profit, deeper insights, and wider reach.

作為業界領先的音訊和視訊資料專家，我們幫助廣播媒體、體育和娛樂專業人士利用人工智慧轉變內容工作流程、擴展媒體資產並釋放跨職能價值，從而獲得持續的利潤、更深入的洞察力和更廣泛的影響力。

In short, we are not only helping organize our customers' data but we are also helping them extend and monetize their data, generating both significant efficiencies and new revenue opportunities.

簡而言之，我們不僅幫助組織客戶的數據，還幫助他們擴展和貨幣化他們的數據，從而產生顯著的效率和新的收入機會。

During the quarter, we are proud to announce the renewal of our exclusive global licensing arrangement with CBS News. CBS News will continue to utilize Veritone's aiWARE platform to enhance access to its extensive licensed content, across numerous distribution channels.

本季度，我們很榮幸地宣布與哥倫比亞廣播公司新聞部門續簽獨家全球許可協議。CBS 新聞將繼續利用 Veritone 的 aiWARE 平台，透過眾多分銷管道增強對其廣泛授權內容的存取。

Additionally, we have expanded this partnership to also include their local market properties and stations and those respective data assets. We believe the multi-year renewal is a testament to the value we deliver to the commercial marketplace.

此外，我們還擴大了合作夥伴關係，包括他們的本地市場資產和站點以及相應的數據資產。我們相信，多年的續約證明了我們為商業市場提供的價值。

In addition to the CBS News extension and expansion, in media and entertainment, we executed over 42 new deals in the quarter. Other notable deals included agreements with ESPN Bet, Cumulus, Vital Voices, the Game Show Network, A&E Networks, MediaWorks New Zealand, Sony Pictures, Alpha Media, and Charlie Rose, showcasing our continued fast growth and the critical nature and stickiness of our AI solutions.

除了 CBS 新聞的延伸和擴展之外，在媒體和娛樂領域，我們在本季度還執行了超過 42 筆新交易。其他值得注意的交易包括與 ESPN Bet、Cumulus、Vital Voices、Game Show Network、A&E Networks、MediaWorks New Zealand、Sony Pictures、Alpha Media 和 Charlie Rose 達成的協議，展示了我們持續的快速成長以及我們的 AI 解決方案的關鍵性和黏性。

Another major announcement for Veritone, in the fourth quarter, was the launch of our Veritone Data Refinery platform and service, a groundbreaking offering designed to help enterprises transform vast amounts of unstructured data into high-quality AI-ready assets.

Veritone 在第四季度發布的另一項重要公告是推出我們的 Veritone Data Refinery 平台和服務，這是一項突破性的產品，旨在幫助企業將大量非結構化資料轉化為高品質的 AI 資產。

Leveraging aiWARE, this new solution empowers organizations to transform and manage their video, audio, and text data for training sophisticated AI models and even optimize revenue opportunities through data monetization.

利用 aiWARE，這個新解決方案使組織能夠轉換和管理其視訊、音訊和文字數據，以訓練複雜的 AI 模型，甚至透過數據貨幣化來優化收入機會。

The AI sector's explosive growth has led to an insatiable appetite and need for high-quality training data. But there is a significant shortage of accessible, clean, unstructured data, including audio and video. Veritone's Data Refinery is solving this data gap. And we are in a leading position, in terms of technical expertise, experience, and scale to quickly grow this new business line.

人工智慧領域的爆炸性增長導致對高品質訓練資料的無限渴求和需求。但可存取、乾淨、非結構化資料（包括音訊和視訊）卻嚴重短缺。Veritone 的資料精煉廠正在解決這一資料缺口。我們在技術專長、經驗和規模方面處於領先地位，可以快速發展這條新業務線。

I want to reiterate that VDR is in full production and we are already booking material contracts and revenue, working with the largest hyperscalers, model developers, and data IP owners. VDR will be a major contributor to delivering against our revenue growth in 2025 and beyond.

我想重申，VDR 已全面投入生產，我們已經在預訂材料合約和收入，並與最大的超大規模企業、模型開發商和數據 IP 所有者合作。VDR 將成為我們 2025 年及以後營收成長的主要貢獻者。

I'll, now, shift to discuss our products and solutions for the HR and job recruiting industries or Veritone Hire, which we are, now, selling into both the commercial and public sectors.

現在，我將轉而討論我們針對人力資源和招聘行業或 Veritone Hire 的產品和解決方案，我們現在將其銷售給商業和公共部門。

We successfully completed a transformative year, streamlining operations on a global scale and integrating both PandoLogic and Broadbean into a common Veritone higher structure, at an accelerated pace. This integration marked a significant milestone, leading to the launch of a unified brand and the expansion of our programmatic advertising business, beyond North America.

我們成功完成了轉型之年，在全球範圍內簡化了運營，並以更快的速度將 PandoLogic 和 Broadbean 整合到共同的 Veritone 高級結構中。此次整合標誌著一個重要的里程碑，它將帶來統一品牌的推出，並將我們的程序化廣告業務擴展到北美以外。

Despite broader macroeconomic challenges in the labor and hiring market, our software and advertising businesses remain stable, from the third to the fourth quarter. However, we continue to see substantial growth potential, particularly in the staffing and RPO segment, internationally.

儘管勞動力和招聘市場面臨更廣泛的宏觀經濟挑戰，但我們的軟體和廣告業務在第三季至第四季保持穩定。然而，我們仍然看到巨大的成長潛力，特別是在國際上的人員配備和RPO領域。

Many esteemed businesses have extended their initial programmatic advertising pilot campaigns into long-term commitments, demonstrating the strength on our performance advertising solutions.

許多知名企業已將其最初的程序化廣告試點活動擴展為長期承諾，展現了我們效果廣告解決方案的實力。

During the quarter, we successfully launched our programmatic advertising solution in both the UK and Australia, with plans to enter the German market, in the coming months.

本季度，我們在英國和澳洲成功推出了程序化廣告解決方案，並計劃在未來幾個月進入德國市場。

Our expertise in this space was further reinforced at HR Tech Europe, where we presented a compelling case study on our success, in partnership with Randstad, a global leader in HR services.

我們在該領域的專業知識在 HR Tech Europe 上得到了進一步加強，在會議上，我們與全球領先的人力資源服務公司 Randstad 合作，展示了關於我們成功的令人信服的案例研究。

Additionally, our media buying services expanded its reach, beyond North America, to global markets, securing significant deals, including a strategic partnership with CBRE, one of the largest real estate companies in the world.

此外，我們的媒體購買服務已從北美擴展到全球市場，達成了重大交易，包括與全球最大的房地產公司之一世邦魏理仕 (CBRE) 建立策略合作夥伴關係。

Meanwhile, our commercial partnership with LinkedIn continues to gain momentum, exceeding expectations and broadening the scope of our client offerings.

同時，我們與 LinkedIn 的商業合作繼續發展勢頭強勁，超出了預期，並拓寬了我們為客戶提供服務的範圍。

On the software side, we are seeing growing opportunities for expansion, through key commercial partnerships. We've strengthened our collaboration with Workday, the global leader in human capital software, achieving the highest-tier level of partnership, Platinum, within their partnership program.

在軟體方面，我們看到透過關鍵商業夥伴關係不斷增長的擴張機會。我們加強了與人力資本軟體全球領導者 Workday 的合作，在其合作夥伴計劃中獲得了最高級別的合作夥伴關係——白金級別。

Furthermore, we launched a major integration with Bullhorn, for Salesforce, enhancing our ability to work alongside the leading software provider in the staffing industry.

此外，我們也與 Bullhorn 就 Salesforce 展開了重大整合，增強了我們與人力資源產業領先軟體供應商合作的能力。

Looking ahead, Veritone Hire is well positioned for continued growth. The progress we achieved in Q4 underscores our ability to execute, strategically, and adapt to evolving market dynamics. With a strong foundation in place, we are confident in our trajectory for the coming year.

展望未來，Veritone Hire 已做好持續成長的準備。我們在第四季度取得的進展凸顯了我們的策略執行能力以及適應不斷變化的市場動態的能力。有了堅實的基礎，我們對來年的發展軌跡充滿信心。

Switching to our public sector vertical. Unlike commercial, the public sector requires an elevated level of scrutiny, as it relates to software security and data protection.

轉向我們的公共部門垂直領域。與商業部門不同，公共部門需要更高層級的審查，因為它涉及軟體安全和資料保護。

Our proven track record of success, industry certifications, and deep compliance expertise and standards makes us well positioned to serve regulated industries.

我們擁有成功的業績記錄、行業認證以及深厚的合規專業知識和標準，這使我們能夠很好地為受監管的行業提供服務。

This past week, the US Defense Secretary, Pete Hegseth, issued a clear and direct edict to streamline and accelerate procurement of mission-critical commercial software for DOD and federal use. We expect Veritone to be a direct beneficiary of this software -focused approach.

上週，美國國防部長皮特·赫格塞斯發布了一項明確而直接的命令，以簡化和加速國防部和聯邦政府使用的關鍵任務商業軟體的採購。我們預計 Veritone 將成為這種以軟體為中心的方法的直接受益者。

We believe 2025 will be a breakout year for our public sector business. And we remain very bullish on the sector's opportunities and growth prospects.

我們相信，2025年將是我們公共部門業務突破的一年。我們仍然非常看好該行業的機會和成長前景。

The Veritone Intelligent Digital Evidence Management System, or iDEMS applications, have been deployed in AWS and Azure Gov clouds, in FedRAMP; and, also, currently being installed by DOD customers in their private tenant on AWS and Azure.

Veritone 智慧數位證據管理系統 (iDEMS) 應用程式已在 FedRAMP 的 AWS 和 Azure Gov 雲端中部署；並且目前國防部客戶也在 AWS 和 Azure 上的私人租用戶中安裝它。

iDEMS is unique and differentiating and provides significant value and immediate ROI to end users in state and local law enforcement agencies, US higher education institutions, US Federal Civ and Defense agencies, and international government agencies.

iDEMS 獨一無二且與眾不同，為州和地方執法機構、美國高等教育機構、美國聯邦民事和國防機構以及國際政府機構的最終用戶提供了巨大的價值和即時的投資回報。

Launched in 2024, iDEMS has exceeded our expectations, in terms of its demand and the reception we have received from the market. 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.

iDEMS 於 2024 年推出，其需求和市場反應超出了我們的預期。 iDEMS 憑藉先進的人工智慧視訊和音訊分析功能，鞏固了 Veritone 在數位證據管理市場中的地位，使其成為聚合、分析和共享調查材料的領先系統。

Specifically, the investigative workflow, using Veritone iDEMS, allows detectives and investigators to significantly speed up the investigation process and dramatically increase case clearance rates. This allows Veritone's public sector customers to do more in less time, with better outcomes.

具體來說，使用 Veritone iDEMS 的調查工作流程可使偵探和調查人員顯著加快調查進程並大幅提高案件結案率。這使得 Veritone 的公共部門客戶能夠在更短的時間內完成更多工作，並獲得更好的成果。

In local law enforcement, we, now, service hundreds of customers, using iDEMS, for investigation workflows and/or public records requests, PRA, Freedom of Information requests, FOIA, and redaction workflows. Our users include detectives, investigators, and crime analysts. We continue to add new technical partners, integration, and new sales opportunities; and are adding opportunities and partnerships, weekly.

在地方執法部門，我們現在使用 iDEMS 為數百名客戶提供服務，包括調查工作流程和/或公共記錄請求、PRA、資訊自由請求、FOIA 和編輯工作流程。我們的用戶包括偵探、調查員和犯罪分析師。我們不斷增加新的技術合作夥伴、整合和新的銷售機會；並且每週都在增加機會和合作夥伴關係。

On the US federal side, we are currently under contract with both FedCiv and Fed DOD Intel agencies and are very active with several material trials and software implementations currently underway.

在美國聯邦方面，我們目前與 FedCiv 和 Fed DOD Intel 機構簽訂了合同，並且非常積極地進行目前正在進行的幾項材料試驗和軟體實施。

We also recently announced that Veritone has achieved awardable status on the Department of Defense's Tradewinds Solutions Marketplace, for three of our AI solutions. This accelerates access to investigation tools with Veritone's Illuminate, Redact, and Track applications added to the Tradewinds marketplace.

我們最近也宣布，Veritone 憑藉我們的三種 AI 解決方案在美國國防部 Tradewinds 解決方案市場上獲得了殊榮。這加速了對已添加到 Tradewinds 市場的 Veritone 的 Illuminate、Redact 和 Track 應用程式的調查工具的存取。

As a reminder, the Tradewinds Solutions Marketplace is the premier offering of Tradewinds, the Department of Defense's suite of tools and services designed to accelerate the procurement and adoption of AI and machine-learning data and analytics capabilities from organizations, such as Veritone.

提醒一下，Tradewinds 解決方案市場是 Tradewinds 的首要產品，Tradewinds 是美國國防部的一套工具和服務，旨在加速從 Veritone 等組織採購和採用人工智慧和機器學習資料和分析功能。

The addition of Tradewinds Solutions augments our previously disclosed FedRAMP authorization, sole-source BPA with the DOJ, the T&E BPA with the CDAO, and our aiWARE applications and professional service listings on GSA. We are contract -ready to service the federal government.

Tradewinds Solutions 的加入增強了我們先前揭露的 FedRAMP 授權、與 DOJ 的單一來源 BPA、與 CDAO 的 T&E BPA 以及我們在 GSA 上的 aiWARE 應用程式和專業服務清單。我們已準備好與聯邦政府簽訂合同，為其提供服務。

Internationally, we continue to add new iDEMS opportunities and are working with large local and national law enforcement agencies, who are active in trials in application training or in the final stages of the procurement process.

在國際上，我們繼續增加新的 iDEMS 機會，並與大型地方和國家執法機構合作，他們積極參與應用培訓或採購流程最後階段的試驗。

Our public sector solutions are gaining traction, both domestically and globally, with new customer acquisitions and a growing pipeline that is now exceeding $110 million. In the fourth quarter, we added 18 new public sector customers to our portfolio.

我們的公共部門解決方案在國內和全球都越來越受歡迎，新客戶不斷湧現，通路不斷擴大，目前已超過 1.1 億美元。第四季度，我們的投資組合增加了 18 個新的公共部門客戶。

Our market-leading AI-based iDEMS applications, built on aiWARE, and professional services are core to our growth opportunity and our future success, across all four of the public sector segments we serve SLED, FedCiv, Fed DoD Intel, and international markets.

我們基於 aiWARE 構建的市場領先的基於 AI 的 iDEMS 應用程式和專業服務是我們成長機會和未來成功的核心，我們服務於 SLED、FedCiv、Fed DoD Intel 和國際市場的所有四個公共部門領域。

Before I close, I want to highlight an announcement we made earlier, today. This afternoon, we announced the appointment of Francisco J. Morales to our Board of Directors and, in conjunction with this, the resignation of Chad Steelberg from our Board.

在結束之前，我想強調我們今天早些時候宣布的一項消息。今天下午，我們宣布任命 Francisco J. Morales 為董事會成員，同時宣布 Chad Steelberg 辭去董事會職務。

Chad will be pursuing other business and philanthropic endeavors. We want to thank Chad for his immeasurable contributions to the company, since its founding and inception.

查德將繼續從事其他商業和慈善事業。我們要感謝查德自公司成立以來所做的不可估量的貢獻。

Mr. Morales has been appointed to fill this vacancy and will serve as a strong strategic voice on Veritone's Board. Francisco is the Co-Founder and Executive Chairman of 5.11 Tactical; and its former CEO.

莫拉萊斯先生已被任命填補這一空缺，並將在 Veritone 董事會中發揮強有力的戰略作用。Francisco 是 5.11 Tactical 的共同創辦人兼執行主席；及其前執行長。

Founded in 2003, 5.11 Tactical is widely recognized as the global market leader in tactical apparel, footwear, and gear for law enforcement, military, and first responders, serving thousands of agencies and institutions, worldwide. We look forward to welcoming Francisco and leveraging his deep relationships and network.

5.11 Tactical 成立於 2003 年，被廣泛認為是執法、軍事和急救人員戰術服裝、鞋類和裝備的全球市場領導者，為全球數千家機構和組織提供服務。我們期待著弗朗西斯科的到來並利用他的深厚關係和網絡。

We enter 2025 with strong momentum and look forward to demonstrating our ability to capitalize on the opportunity at hand.

我們以強勁的勢頭邁入 2025 年，並​​期待展示我們利用當前機會的能力。

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

現在，我想把時間交給 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.

謝謝你，瑞安。

I am excited to report that we continue to make substantial financial progress, ending the year with revenue in line with expectations and solid customer metrics and contributions made across our Software Products & Services and Managed Services.

我很高興地報告，我們繼續取得實質的財務進展，今年的收入符合預期，客戶指標穩健，我們的軟體產品和服務以及託管服務也做出了貢獻。

As we exit 2024, a year where we streamlined our operations, including divesting our media agency in Q4 and exiting historical revenue concentration dependencies, we made improvements and progress in our operations to refocus back to our near- and long-term growth targets, heading into fiscal 2025.

2024 年即將過去，在這一年，我們精簡了運營，包括在第四季度剝離媒體代理機構並擺脫歷史收入集中依賴關係，我們在運營方面取得了改進和進展，重新將重點放在近期和長期增長目標上，邁向 2025 財年。

During my prepared remarks, I will discuss fiscal 2024 and Q4 year-over-year performance and KPIs, which exclude the results of our media agency, which are presented as discontinued operations in the corresponding historical financial periods.

在我的準備好的發言中，我將討論 2024 財年和第四季度的同比業績和關鍵績效指標 (KPI)，其中不包括我們媒體代理機構的業績，這些業績在相應的歷史財務期間中作為已終止經營的業務呈現。

Balance sheet and liquidity position -- pre- and post-divestiture, including our November 2024 ATM; and January 2025 capital raise; and Q1 and fiscal 2025 guidance, highlighting the scalability of our revenue and business, including risks heading into fiscal 2025 -- focus on improved profitability and projected full-year results.

資產負債表和流動性狀況——剝離前後，包括我們 2024 年 11 月的 ATM；以及 2025 年 1 月的融資；以及第一季和 2025 財年的指引，強調了我們的收入和業務的可擴展性，包括進入 2025 財年的風險——重點關注提高盈利能力和預計的全年業績。

Starting with full-year 2024 performance.

從 2024 年全年業績開始。

Revenue was $92.6 million, in line with our guidance and down 7% year over year from $100 million in 2023. Driving this was Software Products & Services, which decreased $7.4 million or 10.8% while Managed Services revenue of $31.6 million was flat year over year.

營收為 9,260 萬美元，符合我們的預期，較 2023 年的 1 億美元年減 7%。推動這一成長的是軟體產品和服務，其收入減少了 740 萬美元，即 10.8%，而託管服務收入為 3,160 萬美元，與去年同期持平。

The Software Products & Services revenue decline was largely attributed to commercial enterprise, which declined $7 million year over year, largely due to the expected declines in consumption-based customers over the same period, including Amazon; and certain one-time software revenue in 2023 of approximately $2.2 million, which did not recur in 2024, offset by the addition of Broadbean in late Q2 2023.

軟體產品與服務收入下降主要歸因於商業企業，其營收年減 700 萬美元，這主要是由於預計同期包括亞馬遜在內的消費型客戶數量下降； 2023 年的某些一次性軟體收入約為 220 萬美元，但 2024 年並未再次出現，但因 2023 年第二季末新增 Broadbean 而得到抵銷。

As I will discuss in more detail, we remain bullish on our future and we are on pace for fiscal 2025 to be a breakout year across our commercial enterprise and public sector, with the public sector on track to grow year over year anywhere from 100% to 150%, driven by our iDEMS applications.

正如我將更詳細地討論的那樣，我們仍然對未來充滿信心，並且我們預計在 2025 財年成為我們商業企業和公共部門取得突破的一年，在我們的 iDEMS 應用程式的推動下，公共部門有望實現 100% 至 150% 的同比增長。

Full-year GAAP gross profit reached $62.7 million as compared to $70.3 million in 2023, a decline of $7.6 million, largely driven by the decline in revenue; with GAAP gross margin of 67.6% as compared to 70.4% in 2023, a decline of 280 basis points that was principally driven by the increase in non-cash depreciation and amortization expense, largely associated with the June 2023 Broadbean acquisition.

全年 GAAP 毛利達到 6,270 萬美元，而 2023 年為 7,030 萬美元，下降 760 萬美元，主因是收入下降；根據 GAAP 計算，毛利率為 67.6%，而 2023 年為 70.4%，下降了 280 個基點，而 2023 年為 70.4%，下降了 280 個基點，這主要是由於非現金的購買主要費用，這主要成本，這 280 個基點，這主要是由於非現金的舊費用，這將主要成本增加2036 年 Broad 202363 月 203 月）有關。

Excluding non-cash depreciation and amortization expense, 2024 non-GAAP gross margin was 71.6% as compared to 72.3% in 2023, a decline of 70 basis points, largely due to the decline in higher margin revenue from consumption-based customers.

不包括非現金折舊和攤銷費用，2024 年非 GAAP 毛利率為 71.6%，而 2023 年為 72.3%，下降了 70 個基點，這主要是由於來自消費型客戶的高利潤收入下降。

Loss from operations was $86.8 million as compared to $99.6 million, an improvement of $12.8 million or 12.9% from 2023 loss from operations. This was primarily driven by improvements made in our operating expense structure over the past 24 months, coupled with declines in acquisition-related expenses of $5 million, severance and executive transition costs of $1.8 million, purchase consideration of $1.8 million, and non-cash stock-based compensation of $2.6 million.

營業虧損為 8,680 萬美元，而去年同期為 9,960 萬美元，較 2023 年的營業虧損改善 1,280 萬美元，增幅為 12.9%。這主要得益於我們過去 24 個月營運費用結構的改善，加上收購相關費用下降 500 萬美元、遣散費和高階主管過渡費用下降 180 萬美元、購買對價下降 180 萬美元以及非現金股票薪酬下降 260 萬美元。

Offsetting these were a lower non-GAAP gross profit from the decline in revenue over the same period and higher depreciation and amortization expense of $3.3 million as a result of the June 2023 Broadbean acquisition.

抵銷這些影響的是同期收入下降導致的非 GAAP 毛利下降，以及 2023 年 6 月收購 Broadbean 導致的 330 萬美元的折舊和攤銷費用增加。

Non-GAAP net loss from continuing operations, of $48.8 million, improved $5.4 million as compared to 2024, driven by the year-over-year decline in non-GAAP gross margin, offset by cost reductions enacted in the first half of 2024.

非公認會計準則持續經營淨虧損為 4,880 萬美元，較 2024 年減少 540 萬美元，主要由於非公認會計準則毛利率年減，但被 2024 年上半年實施的成本削減措施所抵銷。

In 2024, I'm happy to report we did not have a single customer that represented 5% or more of our consolidated revenue during the year, demonstrating our successful efforts to diversify our revenue base.

2024 年，我很高興地報告，我們沒有一個客戶占我們當年合併收入的 5% 或更多，這表明我們在實現收入來源多元化方面做出了成功的努力。

Next, I would like to discuss our Q4 2024 performance.

接下來，我想討論一下我們 2024 年第四季的表現。

Q4 revenue from continuing operations was $22.4 million, down $4.7 million from Q4 2023, principally due to a decline in Software Products & Services; driven largely by commercial enterprise, which declined $4.2 million year over year, due to the expected decrease in consumption-based customers over the same period, including Amazon.

第四季持續經營收入為 2,240 萬美元，較 2023 年第四季下降 470 萬美元，主要原因是軟體產品和服務收入下降；主要受商業企業的推動，商業企業的銷售額同比下降 420 萬美元，原因是預計同期包括亞馬遜在內的消費型客戶數量將減少。

Included in Q4 2024 was approximately $0.7 million in revenue from the launch of Veritone Data Refinery, or VDR, which, today, has a near-term sales pipeline of over $5 million.

2024 年第四季的收入包括 Veritone Data Refinery（簡稱 VDR）的推出帶來的約 70 萬美元收入，目前，該產品的近期銷售額超過 500 萬美元。

Overall, Managed Services, which excludes the divestiture of our legacy media agency, was relatively flat year over year.

整體而言，託管服務（不包括我們傳統媒體代理商的剝離）比去年同期相對持平。

Across our Software Products & Services, our key performance metrics for Q4 2024 show ARR of $58.8 million, down year over year, as we expected declines in consumption-based revenue from customers across our commercial enterprise sector, including Amazon, over the trailing 12-months.

在我們的軟體產品和服務中，我們 2024 年第四季的關鍵績效指標顯示 ARR 為 5,880 萬美元，年減，因為我們預計過去 12 個月包括亞馬遜在內的商業企業部門客戶的消費收入將下降。

Overall, ARR from recurring subscription-based SaaS customers remained relatively flat year over year.

總體而言，來自定期訂閱的 SaaS 客戶的 ARR 與去年同期相比保持相對穩定。

As of Q4 2024, 81% of our ARR is from subscription-based customers versus consumption-based customers, up from 61.3% at Q4 2023 and 76% sequentially from Q3 2024.

截至 2024 年第四季度，我們 81% 的 ARR 來自訂閱制的客戶，而非基於消費的客戶，高於 2023 年第四季的 61.3% 和 2024 年第三季的 76%。

Total new bookings of $13.2 million, down $4.3 million year over year, primarily due to the timing of a renewal with one of our larger commercial enterprise customers, who renewed on a multi-year deal in Q3 2024 versus a one-year extension in Q4 2023.

新訂單總額為 1,320 萬美元，同比下降 430 萬美元，主要原因是我們與一家較大的商業企業客戶續約的時間安排，該客戶於 2024 年第三季度續簽了一份多年期合同，而 2023 年第四季度則延長了一年。

Gross revenue retention continued to be above the 90th percentile.

總收入留任率持續高於第 90 個百分位。

In total, Software Products & Services' customers of 3,237, which was down 6% year over year, predominantly from our commercial sector, which includes lower consumption-based customers across Veritone Hire; and the rolling impact of sunsetting legacy career-builder customers, post the June 2023 acquisition of Broadbean; and smaller customers, as we focus on larger ARR opportunities -- offset by an increase across the public sector, largely from growth in public safety customers.

總體而言，軟體產品與服務的客戶數量為 3,237 家，同比下降 6%，主要來自商業部門，其中包括 Veritone Hire 的消費水平較低的客戶；以及 2023 年 6 月收購 Broadbean 後，傳統職業建設者客戶逐漸淘汰所帶來的滾動影響；以及較小的客戶，因為我們公共安全機會增長的 ARR 所帶來的主要發展影響；

Q4 GAAP gross profit was $15.3 million compared to $19.9 million in Q4 2023, a decline of $4.6 million, largely driven by the decline in revenue; with GAAP gross margin of 68.1% as compared to 73.5% in Q4 2023, a decline of 540 basis points, principally driven by the decline in consumption-based revenue, which generated over 90% gross margins.

第四季 GAAP 毛利為 1,530 萬美元，而 2023 年第四季為 1,990 萬美元，下降 460 萬美元，主要原因是收入下降；按美國通用會計準則計算的毛利率為 68.1%，而 2023 年第四季度為 73.5%，下降了 540 個基點，而 2023 年第四季度為 73.5%，下降了 5409% 的主要消費。

Excluding non-cash depreciation and amortization, 2024 non-GAAP gross margin was 70.2%, as compared to 76.5% in Q4 2023, a decline of 630 basis points, largely driven due to the decline in higher margin revenue from consumption-based customers, coupled with a higher mix of lower margin revenue.

不包括非現金折舊和攤銷，2024 年非 GAAP 毛利率為 70.2%，而 2023 年第四季為 76.5%，下降了 630 個基點，這主要是由於來自消費型客戶的高利潤收入下降，加上低利潤收入的組合增多。

Note that in Q1 2024 was the initial launch of VDR, where gross margins were approximately 50%. We expect that as the VDR product matures, margins will initially be similar to Q4, which should improve throughout 2025.

請注意，2024 年第一季是 VDR 首次推出，其毛利率約為 50%。我們預計，隨著 VDR 產品的成熟，利潤率最初將與第四季度相似，並在 2025 年全年有所改善。

In addition, certain larger content licensing renewals in Q4 2024 drove lower margins in the early phases of tiered-volume pricing but are expected to improve throughout 2025, as the volume of revenue increases over time.

此外，2024 年第四季某些較大的內容授權續約導致分級批量定價初期的利潤率較低，但隨著收入量隨著時間的推移而增加，預計 2025 年全年利潤率將會提高。

Q4 loss from operations of $19.7 million was flat year over year, primarily driven by improvements made in our operating expense structure over the last 24 months and lower purchase consideration expense as a result of a $1.4 million-dollar gain recorded on the change in fair value of the Veritone One earnout, offset by lower non-GAAP gross profit from the decline in revenue over the same period and a higher non-cash depreciation and amortization expense of $1.2 million.

第四季的營業虧損為 1,970 萬美元，與去年同期持平，主要原因是過去 24 個月我們的營運費用結構有所改善，以及由於 Veritone One 收益公允價值變動收益為 140 萬美元而導致的購買對價費用降低，但被同期收入下降導致的非 GAAP 現金盈餘下降以及非現金折扣和非現金價格增加 120 萬美元所抵消。

Non-GAAP net loss from continuing operations was $9.7 million, which was relatively flat as compared to Q4 2023. The year-over-year change was driven by the decline in non-GAAP gross margin, offset by cost reductions enacted in the first half of 2024.

非公認會計準則持續經營淨虧損為 970 萬美元，與 2023 年第四季相比基本持平。年比變化是由於非公認會計準則毛利率的下降，但被 2024 年上半年實施的成本削減所抵銷。

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.

在策略方面，隨著我們將重點從資產剝離轉移，我們準備恢復成長，擁有更有效率的營運結構並專注於我們的人工智慧解決方案。

Since the beginning of 2023, we have executed over $40 million annualized cost savings, which includes over $17 million of annualized cost reductions in fiscal 2024.

自 2023 年初以來，我們已實現超過 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 our global workforce by 15%. This positions us very well, from a cost perspective, heading into fiscal 2025.

2024 年的重組包括銷售、工程和企業內部的組織調整。結果是，我們的全球員工人數減少了 15%。從成本角度來看，這為我們邁向 2025 財年做好了非常有利的準備。

On revenue growth and our outlook, our Software Products & Services revenue pipeline and long-term outlook remain at all-time highs. More specifically, we continue to see strong demand across the global digital evidence management market, which represents an approximate $10 billion-dollar market opportunity, today.

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仍然處於歷史最高水準。更具體地說，我們繼續看到全球數位證據管理市場需求強勁，目前這代表著約 100 億美元的市場機會。

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 a sales pipeline of over $100 million.

僅在公共部門，我們仍處於幾個大型專案的近期合約階段，與美國聯邦政府和國際公共安全客戶的各個方面合作，銷售額超過 1 億美元。

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.

這些近期的成長機會，加上 2025 財年大幅改善的成本結構，為我們提供了最早在 2026 財年獲利的途徑。

As a reminder, we divested our media agency, Veritone One, in October 2024. 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 an earnout, based upon Veritone One's revenue for calendar year 2025.

提醒一下，我們在 2024 年 10 月剝離了我們的媒體代理商 Veritone One。此次出售的總對價高達 1.04 億美元現金，其中包括交易結束時的 8600 萬美元現金和根據 Veritone One 2025 日曆年的收入確定的 1800 萬美元現金（需支付盈利）。

Of the total $86 million 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.

在交易結束時的 8,600 萬美元現金總額中，淨現金收益為 5,910 萬美元，其中 670 萬美元現金被託管，2,030 萬美元用於購買價格調整。

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 pre-payment premiums associated with the debt, and $3.9 million of deal-related expenses.

出售所得的淨現金收益用於償還公司 2023 年 12 月定期貸款的本金 3,050 萬美元，加上與債務相關的 330 萬美元應計利息和預付款保費，以及 390 萬美元的交易相關費用。

Including amounts held in escrow and the earnout, potential future proceeds include up to $24.7 million in cash, which will largely be payable toward the end of 2025 through April 2026, as certain escrows expire and the 2025 earnout is known.

包括託管金額和盈利金額在內，未來的潛在收益包括高達 2,470 萬美元的現金，這些收益大部分將在 2025 年底至 2026 年 4 月期間支付，因為某些託管到期並且 2025 年盈利金額已知。

Given the media agency's growth throughout fiscal 2024 and its forecasted exit of customers and expected bookings for fiscal 2025, we feel confident on achieving at least a large portion of the $18 million earnout, at this point in time.

考慮到該媒體機構在整個 2024 財年的成長以及其預計的客戶退出和 2025 財年的預期預訂量，我們有信心在目前這個時間點實現至少 1800 萬美元收益中的很大一部分。

Upon closing in Q4 2024, we recorded a gain on the sale of the divestiture of $69.6 million, which is included in discontinued operations in Q4 and fiscal 2024 results.

2024 年第四季交易完成後，我們記錄了出售資產的收益 6,960 萬美元，該收益計入第四季度和 2024 財年的已終止經營業績中。

Turning to our balance sheet, as of December 31, 2024, we held cash and restricted cash of $17.3 million, as compared to $47.5 million at December 31, 2023. Including the January 3, 2025 registered direct offering, December 31, 2024, cash would have been over $37 million.

回顧我們的資產負債表，截至 2024 年 12 月 31 日，我們持有的現金和受限現金為 1730 萬美元，而 2023 年 12 月 31 日為 4750 萬美元。包括 2025 年 1 月 3 日註冊的直接發行，截至 2024 年 12 月 31 日，現金將超過 3,700 萬美元。

The net change reflects net cash outflows from operations of $31.2 million, principally driven by our non-GAAP net loss of $40.8 million and interest paid on debt of $11.8 million, offset by $18.8 million in net cash inflows, largely driven from working capital changes from our media agency divestiture in Q4 2024.

淨變化反映了經營活動產生的淨現金流出 3,120 萬美元，主要由於我們的非 GAAP 淨虧損 4,080 萬美元和債務支付的利息 1,180 萬美元，但抵消了 1,880 萬美元的淨現金流入，這主要由於我們在 2024 年第四季度剝離媒體代理機構造成的營運資本變化。

Net cash outflows from investing and financing activities of $32.2 million, driven largely by capital expenditures of $6 million and debt and deferred purchase consideration payments of $38.1 million, offset by net cash proceeds of $7.9 million from the cash sale of our energy group and media agency in 2024, and$ 4.5 million from net proceeds raised through our November 2024 ATM.

投資和融資活動產生的淨現金流出為 3,220 萬美元，主要原因是資本支出 600 萬美元以及債務和遞延購買對價支付 3,810 萬美元，但被 2024 年現金出售能源集團和媒體機構所得的 790 萬美元淨現金收益以及透過 2024 年 11 月 ATM 籌集的 450 萬美元淨收益。

Turning to liquidity, today. In 2024, we executed on our largest strategic initiatives set out at the beginning of the year, including material cost reductions, the divestiture of non-core assets which included the cash sales of our energy group and media agency, and establishing a $35 million ATM facility, setting us up for optimal growth heading into fiscal 2025.

今天我們來談談流動性。2024 年，我們實施了年初制定的最大戰略舉措，包括降低材料成本、剝離非核心資產（包括現金出售能源集團和媒體代理機構）以及建立 3500 萬美元的 ATM 設施，為我們在 2025 財年實現最佳增長奠定了基礎。

In addition to the ATM, we raised $20.3 million in a registered direct offering in early January 2025.

除了 ATM 機之外，我們還在 2025 年 1 月初透過註冊直接發行籌集了 2,030 萬美元。

On top of this, we've reduced our debt carry, substantially. As of December 31, 2024, consolidated term debt is down from a peak of $201 million in December 2021 to approximately $132.6 million, today; comprised of term debt of $41 million due by December 2027 and convertible debt of $91.5 million due November 2026.

除此之外，我們也大幅減少了債務負擔。截至 2024 年 12 月 31 日，合併定期債務從 2021 年 12 月的 2.01 億美元高峰下降至今天的約 1.326 億美元；包括 2027 年 12 月到期的 4,100 萬美元定期債務和 2026 年 11 月到期的 9,150 萬美元可轉換債務。

That said, we are currently in advanced negotiations to further improve our cash position and balance sheet in the near term, which we will discuss, in more detail, as these initiatives progress.

話雖如此，我們目前正在進行深入談判，以在短期內進一步改善我們的現金狀況和資產負債表，隨著這些舉措的進展，我們將更詳細地討論這個問題。

At December 31, 2024, we had 40.2 million shares issued in outstanding and 2.4 million warrants outstanding to our debt holders. Total shares of $1.7 million were issued in Q4 2024, under our $35 million-dollar ATM, raising net proceeds of $4.5 million.

截至 2024 年 12 月 31 日，我們已發行 4,020 萬股股票，並向債權人發行 240 萬張認股權證。我們於 2024 年第四季透過價值 3,500 萬美元的 ATM 發行了總計 170 萬美元的股票，籌集了 450 萬美元的淨收益。

On January 2, 2025, we completed a registered direct offering, selling 4.4 million shares of common stock priced at $2.53 per share and 3.6 million of pre-funded warrants priced at $2.52 a share, for gross proceeds of approximately $20.3 million.

2025 年 1 月 2 日，我們完成了註冊直接發行，以每股 2.53 美元的價格出售了 440 萬股普通股，以每股 2.52 美元的價格出售了 360 萬股預先出資的認股權證，總收益約為 2030 萬美元。

Including the January 2025 offering, we had approximately 44.6 million shares outstanding, exclusive of the 3.3 million pre-funded warrants.

包括 2025 年 1 月的發行在內，我們有約 4,460 萬股流通股，不包括 330 萬股預先出資的認股權證。

Now, turning to updated fiscal Q1 2025 and full-year 2025 guidance.

現在，讓我們來談談最新的 2025 財年第一季和 2025 年全年指引。

First, I would like to remind everyone that we have some very large public sector deals that we are expecting to close as early as Q1 2025 but could close in the coming quarters in 2025. Our confidence in these deals is high.

首先，我想提醒大家，我們有一些非常大的公共部門交易，預計最早將於 2025 年第一季完成，但也可能在 2025 年的未來幾季完成。我們對這些交易充滿信心。

While there has been a lot of scrutiny around government spending, under the new Presidential administration, these initiatives are not expected to be scrutinized by the current administration and will drastically improve the federal government's investigative and evidence-gathering capabilities and forecasted centralization.

儘管政府支出受到了嚴格的審查，但在新總統政府的領導下，這些措施預計不會受到現任政府的審查，並將大幅提高聯邦政府的調查和證據收集能力以及預期的集中化程度。

These deals range in the seven to mid-eight-figure level and last anywhere from one to five years in duration.

這些交易的金額在七位數至八位數之間，持續時間為一至五年。

As the exact timing and rollout of these larger deals are still being actively negotiated today, we have provided a larger range on revenue, in our fiscal 2025 outlook.

由於這些大型交易的具體時間和推出時間目前仍在積極協商中，我們在 2025 財年展望中提供了更大的收入範圍。

In addition, we are seeing high demand for our VDR initiative, with a pipeline of over $5 million and growing, as of today, the most of which we expect to execute in fiscal 2025.

此外，我們發現 VDR 計劃的需求很高，截至目前，其資金總額已超過 500 萬美元，並且還在不斷增長，我們預計其中大部分將在 2025 財年實施。

These, coupled with an improved outlook on licensing and stability across our Veritone Hire services, we remain highly confident in our near-term revenue growth prospects, across both our commercial and public sectors.

再加上我們的 Veritone Hire 服務的許可和穩定性前景改善，我們對商業和公共部門的近期收入成長前景仍然充滿信心。

More specifically, in Q1 2025, revenue is expected to be between $23 million and $24 million, as compared to $24.2 million for Q1 2024.

更具體地說，預計 2025 年第一季的營收將在 2,300 萬美元至 2,400 萬美元之間，而 2024 年第一季的營收為 2,420 萬美元。

In Q1, we expect the public sector to be flat to slightly up year over year, which includes the loss of $0.3 million of certain non-recurring project-related revenue in Q1 2024 that is not recurring in Q1 2025.

在第一季度，我們預計公共部門的營收將與去年同期持平或略有上升，其中包括 2024 年第一季某些非經常性項目相關收入損失 30 萬美元，而這些收入在 2025 年第一季不會再次出現。

Commercial revenue is expected to be relatively flat, driven by $1 million decline in consumption-based revenue across our Managed Services and Veritone Hire services, offset by $1 million in improvements in commercial SaaS, driven, in large part, from new VDR revenue in Q1 2025.

商業收入預計將相對持平，原因是我們的託管服務和 Veritone Hire 服務的消費收入下降了 100 萬美元，但商業 SaaS 的改進帶來了 100 萬美元的收益，這在很大程度上得益於 2025 年第一季的新 VDR 收入。

We expect Q1 non-GAAP gross margins to be around 71%, consistent with Q1 2024. Q1 non-GAAP net loss is projected to be between $9.5 million to $8.5 million, as compared to $10.4 million in Q1 2024, an improvement of 13.5% at the midpoint.

我們預計第一季非 GAAP 毛利率約為 71%，與 2024 年第一季一致。預計第一季非公認會計準則淨虧損將在 950 萬美元至 850 萬美元之間，而 2024 年第一季為 1,040 萬美元，中位數改善 13.5%。

Turning to fiscal 2025 outlook. We are slightly updating our prior guidance for fiscal 2025, which we are expecting revenue to be the same, at $107 million to $122 million, which, at the midpoint, represents a 24% increase year over year; and non-GAAP net loss to slightly change, to be between $27 million to $17 million, representing a 46% improvement year over year, at the midpoint. The slight change is reflective of the earlier compressions in gross margins on VDR, though we expect this to improve throughout fiscal 2025.

展望2025財年。我們略微更新了對 2025 財年的先前指導，我們預計收入將保持不變，為 1.07 億美元至 1.22 億美元，按中間值計算，同比增長 24%；非公認會計準則淨虧損略有變化，介於 2700 萬美元至 1700 萬美元之間，同比中值改善 46%。這項細微變化反映了 VDR 毛利率早期的壓縮，但我們預計這種情況將在 2025 財年有所改善。

Key assumptions in our fiscal 2025 guidance include: for the public sector, as previously discussed, 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.

我們 2025 財年指引中的關鍵假設包括：對於公部門，如前所述，我們預期公部門將年增 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與 AWS、Getac 等公司的合作夥伴關係。

We are currently in trials in our early phases of deployments on all of these projects, which, when aggregated, are projected to generate substantial revenue over today's baseline.

我們目前正在對所有這些項目進行早期部署試驗，這些項目匯總起來後，預計將在今天的基線上產生可觀的收入。

For commercial enterprise. Since August 2024, we renewed our partnerships with some of the largest customers, including multi-year deals and expanded services with the NCAA, CBS, and iHeart. Moreover, we recently renewed ESPN for a multi-year deal that included expanded Software Products & Services.

對於商業企業來說。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、CBS 和 iHeart 簽訂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。

We are also in the beginning phases of our VDR product offering, with exciting new partnerships with some of the largest AI LLMs and cloud providers, expanding our offerings into generative AI.

我們的 VDR 產品供應也處於起步階段，並與一些最大的 AI LLM 和雲端供應商建立了令人興奮的新合作夥伴關係，將我們的產品擴展到產生 AI 領域。

These existing and newer market opportunities will drive year-over-year growth, across our commercial sector.

這些現有的和較新的市場機會將推動我們整個商業領域的同比增長。

Turning to our recently launched AI solutions group. During the second half of 2024, we began to focus efforts on more expanded enterprise opportunities.

談到我們最近成立的人工智慧解決方案小組。2024 年下半年，我們開始將精力集中在更多擴大的企業機會上。

In Q4 2024, we upsold a multi-year deal with an existing Fortune 500 company to provide AI application services, across their hiring platform.

2024 年第四季度，我們與一家現有的財富 500 強公司達成了一項多年期協議，為其招聘平台提供人工智慧應用服務。

In addition, we were recently selected by one of the largest home builders in the US to provide deeper AI analytics and tools to accelerate some of their existing manual processes and data collection efforts.

此外，我們最近被美國最大的房屋建築商之一選中，提供更深入的人工智慧分析和工具，以加速他們現有的一些手動流程和資料收集工作。

Lastly, we are at various stages with the US Senate to assist them in managing their existing data.

最後，我們正與美國參議院進行不同階段的合作，協助他們管理現有數據。

While we are forecasting modest revenue in fiscal 2025 around our expanded AI solutions, we do believe this will be a larger area of growth, beyond fiscal 2025.

雖然我們預測 2025 財年我們擴展的 AI 解決方案的收入將不高，但我們確實相信，在 2025 財年之後，這將是一個更大的成長領域。

For Veritone Hire. Given the recent macro environment, we continue to expect modest to flat growth across our Veritone Hire applications and services in fiscal 2025.

適用於 Veritone Hire。鑑於最近的宏觀環境，我們仍然預計 2025 財年我們的 Veritone Hire 應用程式和服務將實現溫和至持平的成長。

With the exit of consumption-based customer dependencies in fiscal 2024, we do expect a more stable year in 2025, with a return back to growth in late 2025 to fiscal 2026, with expected macroeconomic improvements.

隨著 2024 財年基於消費的客戶依賴關係的消除，我們確實預計 2025 年將更加穩定，並在 2025 年底至 2026 財年恢復成長，預計宏觀經濟將有所改善。

On non-GAAP gross margins, we are projecting our non-GAAP gross margins to be between 71% to 73% 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%, on a blended basis. As we begin to scale and look towards 2026 and profitability, our non-GAAP gross margin should return to 75% or better.

就非 GAAP 毛利率而言，我們預計 2025 財年的非 GAAP 毛利率將在 71% 至 73% 之間。就我們 2025 財年收入指南的高端而言，我們可以看到非 GAAP 毛利率在混合基礎上擴大至接近 75%。隨著我們開始擴大規模並展望 2026 年和盈利，我們的非 GAAP 毛利率應該會恢復到 75% 或更高。

And, finally, our cost structure. With a backdrop of significant cost savings enacted over the last two years, we exited 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 time necessary investments in our cost structure with corresponding growth.

最後，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，我們的成本結構相對於過去三年有了很大改善。此外，我們將在整個 2025 財年繼續管理我們的成本結構，以確保我們在成本結構中進行必要的投資並實現相應的成長。

Today, our largest cost remains headcount and to a lesser extent, professional services that has recently been higher and driven by transactional volume and integration.

今天，我們最大的成本仍然是員工人數，其次是專業服務，專業服務的成本最近有所增加，這是由交易量和整合所推動的。

As we exit 2024, we are not expected to focus on M&A and tactical transactions, which will allow us to become much more efficient with our back-end of support services and exit dependencies of higher professional fees, over the past several years.

隨著我們進入 2024 年，我們預計不會專注於併購和戰術交易，這將使我們在支援服務的後端和退出對更高專業費用的依賴方面變得更加高效，就像過去幾年一樣。

Before closing the call, I'd like to remind everyone listening that Veritone will be attending the 37th Annual Roth Conference taking place from March 16 to the 18, in Dana Point, California.

在結束通話之前，我想提醒所有聽眾，Veritone 將參加 3 月 16 日至 18 日在加州達納角舉行的第 37 屆羅斯年會。

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

我的準備好的發言到此結束。接線員，我們現在想開始提問環節。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Scott Buck, H.C. Wainwright & Co..

斯科特·巴克，H.C.溫賴特公司

Hi. Good afternoon, guys. Thanks for taking my questions.

你好。大家下午好。感謝您回答我的問題。

First, I'm curious, when do you fully anniversary some of these consumption-customer headwinds? Just trying to get a sense of when the year-over-year comps improve, there.

首先，我很好奇，您什麼時候才能完全紀念這些消費客戶逆風？只是想了解同比業績何時會有所改善。

Yeah. I can take that one.

是的。我可以接受那個。

Q1 2024. Year over year, we are going to be out of the consumption comparison.

2024 年第一季。逐年推移，我們將會脫離消費對比。

Okay. Perfect.

好的。完美的。

And, then, I'm curious -- just in the public sector and, specifically, federal government, I've heard from some other folks during the earnings season that, typically, when you have an administration turnover, there's just some disruption and delay, it's normal course of business. Are you, guys, seeing any of that?

然後，我很好奇——僅在公共部門，特別是聯邦政府，我在收益季節從其他人那裡聽說，通常，當你有行政人員更替時，就會出現一些中斷和延遲，這是正常的業務過程。各位，你們看到這些了嗎？

We are not seeing that for a lot of the contracts that have been awarded for us, previously. A lot of what I alluded to, of the recent deployments of AI, in our respective applications in DoD areas is primarily 2025 money, to date.

在我們之前授予的許多合約中，我們並沒有看到這種情況。我提到的許多人工智慧的近期部署，在我們國防部各個應用領域，到目前為止主要是 2025 年的資金。

We obviously are all watching closely. Which, again, we don't believe is going to be relatively impactful for our 2025 guide, in the short-term business.

我們顯然都在密切關注。再次強調，我們認為這不會對我們的 2025 年指南產生短期業務影響。

But, like others, for longer-term opportunities, we are paying close attention to, obviously, the upcoming budget cycle and the potential CR that's currently being negotiated.

但是，與其他人一樣，對於長期機會，我們顯然正在密切關注即將到來的預算週期和目前正在談判的潛在 CR。

But, to be very clear, what we're talking about, now, in terms of our current and active deployments and revenue opportunities, we're primarily servicing against approved 2025 dollars.

但要非常明確地說明的是，就我們目前和積極的部署和收入機會而言，我們現在談論的主​​要是針對批准的 2025 年美元的服務。

Perfect, Ryan. That's very helpful.

太好了，瑞安。這非常有幫助。

And, then, last one for me. I think you signed 11 new commercial customers during the quarter. Typically, how big of a bite of the apple do you take with that first contract? What I'm trying to do is figure out what the potential upsell opportunities are from those new customers in the future.

然後，對我來說，這是最後一個。我認為您在本季度簽約了 11 個新的商業客戶。通常來說，在第一份合約中你會分得多大的份額？我想要做的就是弄清楚未來這些新客戶有哪些潛在的追加銷售機會。

Well, let's break them down.

好吧，讓我們來分解一下。

If it's VDR-related customers, as Mike alluded to, we're thrilled. Some of the growth in contracting that we've been able to sign for this new service, right out of the gates, are vastly exceeding our expectations.

如果是與 VDR 相關的客戶，正如 Mike 所提到的，我們會很高興。我們為這項新服務簽署的合約數量一開始就出現了一些增長，這大大超出了我們的預期。

That being said, some of them initially, up-front, as Mike alluded to -- is some of the margin is a little bit lower than our stated blended overreaching margin but we do expect that to normalize, over the course of the year. Again, that's speaking to VDR.

話雖如此，正如麥克所提到的那樣，其中一些最初的利潤率略低於我們所述的混合超額利潤率，但我們確實預計這一情況將在一年內恢復正常。再次強調，這是在對 VDR 講話。

Upsell opportunities. Right now, obviously, if you do some comparisons and some comps to other companies who have been in the AI-ready or AI-asset preparedness businesses, like Shutterstock and others, this is a very big opportunity for us.

追加銷售機會。現在，顯然，如果你與其他從事 AI 就緒或 AI 資產準備業務的公司（如 Shutterstock 等）進行比較，這對我們來說是一個非常大的機會。

We're obviously in a very ideal situation, considering our magnitude and scale with high-quality IP, based audio and video. As we touched on, just last year, we processed over 58 million hours of audio and video, on behalf of our customers, so we expect that to be, again, a major contributor for production this year.

考慮到我們的規模和高品質 IP、基於音頻和視頻，我們顯然處於非常理想的狀態。正如我們所提到的，僅在去年，我們就代表客戶處理了超過 5800 萬小時的音頻和視頻，因此我們預計這將再次成為今年生產的主要貢獻者。

But, again, we are, right now, I think, in VDR, in the first phases of I'll call the first contracting. But we do expect, over the course of the year, consistent with these other companies, that we expect multiple [SOWs] and potential upsell opportunities with these new customers, over the course of the year and into 2026.

但是，我認為，我們現在正處於 VDR 的第一階段，我稱之為第一次簽約。但我們確實預計，在今年內，與其他公司一樣，我們預計在今年內以及到 2026 年，這些新客戶將有多個 [SOW] 和潛在的追加銷售機會。

Great. I appreciate the added color, guys. Thank you for the time.

偉大的。我很欣賞你們所添加的顏色。感謝您抽出時間。

Jesse Sobelson, D. Boral Capital.

Jesse Sobelson，D. Boral Capital。

Hey, everyone. Thanks for taking my questions, here.

嘿，大家好。感謝您在這裡回答我的問題。

Dovetailing off the prior question, on the timing of consumption headwinds, here, you are riding to some sign growth this year versus the reported declines. So beyond these consumption headwinds, can you point to any specific drivers that underscore your confidence in this inflection point and growth? Is it just the timing of the large government contract awards or, maybe, an anticipated acceleration in this VDR segment?

與前面的問題相吻合，關於消費逆風的時機，今年的消費出現了一些明顯的增長，而不是報告的下降。那麼，除了這些消費逆風之外，您能否指出任何具體的驅動因素來強調您對這一拐點和成長的信心？這只是政府授予大型合約的時機，還是 VDR 領域的預期加速？

I'm just trying to point to some specific business-related catalysts to underscore the confidence, here.

我只是想指出一些具體的與業務相關的催化劑來強調信心。

As we stated previously on some recent calls and public disclosures, VDR and public sector are. by far, going to be leading the growth and trajectory.

正如我們之前在最近的一些電話會議和公開披露中所述，VDR 和公共部門是。到目前為止，將引領成長和發展軌跡。

In terms of proof points and immediate catalyst, VDR, as we've stated, has come out of the gates significantly farther ahead, in terms of where we thought we'd be already. We're under contract and working with and generating revenue from some of the largest hyperscaler and model development companies, while also working with some of the largest IP owners on the content side.

就證據點和直接催化劑而言，正如我們所說，VDR 已經取得了顯著的進展，遠遠超出了我們先前的預期。我們與一些最大的超大規模和模型開發公司簽訂了合約並合作，從中創造收入，同時也與內容方面的一些最大的智慧財產權所有者合作。

So that is a clear one, with clear proof points, that we're very excited about. And, to be very clear, it is exceeding our expectations, both in terms of contract velocity and revenue growth.

所以這是一個明確的觀點，有明確的證據點，我們對此感到非常興奮。而且，非常明確的是，無論是合約速度還是收入成長，它都超出了我們的預期。

The public sector side, as we've touched on already, is we are actively deploying our solutions into DOD facilities and environments and tenants. Hopefully, we'll be able to continue to publicize those opportunities and expanded contracts here, publicly, through press releases and other mechanisms, here, over the next several weeks and a few quarters.

正如我們已經提到的，公共部門方面我們正在積極地將我們的解決方案部署到國防部設施、環境和租戶中。希望我們能夠在接下來的幾週和幾個季度內透過新聞稿和其他機制繼續公開宣傳這些機會和擴大的合約。

But, again, remain very bullish on hard concrete proof points for both VDR and public sector growth.

但是，我們仍然非常看好 VDR 和公共部門成長的確鑿證據。

Awesome. That's exciting. And, then, just one follow-up for me and, then, I'll jump back in the queue or connect with you, guys.

驚人的。這太令人興奮了。然後，我只需要跟進一次，然後我會回到隊列中或與你們聯繫。

Just curious, it's looking like we're hitting an inflection point of growth in the business, with all the pieces pointing to positive trends. As we look out over the medium to longer term, can you give us an idea of where you expect to be breaking even on a cash operating standpoint? And what, like, some longer-term profitability targets might be?

只是好奇，看起來我們正達到業務成長的轉折點，所有跡像都指向積極的趨勢。放眼中長期，您能否告訴我們，從現金營運的角度來看，您預計在哪裡能夠達到收支平衡？那麼，一些長期獲利目標可能是什麼？

Yeah. I'll take that one.

是的。我要那個。

I think, based on our projections, the earliest is going to be in the back-half of 2026.

我認為，根據我們的預測，最早也要到 2026 年下半年。

Oh. Great. Well, thanks for the details. And thanks for taking my questions.

哦。偉大的。好的，謝謝你的詳細資料。感謝您回答我的問題。

Glenn Mattson, Ladenburg Thalmann.

格倫馬特森、拉登堡塔爾曼。

Yeah. Thanks for taking the question.

是的。感謝您回答這個問題。

Just curious on the iDEMS opportunity, could you have -- just to better understand how the new offering differs from the previous public safety revenue that you produce, just the breadth of the product and why that maybe is creating an inflection point, there.

我只是對 iDEMS 的機會感到好奇，您是否可以——只是為了更好地了解新產品與您之前提供的公共安全收入有何不同，產品的廣度以及為什麼它可能在那裡創造一個轉折點。

I think, first, is that the number of applications. iDEMS, collectively, is a suite of different applications.

我認為，首先是申請的數量。 iDEMS 總體上是一套不同的應用程式。

Historically, we primarily have had one application in the suite of solutions; that those historical applications have been primarily Redact and Illuminate, both very valuable, both still selling at good clips.

從歷史上看，我們的解決方案套件中主要有一個應用程式；這些歷史應用程式主要是 Redact 和 Illuminate，兩者都非常有價值，並且仍然銷售良好。

But the expansion of iDEMS is really building up a portfolio of those applications. So in effect, we can start moving much larger, diverse data sets and workflows to expand on the investigation process.

但 iDEMS 的擴充功能實際上正在建立這些應用程式的組合。因此實際上，我們可以開始移動更大、更多樣化的資料集和工作流程來擴展調查過程。

These newer applications include Track, which is an application that we announced last year, which provides dynamic and, I'll say, cross-device, cross-camera tracking of people of interest.

這些較新的應用程式包括 Track，這是我們去年發布的應用程序，它提供對有興趣的人進行動態、跨裝置、跨鏡頭的追蹤。

In the addition to Investigate, which we also announced, which is a much more broader -- it's more analogous to DMH, Digital Media Hub, which we offer and is one of the dominant products that we sell on the commercial side -- this is somewhat analogous on the commercial side but named Investigate.

除了我們還宣布的 Investigate 之外，它的範圍更廣——它更類似於我們提供的 DMH（數位媒體中心），它是我們在商業方面銷售的主要產品之一——這在商業方面有點類似，但名為 Investigate。

And so, because of these expanded application product lines, we do expect more additional revenue, on a per licensing basis, against the application. But, also, we expect larger contracts because of, again, the breadth of the opportunity and solutions that we're providing because of the multivariate nature of the diversity of the applications.

因此，由於這些擴展的應用程式產品線，我們確實預計每個許可證的應用程式將帶來更多的額外收入。但是，我們也期望獲得更大的合同，因為我們提供的機會和解決方案的廣度，以及應用程式多樣性的多變量性質。

Oh. That's super helpful.

哦。這非常有幫助。

And, then, just as in terms of competitive landscape, can you just describe, when you're in the field, what you see versus some of the other offerings that are out there? And how you're able to differentiate and win in that scenario?

那麼，就像競爭格局一樣，您能否描述一下，當您身處該領域時，您所看到的與其他一些產品相比有什麼不同？在這種情況下您如何脫穎而出並取得勝利？

This is really exciting. Unlike the commercial business, where there's been different forms of technology and storage and, I'll say, more archaic analytic tools for [moving] content and elements; in the public sector space, it's pretty much greenfield.

這真是令人興奮。與商業業務不同，商業業務存在不同形式的技術和存儲，而且，我想說，用於[移動]內容和元素的分析工具更為古老；在公共部門領域，這基本上是一片綠地。

You're seeing explosion of new data types being created. And, typically, they're really bound in, more or less, closed environments with certain hardware providers.

您會看到新資料類型的創建呈爆炸性增長。而且，通常情況下，它們或多或少地被束縛在與某些硬體提供者的封閉環境中。

For example, if there's a security camera, right, that's going to a proprietary VMS system; if there is a single-body camera company, right, that's really working with that type of data set, is working on the back-end with a single vendor but the reality is when you're talking about the diversity of these new data sets, you're talking about multiple, different IT sensor and capture things. Meaning, data is being produced at an incredibly higher rate, now, and the diversity of those data sets is making it incredibly challenging for municipalities, sheriff departments, and police agencies to ingest, index, and organize the breadth of these diverse and disparate data sets.

例如，如果有一個安全攝像頭，那麼它就會進入專有的 VMS 系統；如果有一家單體攝影機公司，那麼它實際上是在處理這種類型的數據集，並與單一供應商在後端進行合作，但事實是，當你談論這些新數據集的多樣性時，你談論的是多個不同的 IT 感測器和捕獲事物。這意味著，現在數據的產生速度快得令人難以置信，而且這些數據集的多樣性使得市政當局、治安部門和警察機構很難取得、索引和組織這些多樣化和分散的數據集。

That's what we do. So iDEMS, built on aiWARE, is the leading open platform that's going to be able to ingest all these different data sets in any format, which, by the way, is critical. You can't really follow and progress an investigation along ,unless you can ingest all these different data sets and create a common narrative and storyline.

這就是我們所做的。因此，基於 aiWARE 構建的 iDEMS 是領先的開放平台，它能夠以任何格式接收所有這些不同的資料集，順便說一句，這一點至關重要。除非您可以吸收所有這些不同的數據集並創建一個共同的敘述和故事情節，否則您無法真正追蹤和推進調查。

For example, I like to say crime, unfortunately, travels, if you're bouncing from drone footage to a security camera to a citizen upload camera, all that has to be taken into a common platform. And that's what we're bringing to the market, with iDEMS, on aiWARE.

例如，我喜歡說犯罪，不幸的是，它四處傳播，如果你將無人機鏡頭轉移到安全攝像頭，再轉移到公民上傳的攝像頭，那麼所有這些都必須放到一個共同的平台上。這就是我們透過 aiWARE 上的 iDEMS 向市場推出的產品。

Thanks for all that clarification. Very helpful, Ryan. And congrats on the results.

感謝您的澄清。非常有幫助，瑞安。並對所取得的成果表示祝賀。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Ryan Steelberg for any closing remarks.

我想將會議交還給 Ryan Steelberg 做最後發言。

The close of 2024 represented, really, two years of material change and transition for our business.

2024 年的結束實際上代表著我們業務發生重大變化和轉型的兩年。

But I have to say that Veritone is back into a very focused and a very strong position for both revenue growth and market expansion for 2025 and beyond.

但我不得不說，Veritone 已經重新回到了非常專注且非常強大的地位，以實現 2025 年及以後的收入成長和市場擴張。

I'm very thankful to our passionate teams and talented Veritonians, who have led us through this transformation. And we're all excited about 2025 and beyond.

我非常感謝我們充滿熱情的團隊和才華橫溢的 Veriton 人，他們帶領我們完成了這項轉變。我們都對 2025 年及以後的未來充滿期待。

But, more specifically, if taking into account, again, our market-leading AI solutions, the near-term positive impact from VDR, in our public sector growth, and couple that with a very large diverse customer base, already, of over 3,000 global enterprises, this is our year to really flip the switch.

但更具體地說，如果再次考慮到我們市場領先的人工智慧解決方案、VDR 對我們公共部門成長的近期積極影響，再加上我們擁有超過 3,000 家全球企業的龐大多樣化客戶群，那麼今年是我們真正實現轉變的一年。

I think we've articulated some very clear proof points on why both shareholders and potential new investors should be very bullish about the future of Veritone.

我認為我們已經闡明了一些非常明確的證據，說明為什麼股東和潛在的新投資者都應該對 Veritone 的未來感到非常樂觀。

Thank you for your time, today.

感謝您今天抽出時間。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。