Veritone Inc (VERI) 2025 Q1 法說會逐字稿

Welcome to the Veritone, Inc. first-quarter 2025 financial results conference call. (Operator Instructions)

歡迎參加 Veritone, Inc. 2025 年第一季財務業績電話會議。（操作員指示）

Please note, this event is being recorded. I would now like to turn the conference over to Cate Goldsmith, Investor Relations. Please go ahead.

請注意，此事件正在被記錄。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 afternoon. After the market closed today, Veritone issued a press release announcing results for the first-quarter 2025 ended March 31, 2025. The press release and other supplemental information are available on the Investor Relations section of Veritone's website.

謝謝，下午好。今天股市收盤後，Veritone 發布新聞稿，宣布截至 2025 年 3 月 31 日的 2025 年第一季業績。新聞稿和其他補充資訊可在 Veritone 網站的投資者關係部分查閱。

Joining us for today's call are Veritone's President 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. Please note that certain information discussed on the call today, including certain answers to your questions, will include forward-looking statements.

參加今天電話會議的有 Veritone 總裁兼執行長 Ryan Steelberg 和財務長 Mike Zemetra，他們將發表準備好的講話，然後開始現場問答環節。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。

This includes, without limitation, statements about our business strategy and future financial and operating performance. These forward-looking statements are subject to risks, uncertainties and assumptions that may cause 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, May 8, 2025, and Veritone undertakes no obligation to revise or update them.

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。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。這些前瞻性陳述是基於截至 2025 年 5 月 8 日的假設，Veritone 不承擔修改或更新這些前瞻性聲明的義務。

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

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。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。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 的投資者關係部分上的連結提供重播。

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

現在我想將電話轉給我們的總裁兼執行長 Ryan Steelberg。

Thank you, Kate, and thank you, everyone, for joining us. We are excited to speak with you today and to provide an update on our first-quarter 2025 results, financial performance and progress against our strategic growth plan. I will begin by providing a strategic update and sharing my perspective on our current market environment and the opportunity that lies ahead. Mike Zemetra will then cover our quarterly performance and financials in more detail.

謝謝凱特，也謝謝大家加入我們。我們很高興今天與您交談，並向您介紹我們 2025 年第一季的業績、財務表現以及策略成長計畫的進展。我將首先提供策略更新並分享我對當前市場環境和未來機會的看法。隨後，Mike Zemetra 將更詳細地介紹我們的季度業績和財務狀況。

We are pleased to report our Q1 2025 financial results, which reflects solid revenue performance and demonstrate strong progress against our growth strategy. Veritone secured over 100 new business and renewal software agreements during the first quarter. Notable contracts with marquee commercial clients include Freemantle, Odyssey, World Athletics, Cox Media Group, and Hobart.

我們很高興地報告我們的 2025 年第一季財務業績，這反映了穩健的收入表現並表明我們的成長策略取得了強勁進展。Veritone 在第一季簽訂了 100 多項新業務和續約軟體協議。與知名商業客戶簽訂的著名合約包括 Freemantle、Odyssey、World Athletics、Cox Media Group 和 Hobart。

On the Public Sector front, notable deals include Fresno Police Department, Riverside County Sheriff's Department as well as several agency components under the Department of Justice. And within Veritone hire, notable new contracts include Rolls-Royce and a nine-plus year deal with the bank of France.

在公共部門方面，值得注意的交易包括弗雷斯諾警察局、河濱縣治安官局以及司法部下屬的幾個機構。在 Veritone 的僱用中，值得注意的新合約包括與勞斯萊斯的合約以及與法國銀行的九年多合約。

These deals highlight the continued Software-as-a-Service growth and the importance and reliability of Veritone's AI solutions for our clients. The media and entertainment industry is experiencing significant growth fueled by evolving consumer behaviors and technological advancements. This surge is driving demand for content across a fragmented ecosystem of platforms and devices.

這些交易凸顯了軟體即服務的持續成長以及 Veritone 的 AI 解決方案對我們客戶的重要性和可靠性。在消費者行為不斷變化和技術進步的推動下，媒體和娛樂產業正在經歷顯著增長。這種激增正在推動對跨平台和設備分散生態系統的內容的需求。

However, media organizations are struggling to meet this demand while also dealing with economic pressure and limited capital budgets. Veritone's cost-effective AI solutions provide necessary efficiencies and automated workflows while also fueling growth.

然而，媒體組織在應對經濟壓力和有限的資本預算的同時，也努力滿足這項需求。Veritone 經濟高效的 AI 解決方案提供必要的效率和自動化工作流程，同時推動成長。

Our recent execution at this year's Masters Golf Tournament, with our long-standing customer, Augusta National, is an excellent example of how Veritone provides mission-critical solutions at scale, managing over 200 terabytes of footage inclusive of over 90,000 video files and over 18,000 images. Veritone enabled unprecedented content access and distribution across the Masters tournament, Augusta National Women's Amateur, and drive chip and championship, strengthening their brand presence and enhancing fan experiences across all digital platforms.

我們最近與長期客戶奧古斯塔國家高爾夫俱樂部在今年的大師賽上合作，這是 Veritone 如何大規模提供關鍵任務解決方案的絕佳例子，管理超過 200 TB 的素材，包括超過 90,000 個視訊檔案和超過 18,000 張圖像。Veritone 實現了大師賽、奧古斯塔國家女子業餘錦標賽以及驅動晶片和錦標賽中前所未有的內容訪問和分發，增強了他們的品牌影響力並提升了所有數位平台上的粉絲體驗。

Our comprehensive media infrastructure, powered by aiWARE, empowered both global broadcasters and content creators with seamless access to high-quality assets, facilitating efficient content production and wider audience reach.

我們由 aiWARE 提供支援的綜合媒體基礎設施使全球廣播公司和內容創作者能夠無縫存取高品質資產，從而促進高效的內容製作和更廣泛的受眾覆蓋範圍。

Artificial intelligence has emerged as the requisite solution for media companies to address these challenges by enabling them to extend the distribution and yield of their content assets with greater efficiency and automated workflows. Simultaneously, the expanding AI foundational models and infrastructure sector has led to an insatiable appetite and need for high-quality training data. However, there is a significant shortage of accessible clean, unstructured data, including audio and video.

人工智慧已成為媒體公司應對這些挑戰的必要解決方案，它使媒體公司能夠以更高的效率和自動化的工作流程擴展其內容資產的分發和收益。同時，不斷擴大的人工智慧基礎模型和基礎設施領域導致了對高品質訓練資料的無限渴求和需求。然而，可存取的乾淨、非結構化資料（包括音訊和視訊）卻嚴重短缺。

This is our time and our opportunity. Veritone's Data Refinery, or VDR, is solving this data gap by servicing the global training data market, which is expected to grow from $2.4 billion in 2023 to over $17 billion in 2032. As AI models data needs advance from text to images to audio and video, Veritone is uniquely and strategically positioned to capitalize on this audio and video market demand.

這是我們的時代，我們的機會。Veritone 的資料精煉廠 (VDR) 正在透過服務全球訓練資料市場來解決這一資料缺口，預計該市場規模將從 2023 年的 24 億美元增長到 2032 年的 170 多億美元。隨著人工智慧模型數據需求從文字發展到圖像再到音頻和視頻，Veritone 具有獨特的戰略優勢，可以利用音頻和視頻市場的需求。

In 2024 alone, Veritone aiWARE processed almost 11 petabytes and nearly 60 million hours of media for our customers, providing further evidence of our ability to meet VDR fulfillment requirements. The big headline is this, VDR is gaining material traction and is now expected to generate significant revenue for the remainder of the year with a qualified and near-term pipeline of over $10 million, up from $5 million just a few weeks ago.

光是在 2024 年，Veritone aiWARE 就為我們的客戶處理了近 11PB 和近 6000 萬小時的媒體，進一步證明了我們有能力滿足 VDR 履行要求。最大的亮點是，VDR 正在獲得實質的關注，預計今年剩餘時間將產生可觀的收入，其合格近期通路收入將超過 1000 萬美元，而幾週前這一數字僅為 500 萬美元。

As a reminder, our targeted CAGR from 2024 to 2027 to address the large and growing training data market is over 300%. VDR transforms unstructured data in the AI-ready assets, enabling enterprises to prepare and leverage their data efficiently and effectively both for internal use as well as for licensing such data for third-party AI model training and tuning. VDR is powered by Veritone's aiWARE platform supporting incredible scale and now has contracts with major hyperscalers, AI model providers and intellectual property owners.

提醒一下，為了因應龐大且不斷成長的訓練資料市場，我們設定的目標複合年增長率為 2024 年至 2027 年超過 300%。VDR 轉換 AI 就緒資產中的非結構化數據，使企業能夠高效、有效地準備和利用其數據，供內部使用以及授權此類數據用於第三方 AI 模型訓練和調整。VDR 由 Veritone 的 aiWARE 平台提供支持，支持令人難以置信的規模，目前已與主要超大規模企業、AI 模型提供商和知識產權所有者簽訂了合約。

To put this scale into perspective, we have already ingested, prepared and delivered the equivalent of over 200 billion tokens derived from premium audio and video to multiple hyperscalers and model developers for advanced model training and tuning. We are now targeting to achieve the higher end of our previously disclosed VDR pipeline of at least $10 million in 2025 alone. As the media and entertainment sector continues to evolve, Veritone is poised to lead the charge in providing AI-driven solutions that empower organizations to meet the increasing demands for content, audience engagement and data monetization.

為了更直觀地了解這一規模，我們已經吸收、準備並交付了相當於超過 2000 億個優質音訊和視訊令牌，並將其提供給多個超大規模企業和模型開發人員，用於高級模型訓練和調整。我們現在的目標是僅在 2025 年就實現我們之前披露的至少 1000 萬美元的 VDR 管道的高端目標。隨著媒體和娛樂產業的不斷發展，Veritone 準備引領提供人工智慧驅動的解決方案，使組織能夠滿足對內容、受眾參與和數據貨幣化日益增長的需求。

With the momentum we have built so far this year, we are confident that Veritone is well positioned to maintain its leadership in the AI space and deliver strong, sustained growth in 2025 and beyond.

憑藉今年迄今所取得的進展，我們相信 Veritone 完全有能力維持在人工智慧領域的領導地位，並在 2025 年及以後實現強勁、持續的成長。

I'll now shift to discussing Veritone Hire, our products and solutions for the HR and job recruiting industries. Despite the global challenges to the labor market, Veritone Hire remains focused on mid- and long-term growth. This is being pursued through a concerted three-pronged approach: expanding the reseller network, enhancing ATS integrations and growing our media services solution. Currently, our media services penetration within existing customers is less than 5% of their respective annual spend budgets, which we estimated to be close to $1 billion per year. Therefore, we see significant growth potential against both our installed client base as well as from net new accounts.

我現在將轉而討論 Veritone Hire，這是我們針對人力資源和招聘行業提供的產品和解決方案。儘管全球勞動市場面臨挑戰，Veritone Hire 仍專注於中長期成長。我們透過協調一致的三管齊下的方法來實現這一目標：擴大經銷商網路、增強 ATS 整合和發展我們的媒體服務解決方案。目前，我們的媒體服務在現有客戶中的滲透率不到各自年度支出預算的 5%，我們估計其年度支出預算接近 10 億美元。因此，我們看到現有客戶群和淨新增帳戶都具有巨大的成長潛力。

In Q1 2025, Veritone Hire increased its number of Media Services clients grew client budgets under management compared to the previous year and extended media services to new international markets.

2025 年第一季度，Veritone Hire 的媒體服務客戶數量較上一年有所增加，管理的客戶預算有所增加，並且媒體服務擴展到了新的國際市場。

To close my update on Veritone Hire, I want to highlight our partnership with Workday, one of the largest global HCM ATS providers. As a Workday-certified platinum partner, Veritone is now co-selling with Workday. And through this collaboration, we have already generated numerous opportunities and leads, which have resulted in the Swift acquisition of new clients, especially considering that our Workday agreement only officially started just mid-quarter. As our partnership with Workday develops, we anticipate meaningful growth in both opportunities and signed clients. Veritone Hire is set for further expansion.

在結束我對 Veritone Hire 的更新之前，我想先強調一下我們與全球最大的 HCM ATS 供應商之一 Workday 的合作關係。作為 Workday 認證的白金合作夥伴，Veritone 目前與 Workday 聯合銷售。透過此次合作，我們已經創造了許多機會和線索，這使得 Swift 獲得了新的客戶，尤其是考慮到我們的 Workday 協議在本季中期才正式生效。隨著我們與 Workday 的合作關係不斷發展，我們預計機會和簽約客戶都將實現有意義的成長。Veritone Hire 將進一步擴張。

The results of the first quarter demonstrate our effective strategic implementation and adaptability to market changes.

第一季的業績反映了我們有效的策略實施和對市場變化的適應能力。

With a solid groundwork established, we are optimistic about our direction for the remainder of the year ahead. Now turning to the Public Sector. I'm proud to report that our Veritone Intelligent Digital Evidence Management System, or iDEMS, continues to gain traction, both domestically and internationally.

有了堅實的基礎，我們對今年剩餘時間的發展方向充滿樂觀。現在轉向公共部門。我很自豪地報告，我們的 Veritone 智慧數位證據管理系統 (iDEMS) 在國內和國際上都繼續受到關注。

In local law enforcement, we are now servicing hundreds of customers using our iDEMS applications for investigation workflows, public record requests, freedom information requests and redaction workflows. Our users include detectives, investigators, crime analysts, public affairs and FOIA personnel, and they're all seeing the transformative impact of our AI-powered solutions, helping them streamline their operations and achieve improved outcomes faster.

在地方執法部門，我們現在使用 iDEMS 應用程式為數百名客戶提供調查工作流程、公共記錄請求、自由資訊請求和編輯工作流程的服務。我們的使用者包括偵探、調查員、犯罪分析員、公共事務和 FOIA 人員，他們都看到了我們基於人工智慧的解決方案的變革性影響，幫助他們簡化操作並更快地取得更好的結果。

As we continue to grow, we are expanding our technical partnerships and integrations with new sales opportunities arriving on a weekly basis. The addition of our iDEMS application suite has been a game changer for us, driving increases in deal size and opening up new opportunities. We are in the final stages of procurement with several large counties in California as well as law enforcement agencies and district attorney offices in major cities across North America. We are also expanding our footprint in Canada with a strategic partnership focused on opportunities across both the US and Canada.

隨著我們的不斷發展，我們正在擴大我們的技術合作夥伴關係和整合，每週都會出現新的銷售機會。iDEMS 應用程式套件的加入對我們來說是一個重大的改變，它推動了交易規模的增加並開闢了新的機會。我們與加州幾個大縣以及北美各大城市的執法機構和地區檢察官辦公室的採購工作正處於最後階段。我們也透過建立策略夥伴關係擴大我們在加拿大的業務範圍，並專注於美國和加拿大的機會。

Additionally, our partnership with technology and public safety leader, GTAC, has now moved into the operational stage, and we are beginning to work closely with joint customers.

此外，我們與技術和公共安全領導者 GTAC 的合作現已進入營運階段，我們開始與共同客戶密切合作。

As we continue to innovate, we are also working on new integrations with other major industry players, bringing our AI, scale, workflow and expertise in video and audio analytics to create combined solutions that deliver enhanced value for our customers. On the US federal side, we've made strong progress as well. Veritone Investigate has achieved awardable status within the trade winds marketplace, broadening our footprint in federal agencies. We're also assisting with a proof of concept for procurement fraud with the Department of Defense Agency.

在不斷創新的同時，我們也致力於與其他主要產業參與者進行新的整合，利用我們的人工智慧、規模、工作流程和視訊和音訊分析方面的專業知識，創建能夠為客戶帶來增值的組合解決方案。在美國聯邦方面，我們也取得了長足的進步。Veritone Investigate 在貿易風市場中獲得了殊榮，擴大了我們在聯邦機構中的影響力。我們也協助國防部機構進行採購詐欺概念驗證。

Additionally, we are working closely with the Defense Logistics Agency, or DLA, on the Jet 2.0 contract for FOIA and investigated services. Our iDEMS applications are now the system of record for several service providers fulfilling key tasks for the DLA, and we are also deploying iDEMS and aiWARE on the DLA's private tenants in their own secure environment. This is a significant milestone for us as it proves our ability to meet the highest security standards required by the Department of Defense.

此外，我們正在與國防後勤局 (DLA) 密切合作，簽訂 Jet 2.0 合同，以執行 FOIA 和調查服務。我們的 iDEMS 應用程式現在是為 DLA 完成關鍵任務的多家服務提供者的記錄系統，並且我們也在 DLA 的私人租戶自己的安全環境中部署 iDEMS 和 aiWARE。這對我們來說是一個重要的里程碑，因為它證明了我們有能力滿足國防部要求的最高安全標準。

We are also supporting multiple agencies across the DoD DHS and DoJ as they scope requirements and implement proof-of-concept deployments under Project Defender, a key initiative that aligns with the President's strategy for securing the border and modernizing law enforcement. We expect significant budget approvals and revenue generation for fiscal year 2026, and we are confident that Veritone will play a key role in this critical initiative.

我們也支持國防部、國土安全部和司法部的多個機構確定需求範圍並實施「防御者計畫」下的概念驗證部署，這是一項與總統確保邊境安全和執法現代化戰略一致的關鍵舉措。我們預計 2026 財年將獲得大量預算批准和收入，我們相信 Veritone 將在這項重要舉措中發揮關鍵作用。

In the first quarter of 2025, we added eight new SLED customers and 40 expansion sales transactions in the Public Sector. Our Public Sector pipeline now exceeds $110 million, underscoring the increasing demand for AI-based applications and services across all four of our Public Sector segments. SLED, Fed SIV, Fed DoD, Intel and international markets.

2025 年第一季度，我們在公共部門增加了 8 個新的 SLED 客戶和 40 筆擴展銷售交易。我們的公共部門管道現已超過 1.1 億美元，凸顯了我們四個公共部門部門對基於人工智慧的應用程式和服務的需求日益增長。SLED、Fed SIV、Fed DoD、英特爾和國際市場。

I am very excited about what lies ahead as we continue to leverage the momentum from the strategic milestones I've just detailed. We are confident that Veritone is well positioned to capitalize on the increasing demand for AI-powered solutions in both the commercial and Public Sector.

隨著我們繼續利用我剛才詳述的戰略里程碑所帶來的勢頭，我對未來感到非常興奮。我們相信，Veritone 能夠充分利用商業和公共部門對人工智慧解決方案日益增長的需求。

I would now like to turn it 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. We started the year strong in Q1. Revenue was in line with our preliminary results, but did fall slightly below our guidance primarily driven by delays in some of our larger public sector deals offset by outperformance from our VDR business, which resulted in slightly lower gross margins versus expectations.

謝謝你，瑞安。我們在第一季取得了強勁開局。收入與我們的初步結果一致，但略低於我們的預期，這主要是由於我們的一些較大的公共部門交易的延遲，但我們的 VDR 業務的優異表現抵消了這一影響，導致毛利率略低於預期。

We ended Q1 with solid customer metrics and contributions made across our Software Products & Services and Managed Services. As we enter the second quarter of 2025, we remain very bullish on the future growth prospects across our Public Sector and VDR initiatives, which I will explain in more detail.

我們以穩健的客戶指標以及軟體產品與服務以及託管服務所做的貢獻結束了第一季。進入 2025 年第二季度，我們仍然對公共部門和 VDR 計畫的未來成長前景非常樂觀，我將對此進行更詳細的解釋。

During my prepared remarks, I will discuss Q1 year-over-year performance in KPIs, which exclude the results of our Media Agency, which are presented as discontinued operations and the corresponding historical financial periods, balance sheet and liquidity position, in Q2 and fiscal 2025 guidance.

在我的準備好的發言中，我將討論第一季度 KPI 的同比表現，其中不包括我們媒體代理機構的業績，該業績在第二季度和 2025 財年指引中作為已終止經營的業務和相應的歷史財務期間、資產負債表和流動性狀況呈現。

Starting with our Q1 2025 performance. Q1 revenue was $22.5 million, down $1.7 million from Q1 2024, principally due to a decline in Managed Services and to a lesser extent, from Software Products & Services. Q1 Managed Services of $8 million declined $0.9 million, principally driven by declines in campaigns across our representation services. Coupled with slightly lower licensing, we expect this negative trend in representation services to continue throughout 2025 or until the macro economy shows demonstrated improvements over 2024.

從我們 2025 年第一季的業績開始。第一季營收為 2,250 萬美元，比 2024 年第一季減少 170 萬美元，主要原因是託管服務的下降，以及軟體產品和服務的下降（程度較小）。第一季託管服務收入為 800 萬美元，下降了 90 萬美元，主要原因是我們的代理服務活動減少。再加上許可證數量略有下降，我們預計代理服務的這種負面趨勢將持續到 2025 年，或直到宏觀經濟在 2024 年出現明顯改善。

For Software Products & Services, Q1 commercial enterprise revenue declined $0.6 million year over year, largely due to a decrease in consumption-based revenue over the same period. Coupled with the decline in foreign exchange rates in Europe in Q1 2025 as compared to the US dollar. Offsetting this was growth in Veritone Data Refinery, or VDR, in Q1 2025 of approximately $0.9 million in revenue.

對於軟體產品和服務，第一季商業企業營收年減 60 萬美元，主要原因是同期消費收入減少。再加上2025年第一季歐洲外匯匯率相對於美元有所下降。與此形成抵銷的是，2025 年第一季 Veritone Data Refinery (VDR) 的營收成長了約 90 萬美元。

VDR, which launched in Q4 2024 is one area where we anticipate substantial year-over-year growth throughout fiscal 2025 with a near-term sales pipeline of approximately $10 million or double that from early March of 2025.

VDR 於 2024 年第四季推出，我們預計該領域在 2025 財年將大幅年增，近期銷售額約為 1,000 萬美元，或為 2025 年 3 月初的兩倍。

Overall, our Public Sector saw a small decline in revenue year over year and was slightly better when you exclude the loss of $0.3 million of certain nonrecurring project-related revenue in Q1 2024 that is not recurring in Q1 2025.

總體而言，我們的公共部門收入同比略有下降，如果排除 2024 年第一季某些非經常性項目相關收入的 30 萬美元損失（這些收入在 2025 年第一季不會再次發生），情況會略有好轉。

As I will explain later in my prepared remarks, we remain incredibly excited about our Public Sector and the growth that we'll achieve in fiscal 2025, which we are forecasting to start in Q2 2025.

正如我稍後將在準備好的發言中解釋的那樣，我們仍然對公共部門以及我們將在 2025 財年實現的增長感到無比興奮，我們預計將於 2025 年第二季度開始實現這一增長。

Turning to key performance metrics across our Software Products & Services in Q1 2025. ARR was $58.7 million, which was relatively flat sequentially and down year over year as we expected declines in consumption-based revenue from the customers across our commercial enterprise sector, including Amazon, over the trailing 12 months. Overall, ARR from recurring subscription-based SaaS customers remained relatively flat year over year.

轉向 2025 年第一季我們軟體產品和服務的關鍵績效指標。ARR 為 5,870 萬美元，與上一季基本持平，但同比有所下降，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。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 Q1 2025, 81% of our ARR was from subscription versus consumption-based customers, up from 68% at Q1 2024 and flat sequentially from Q4 2024. Total new bookings of $15.8 million, up $2.9 million or 22% year over year, primarily due to larger renewals across our software customer base. Gross revenue retention continued to be above the 90th percentile and total Software Products & Services customers of 3,156 was down 7% year over year, predominantly from our commercial enterprise sector, which includes lower consumption-based customers across Veritone Hire and the rolling impact of 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 growth in public safety customers.

截至 2025 年第一季度，我們 81% 的 ARR 來自訂閱客戶而非消費客戶，高於 2024 年第一季的 68%，與 2024 年第四季相比持平。新訂單總額為 1,580 萬美元，比去年同期增加 290 萬美元，或 22%，這主要歸功於我們軟體客戶群的續約量增加。總收入保留率繼續高於第 90 個百分位，軟體產品和服務客戶總數為 3,156 個，同比下降 7%，主要來自我們的商業企業部門，其中包括 Veritone Hire 的消費型客戶減少，以及 2023 年 6 月收購 Broadbean 後 CareerBuilder 帶來傳統客戶和較小客戶的終止的滾動機會，但公共部門的成長（主要來自公共安全客戶的成長）抵消了這一影響。

Q1 GAAP gross profit was $13.9 million compared to $16.6 million in Q1 2024, down $2.7 million, largely as a result of the decline in revenue. Coupled with a higher mix of lower margin revenue in Q1 2025, with GAAP gross margin of 61.9% as compared to 68.8% in Q1 2024. Excluding noncash depreciation and amortization expense, 2025 non-GAAP gross margin was 65.1% as compared to 71.2% in Q1 2024, a decline of 610 basis points largely due to the reduction in higher-margin consumption-based revenue coupled with a higher mix of lower-margin revenue.

第一季 GAAP 毛利為 1,390 萬美元，而 2024 年第一季為 1,660 萬美元，下降 270 萬美元，主要是由於收入下降。再加上 2025 年第一季利潤率較低的營收組合較高，GAAP 毛利率為 61.9%，而 2024 年第一季為 68.8%。不包括非現金折舊和攤銷費用，2025 年非 GAAP 毛利率為 65.1%，而 2024 年第一季為 71.2%，下降了 610 個基點，這主要是由於利潤率較高的消費型收入減少，加上利潤率較低的收入組合增加。

Note that in Q1 2025, VDR gross margins were approximately 40%. We expect that as VDR product matures, margins will initially be similar to Q1, but should expand throughout 2025 as we grow and diversify our content offerings. In addition, certain larger content licensing renewals in Q1 2025 continue to drive lower margins in their early phases of tiered volume pricing, but are expected to improve throughout 2025 as the volume of revenue increases over time.

請注意，2025 年第一季度，VDR 毛利率約為 40%。我們預計，隨著 VDR 產品的成熟，利潤率最初將與第一季相似，但隨著我們內容產品的成長和多樣化，利潤率將在 2025 年擴大。此外，2025 年第一季某些較大的內容授權續約在分級批量定價的早期階段繼續降低利潤率，但隨著收入量隨著時間的推移而增加，預計在 2025 年全年利潤率將有所改善。

Q1 operating loss of $21.6 million improved by $2.7 million or 11% year over year, primarily driven by lower operating expenses, severance costs year over year as a result of our Q1 2024 restructuring, offset by lower non-GAAP gross profit from the decline in revenue over the same period.

第一季營業虧損 2,160 萬美元，較去年同期減少 270 萬美元，降幅 11%，主要原因是我們 2024 年第一季重組導致的營運費用和遣散費用同比下降，但同期收入下降導致的非公認會計準則毛利潤下降抵消了這一影響。

Net loss from continuing operations was $19.9 million, an improvement of $6.3 million or 24% compared to Q1 2024. The year-over-year improvement was principally driven by the previously discussed $2.7 million improvement in loss from operations and a $3.7 million benefit from the change in fair value of our earn-out for the divestiture of Veritone One recorded in Q1 2025. Non-GAAP net loss from continuing operations was $11.1 million as compared to $10.3 million in Q4 2024. The decline was principally due to lower non-GAAP gross profit, offset by improved operating losses.

持續經營淨虧損為 1,990 萬美元，與 2024 年第一季相比改善 630 萬美元，即 24%。年成長主要得益於先前討論過的 270 萬美元的營業虧損改善，以及 2025 年第一季記錄的 Veritone One 剝離收益公允價值變動帶來的 370 萬美元收益。非公認會計準則持續經營淨虧損為 1,110 萬美元，而 2024 年第四季為 1,030 萬美元。下降的主要原因是非公認會計準則毛利潤下降，但被經營虧損的改善所抵銷。

Turning to our balance sheet. As of March 31, 2025, we held cash and restricted cash of $16.4 million as compared to $17.3 million at December 31, 2024. The net change in cash reflects net cash outflow from operations of $17 million, principally driven by our non-GAAP net loss of $11.1 million, deferred purchase consideration of $1.2 million and interest paid on debt of approximately $1.2 million, coupled with the timing of working capital in the quarter, offset by net cash inflow from investing and financing activities of $16.5 million, driven by net cash inflows of $19.9 million from our January registered direct offering, partially offset by $1.9 million in debt principal payments and $1.4 million in capital expenditures.

轉向我們的資產負債表。截至 2025 年 3 月 31 日，我們持有的現金和受限現金為 1,640 萬美元，而 2024 年 12 月 31 日為 1,730 萬美元。現金淨變動反映了 1,700 萬美元的營業淨現金流出，主要由於我們的非 GAAP 淨虧損 1,110 萬美元、遞延購買對價 120 萬美元和支付的債務利息約 120 萬美元，再加上本季度營運資本的時間安排，抵消了投資和融資活動產生的 1,650 萬美元的淨現金流入萬美元的淨現金流入，部分抵銷了 190 萬美元的債務本金支付和 140 萬美元的資本支出。

Turning to liquidity. In Q1 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 prefunded warrants priced at $2.52 per share for gross proceeds of approximately $20.3 million. At March 31, 2025, our consolidated debt is down from a peak of $201 million in December 2021 to approximately $130 million today comprised of term debt of $39 million maturing in December 2027 and convertible debt of $91.3 million due November 2026.

轉向流動性。2025 年第一季度，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，並以每股 2.52 美元的價格出售了價值 360 萬美元的預付認股權證，總收益約為 2030 萬美元。截至 2025 年 3 月 31 日，我們的合併債務從 2021 年 12 月的 2.01 億美元高峰下降至今天的約 1.3 億美元，其中包括 2027 年 12 月到期的 3,900 萬美元定期債務和 2026 年 11 月到期的 9,130​​ 萬美元。

As of March 31, 2025, we have over $30 million available across our $35 million ATM, which was established in November 2024. That said, we are currently in various discussions to further improve our cash position and the balance sheet in the near term, which we will discuss in more detail as these initiatives progress. At March 31, 2025, we had 44.9 million shares issued and outstanding and 2.5 million warrants outstanding to our debt holders.

截至 2025 年 3 月 31 日，我們在 2024 年 11 月建立的價值 3,500 萬美元的 ATM 機上擁有超過 3,000 萬美元的可用資金。話雖如此，我們目前正在進行各種討論，以進一步改善我們的現金狀況和短期資產負債表，隨著這些舉措的進展，我們將更詳細地討論。截至 2025 年 3 月 31 日，我們已發行並流通股票 4,490 萬股，並向債權人持有 250 萬張認股權證。

Now turning to updated Q2 2025 and full-year 2025 guidance. Our Software Products & Services revenue pipeline and long-term outlook continue to be at all-time highs. More specifically, we continue to see strong demand across the approximate $10 billion global digital evidence management market. In the Public Sector alone, we are beginning to march towards our 100% to 150% revenue growth target for fiscal year 2025. We also remain in near-term contract bases on several large products with various facets of the US federal government and international public safety customers with a near-term sales pipeline in excess of $100 million.

現在轉向更新的 2025 年第二季和 2025 年全年指引。我們的軟體產品和服務收入管道和長期前景繼續保持歷史最高水準。更具體地說，我們繼續看到約 100 億美元的全球數位證據管理市場需求強勁。光是在公共部門，我們就開始朝 2025 財年 100% 至 150% 的營收成長目標邁進。我們還與美國聯邦政府和國際公共安全客戶的各個方面簽訂了幾種大型產品的短期合同，短期銷售額​​超過 1 億美元。

These deals range in the high-seven to mid-eight figure levels and will last anywhere from one to five years in duration, and our confidence on closing these remains high. 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.

這些交易的金額在七位數高點到八位數中位數之間，持續時間為一至五年，我們對完成這些交易仍然充滿信心。儘管新一屆總統政府對政府支出進行了嚴格的審查，但這些舉措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。

As previously noted, we are seeing strong demand for our VDR product offering. Our near-term sales pipeline on VDR is now over $10 million, which is an increase of 100% or $5 million since March of 2025. We are in active discussions with most of the largest hyperscalers on various VDR initiatives, and we'll provide more detailed updates as we continue to progress on these initiatives. More specifically, in Q2 2025, revenue is expected to be between $23 million and $25 million as compared to $24.1 million in Q2 2024. In Q2, we expect Public Sector revenue to be up year over year, led by the launch of larger initiatives across the Department of Defense.

如前所述，我們看到市場對 VDR 產品的需求強勁。我們在 VDR 上的近期銷售額現已超過 1,000 萬美元，自 2025 年 3 月以來成長了 100%，即 500 萬美元。我們正在與大多數最大的超大規模企業就各種 VDR 計劃進行積極討論，隨著這些計劃的不斷推進，我們將提供更詳細的更新。更具體地說，預計 2025 年第二季的營收將在 2,300 萬美元至 2,500 萬美元之間，而 2024 年第二季的營收為 2,410 萬美元。在第二季度，我們預計公共部門收入將同比增長，這主要得益於國防部推出的更大規模的舉措。

Commercial enterprise revenue is expected to be relatively flat, driven by a $1 million decline in consumption-based revenue across our Managed Services and Veritone Hire services, offset by $1 million growth in commercial SaaS driven in large part from expanded VDR revenue. Managed Services is expected to be down year over year, principally due to the representation side of our business, which is experiencing some decellularization as a result of the more challenging macroenvironment. We expect Q2 non-GAAP gross margins to be around 68% to 70%. Q2 non-GAAP net loss is projected to be between $8 million to $9 million as compared to $9.7 million in Q1 2024.

商業企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 收入增長了 100 萬美元，這在很大程度上抵消了 VDR 收入擴大帶來的增長。託管服務預計將同比下降，主要是因為我們業務的代表性方面由於更具挑戰性的宏觀環境而經歷了一些去細胞化。我們預計第二季非公認會計準則毛利率約為 68% 至 70%。預計第二季非 GAAP 淨虧損將在 800 萬美元至 900 萬美元之間，而 2024 年第一季為 970 萬美元。

Turning to fiscal 2025 outlook. We are updating our prior guidance for fiscal 2025, which we are expecting revenue to be between $104 million to $115 million, which at the midpoint represents an 18% increase year over year. The change in our outlook is principally driven by the shift in some of our larger growth initiatives across our Public Sector and VDR to the second half of 2025 coupled with the forecasted deceleration in Managed Services, reflecting the more challenging macro market today.

展望2025財年。我們正在更新 2025 財年的先前指引，預計營收將在 1.04 億美元至 1.15 億美元之間，中間值代表年增 18%。我們前景的變化主要是由於我們公共部門和 VDR 的一些較大的增長計劃轉移到 2025 年下半年，加上託管服務預計減速，反映了當今更具挑戰性的宏觀市場。

And non-GAAP net loss to be between $30 million to $20 million representing a 39% improvement year over year at the midpoint. The change is reflective of the timing shift in revenue, coupled with the compression in gross margins on VDR in the first half of 2025, which we expect to improve in the latter half of fiscal 2025.

非公認會計準則淨虧損在 3,000 萬美元至 2,000 萬美元之間，年比中位數改善 39%。這項變更反映了營收時間的變化，再加上 2025 年上半年 VDR 毛利率的壓縮，我們預計 2025 財年下半年 VDR 毛利率將有所改善。

Key drivers to our fiscal 2025 guidance remain intact and include in 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, GTAC, and others.

我們 2025 財年指引的關鍵驅動因素保持不變，並包括公共部門，如前所述，我們預計公共部門將同比增長 100% 至 150%，主要由國防部、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、GTAC 等的合作夥伴關係所帶動。

We are currently in early phases of deployment of projects across the US government and later trials on other opportunities. All these projects, when aggregated, are projected to generate substantial revenue over today's baseline, more prominently in the back half of 2025.

目前，我們正處於在美國政府內部署專案的早期階段，之後將在其他機會上進行試驗。所有這些項目加起來預計將在今天的基線上產生可觀的收入，尤其是在 2025 年下半年。

Commercial enterprise. Since August 2024, we renewed partnerships with some of our largest customers, including multiyear and expanded services with the NCAA, CBS, 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重新建立了合作夥伴關係，包括與 NCAA、CBS 和 iHeart 建立多年期和擴展服務。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 early phases of our VDR product offering with meaningful growth opportunities in fiscal 2025 and beyond. Today, we are expecting anywhere between $5 million to $10 million of deals to execute in 2025 and exciting new partnerships with some of the largest AI LLMs and cloud providers expanding our offerings into generative AI.

我們的 VDR 產品供應仍處於早期階段，在 2025 財年及以後將迎來有意義的成長機會。今天，我們預計 2025 年將達成價值 500 萬至 1000 萬美元的交易，並與一些最大的 AI LLM 和雲端供應商建立令人興奮的新合作夥伴關係，將我們的產品擴展到生成 AI 領域。

These existing and newer market opportunities will drive year-over-year growth across our commercial enterprise sector and more importantly, drive longer-term sustainable growth. We believe the opportunity for VDR could generate $60 million in revenue annually by 2027.

這些現有和較新的市場機會將推動我們商業企業部門的同比增長，更重要的是，推動長期可持續增長。我們相信，到 2027 年，VDR 每年可創造 6,000 萬美元的收入。

Veritone Hire. Given the current macro environment. We continue to expect modest to flat growth across our Veritone Hire applications and services in fiscal 2025. With the exit of consumption-based customer dependencies in fiscal 2025, we do expect a more stable year in fiscal 2025 and a return back to growth in late fiscal 2025 to fiscal 2026 with expected macroeconomic improvements.

Veritone 租賃。鑑於當前的宏觀環境。我們繼續預計，2025 財年我們的 Veritone Hire 應用程式和服務將實現溫和至平穩的成長。隨著 2025 財年基於消費的客戶依賴性的消除，我們確實預計 2025 財年將更加穩定，並在 2025 財年末至 2026 財年恢復增長，預計宏觀經濟將有所改善。

Non-GAAP gross margins. We are expecting our non-GAAP gross margins to be between 65% to 70% 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 73% on a blended basis. As we begin to scale and look towards 2026 and profitability, our non-GAAP gross margins should return to 70% or better.

非公認會計準則毛利率。我們預計 2025 財年非 GAAP 毛利率將在 65% 至 70% 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 73%。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 70% 或更高。

And finally, our cost structure. With the 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. We will continue to manage our cost structure throughout 2025 to ensure we time necessary investments with corresponding growth. Today, our largest cost driver remains headcount and to a lesser degree, professional services that have recently been higher and driven by transactional volume and integration. That concludes my prepared remarks.

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。我們將在 2025 年繼續管理我們的成本結構，以確保我們將必要的投資與相應的成長同步。今天，我們最大的成本驅動因素仍然是員工人數，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。我的準備好的發言到此結束。

Operator, we would now like to open up the call for questions.

接線員，我們現在想開始提問環節。

(Operator Instructions) Scott Buck, H.C. Wainwright.

（操作員指示） Scott Buck、H.C. Wainwright。

I guess, first, I'm curious on the Public pipeline, what of that is new customers versus more customer expansions?

我想，首先，我對公共管道很好奇，其中哪些是新客戶，哪些是更多客戶擴展？

The majority of it is, I'll say, customer expansion. So definitively why we're bullish is we've already executed two revenue-based contracts for some of the larger pipeline customers, meaning we're expecting here over, frankly, in the next few days or the next few months, our ability to communicate and announce much larger and expanded contracts against, I'll say, existing agencies under the DoD. So it's really a combination of expansion or additional expanded task orders and contracts within existing agencies that we've already been working with and recognizing revenue as well as net new agencies under the DoD and the DoJ.

我想說，其中大部分是為了擴大客戶。因此，我們之所以如此樂觀，是因為我們已經為一些較大的管道客戶執行了兩份基於收入的合同，這意味著，坦率地說，我們預計在未來幾天或幾個月內，我們將有能力與國防部下屬的現有機構進行溝通，並宣布更大、更廣泛的合同。因此，它實際上是我們已經與之合作並確認收入的現有機構的擴展或額外擴展任務訂單和合約的組合，以及國防部和司法部下屬的淨新機構。

All right. That's helpful, right? And I guess kind of piggybacking off of that. The second quarter guide and the annual revenue guide suggests kind of second half revenue being up mid-30s versus the first half, can you just speak a little bit more to your visibility and confidence? And it sounds like it's going to be a combination of several factors, Public Sector, VDR, but any kind of additional granularity you could provide there would be helpful.

好的。這很有幫助，對吧？我想這有點像是搭便車。第二季指南和年度營收指南顯示，下半年營收將比上半年成長 30% 左右，您能否再多談談您的預見性和信心？聽起來這將是公共部門、VDR 等多種因素的結合，但您提供的任何額外細節都會有所幫助。

Yes. I think it will be dominated by that delta will be -- again be dominated by VDR and Public Sector. So as a Public Sector, we have, I'd say, great visibility on magnitude of the size of the deals and the revenue contribution. Obviously, the timing of when those contracts get opened and we're able to execute against those contracts, most of which is software, not services. That is going to be one of the variables and hence, why we took a slightly more conservative position on the guide.

是的。我認為它將由增量主導 - 再次由 VDR 和公共部門主導。因此，作為公共部門，我想說，我們對交易規模和收入貢獻的規模有著很高的了解。顯然，這些合約的開啟時間和我們能夠執行這些合約的時間，其中大部分是軟體，而不是服務。這將成為變數之一，因此，我們在指南中採取了稍微更保守的立場。

On VDR, we do have great visibility, and we're hopeful that, that could be a breakout win even to the upside. So really, the combination of active deal flow proposals and sort of where we are specifically with VDR in conjunction with, frankly, all ready to go and just ready for the next phase of these contracts to open up in the public safety side does give us confidence that we will be able to meet or surpass those kind of growth targets and prospects for Q2 -- I'm sorry, for Q3 and Q4.

在 VDR 上，我們確實具有很好的可視性，並且我們希望，這可能是一個突破性的勝利，甚至是向上的勝利。因此，實際上，積極的交易流程提案以及我們與 VDR 的具體合作，坦率地說，一切都準備就緒，並且已經準備好在公共安全方面開放這些合約的下一階段，這確實讓我們有信心能夠達到或超過第二季度（對不起，是第三季度和第四季度）的增長目標和前景。

That's great. And it sounds like the difference between the low end and the high end of the range is just, again, simply timing, right?

那太棒了。聽起來，範圍的低端和高端之間的差異只是時間上的差異，對嗎？

So I would -- and I'd say timing of one and velocity on growth of VDR as well. I'd say the VDR is less of a timing function. Public take this more a timing function.

所以我想說的是 VDR 成長的時機和速度。我想說 VDR 不太有計時功能。大眾將此視為更多的計時功能。

Yes. And the increase in VDR today versus the end of the quarter, is that one contract, two contracts, several contracts? Just trying to gauge how widespread the demand is.

是的。與本季末相比，今天的 VDR 成長是一份合約、兩份合約還是幾份合約？只是想衡量需求有多普遍。

Multiple contracts with new partners, new clients, prospective clients.

與新合作夥伴、新客戶、潛在客戶簽訂多份合約。

With new partners. I appreciate it. That's it for me.

與新夥伴一起。我很感激。對我來說就是這樣。

Seth Gilbert, UBS.

瑞銀的賽斯吉伯特。

I had two. Maybe to start off, a follow-up from the previous question. The full-year guide still implies a pretty healthy uplift in the second half. I was wondering maybe more generically speaking, when could some of these public safety deals start generating revenue? Is it once you get the deal signed and the go ahead will immediately begin generating revenue, and that's why you're so bullish about the $104 million to $115 million guide? Or will it sort of trickle in a bit by bit because there's some integration work or other work you need to do with some of these deals?

我有兩個。也許首先，我們要繼續回答上一個問題。全年指引仍暗示下半年將出現相當健康的成長。我想知道，也許更籠統地說，這些公共安全交易什麼時候可以開始產生收入？是不是一旦簽署協議，就可以立即開始產生收入，這就是您對 1.04 億美元至 1.15 億美元的指導價如此看好的原因？或者它會逐漸滲透進來，因為你需要對其中一些交易進行一些整合工作或其他工作？

For some of the high visibility contracts that we're discussing, we're ready to deploy. So to be clear, we've kind of -- and obviously, we've been talking a lot about our historical deployments with the DLA, Defense Logistics Agency, which just to provide a little bit more insight, was the actual deployment on Azure. So aiWARE based and application appointments on a secure environment on the Azure stack.

對於我們正在討論的一些高知名度合同，我們已經準備好部署。所以要明確的是，我們有點——顯然，我們已經討論了很多我們與國防後勤局 (DLA) 的歷史部署，這只是為了提供更多的見解，這是在 Azure 上的實際部署。因此，aiWARE 是基於 Azure 堆疊上的安全性環境進行應用程式預約。

For some of the ones that we've been talking about that are immediately going to be accretive and potentially contribute as early as in Q2 is on AWS, which we've successfully done many times, and we're kind of ready to go, which means the software modules, the applications that are being procured and contracted for are ready to be delivered and stood up. So again, I would say you will start to see -- and again, it's not mostly service-based revenues, but you will start to see full satisfaction of obligations starting almost immediately once that contract gets released.

對於我們一直在談論的一些將立即增值並可能早在第二季度就在 AWS 上做出貢獻的業務，我們已經成功完成了很多次，我們已經準備好了，這意味著正在採購和簽約的軟體模組、應用程式已經準備好交付和啟動。所以，我再說一遍，你會開始看到——再說一遍，這主要不是基於服務的收入，但一旦合約發布，你就會開始看到幾乎立即完全履行義務。

Got it. Very helpful. And maybe on the second one, Veritone Hire, I know the market is tough right now, and Mike just walked through some comments at the end of his prepared remarks. Maybe you could just talk about some of the steps you're kind of undertaking on that side of the business? Or has there been a change in the competitive landscape, like anything else that you'd mentioned just on Veritone Hire?

知道了。非常有幫助。也許關於第二個問題，Veritone Hire，我知道現在市場很艱難，Mike 在他準備好的演講結束時剛剛談到了一些評論。也許您可以談談您在業務方面正在採取的一些措施？或者競爭格局是否發生了變化，就像您在 Veritone Hire 上提到的其他變化一樣？

Yes. I think, number one, where we've reached the point of stability. So again, on a relative basis to how it's been over the past previous years, primarily as an impact from Amazon as a major customer, we've absolutely achieved an element of stability. In terms of growth, as I touched on briefly in the prepared remarks, it's really a three-pronged approach.

是的。我認為，首先，我們已經達到了穩定點。因此，相對於過去幾年的情況，主要是受到亞馬遜作為主要客戶的影響，我們絕對實現了一定程度的穩定。就成長而言，正如我在準備好的發言中簡要提到的那樣，這實際上是一種三管齊下的方法。

Number one is the expansion of the reseller and partner network. A pretty big chunk of our new leads and new deal flow is now actually coming more consistently through partners such as Bullhorn, such as Workday, again, so we're leaning into those. And another benefit of those deals with those larger HCR HR companies as some of the average contract value is actually higher. So again, partner engagement and partner activation is one of the three-pronged approach for acceleration of the growth on the hiring side.

第一是擴大經銷商和合作夥伴網路。現在，我們相當大一部分新線索和新交易實際上都是透過 Bullhorn 和 Workday 等合作夥伴更持續獲得的，所以我們也傾向於這些合作夥伴。與那些較大的 HCR HR 公司達成交易的另一個好處是，部分平均合約價值實際上更高。因此，再次強調，合作夥伴參與和合作夥伴活化是加速招募方面成長的三管齊下的方法之一。

Number two is the media services. So in effect, where we're helping using our software to manage, let's just say, X percent of a customer's job acquisition budget. There's been a concerted effort starting, frankly, a couple of years ago, but really picking up velocity at the second half of last year is to procure and secure a larger portion of the overall spend budget, and we're seeing good success there. And we actually have some pretty good -- pretty strong pipeline. It's one of the key areas where we probably have the most visibility of growth for the Hire business is the expansion of that share of wallet or taking more of that spend allocation.

第二是媒體服務。因此實際上，我們正​​在使用我們的軟體來幫助管理客戶的工作獲取預算的 X%。坦白說，幾年前我們就已經開始了齊心協力的努力，但真正加快步伐是在去年下半年，目的是採購並確保更大一部分總體支出預算，而且我們在這方面看到了良好的成功。而且我們確實擁有一些相當不錯、相當強大的管道。這是我們最看好租賃業務成長的關鍵領域之一，即擴大錢包份額或增加支出分配。

And then the third-pronged approach, again, is just continued optimization, right, of our algorithms and leaning in more to our competitive advantage in terms of ROI yield. So in effect, when we do get $1 from a customer, what is the yield that we can get from in terms of proving whether that's cost of applicant or cost per hire is continuing to maintain our competitive lead in the performance there.

然後，第三管齊下的方法就是繼續優化我們的演算法，並在投資報酬率方面更傾向於我們的競爭優勢。因此實際上，當我們從客戶那裡獲得 1 美元時，我們可以獲得多少收益來證明這是申請人成本還是每次招聘的成本，這是否能繼續保持我們在該領域的競爭領先地位。

So it's a pretty defined, I think, well-organized three-pronged approach, but I guess it's going to be dominated with confidence, mostly by the expansion of the partner, one, again, with the big players like Workday and others, as well as the expansion of our media services opportunity.

因此，我認為這是一個非常明確、組織良好的三管齊下的方法，但我想它將以信心為主導，主要是透過合作夥伴的擴張，再次是與 Workday 等大公司的合作，以及我們媒體服務機會的擴展。

Glenn Mattson, Ladenburg and Thalmann.

格倫馬特森、拉登堡和塔爾曼。

Sorry, let me -- sorry if you covered this, I'm bounce amongst a couple of calls here, so just one quick one for me. Mike, can you help us just understand the margin kind of flow throughout the year as VDR kind of maybe drags earlier and then gets better over time, but then also the Public Sector, it sounds like it's only a big second half for the Public Sector. So the impact that has in the recovery. Just kind of as we want to think about it quarter to quarter. That would be helpful.

抱歉，如果您已經提到了這一點，我很抱歉，我在這裡接聽了幾個電話，所以只需快速說一個。麥克，您能否幫助我們了解全年的利潤流動情況，因為 VDR 可能會在早期出現拖延，然後隨著時間的推移而好轉，但對於公共部門來說，聽起來這只是公共部門下半年的一個重要因素。這對經濟復甦有影響。正如我們想要逐季度思考的那樣。那將會很有幫助。

Yes. I think I mentioned it in my prepared remarks that we had some slippage and some planned delay on some of the Public Sector stuff that's going to come in at a higher margin. And then we had some VDR stuff that kind of drove that down a little bit further. As we get into Q2, Q3, Q4, those margins are expected to improve.

是的。我想我在準備好的發言中提到過，我們在一些公共部門事務上出現了一些延誤和計劃中的延遲，而這些事務的利潤率將會更高。然後我們有了一些 VDR 東西，可以將其進一步降低。隨著進入第二季、第三季、第四季，這些利潤率預計會提高。

Okay. So just kind of think about it stepping up each quarter a little bit, I guess. And you may have covered this as well, but just kind of the stairstep of growth from $5 million, a little less than a month ago in pipeline, to $10 million. Can you just talk about the nature of that difference? Was it broad-based? Or is it a couple of large -- I guess, is the deal size here so large that [wanted to do deal] some of that?

好的。因此，我猜，就考慮一下每季都稍微提高一點吧。您可能也提到過這一點，但這只是從不到一個月前的 500 萬美元到 1000 萬美元的階梯式增長。您能談談這種差異的本質嗎？它具有廣泛的基礎嗎？還是幾個大的交易——我猜，這裡的交易規模是否很大，以至於[想要交易]其中的一些？

It's a few. It's not dozens, but let's just say, a few players who we've been speaking with for now several months have progressed to, I'd say, a level of visibility in terms of data sampling even at that stage already that we're pretty bullish. And it's against a lot of the same data assets that we've been servicing and mobilizing already. So specifically, it's not a net new of having to find new data assets per se. It's actually just expansion of -- in effect, selling those data assets to net new customers, who are some of the biggest names out there.

有幾個。雖然不是幾十個，但可以這麼說，我們已經與幾位球員交談了幾個月，他們已經取得了進展，我想說，即使在那個階段，數據採樣方面的可見性已經達到了一定水平，我們對此非常樂觀。它針對的是我們已經在服務和調動的大量相同資料資產。因此具體來說，這並不是什麼需要尋找新資料資產本身的新事物。這實際上只是擴張——實際上，將這些數據資產出售給新客戶，這些新客戶都是一些最大的公司。

And again, we're not going to go into the details of those. So specifically, it's expansion for net new customers is why we're bullish.

再次強調，我們不會深入討論這些細節。因此，具體來說，淨新客戶的擴張就是我們看好它的原因。

That's great. And just quick, are you starting to see any of the feedback loop yet to bring in new content to customers in terms of their --?

那太棒了。簡單來說，你是否已經開始看到任何回饋循環，以便為客戶帶來新的內容？--？

We are. I think, the halo effect of us -- so once again, just to clarify what you're asking is if we're talking about a customer like the NCAA where they are a technology customer, they're a footage licensing customer and now a VDR customer, right, where that three-pronged opportunity has created a halo effect. And so now we're in discussions with dozens of net new IP owners to become net new customers.

是的。我認為，我們的光環效應——所以再一次，只是為了澄清你所問的是，如果我們談論的是像 NCAA 這樣的客戶，他們是技術客戶，他們是鏡頭授權客戶，現在是 VDR 客戶，對吧，這種三管齊下的機會創造了光環效應。因此，現在我們正在與數十位淨新 IP 所有者討論如何成為淨新客戶。

So not only will we do expect this to be -- continue to accelerate and drive the VDR line item, but we do expect acceleration in, I'll say, core aiWARE DMH software SaaS licensing as well.

因此，我們不僅期望這能夠繼續加速並推動 VDR 項目，而且我們確實期望核心 aiWARE DMH 軟體 SaaS 授權也能加速。

Jesse Sobelson, D. Boral Capital.

Jesse Sobelson，D. Boral Capital。

Just a bigger picture one, just related in the call. With AI adoption accelerating, how are you guys balancing these R&D investments in VDR against the profitability targets and then when you look at this product for the rest of the year, what milestones are you really looking to define success to converting this doubled backlog by the end of the year? Or are there other milestones you could point to?

這只是一張更大的圖，與通話有關。隨著人工智慧的採用加速，你們如何平衡 VDR 的研發投資與獲利目標？然後，當您展望今年剩餘時間的這款產品時，您真正希望透過哪些里程碑來定義成功，以便在年底前完成翻倍的積壓訂單？或者您可以指出其他里程碑嗎？

Sure. I'll hit the first one on the CapEx. So the good news is I think we have a pretty good runway where at least as it relates to VDR, we're not going to expect to -- foresee a lot of capital investment to continue to advance, I'll say that revenue line at least for the next maybe couple of quarters. Specifically, because it's relying on everything we've already built, and it's using the exact same aiWARE-based platform and software systems, specifically to manage that product offering.

當然。我將在資本支出上打出第一個。因此，好消息是，我認為我們有一個相當不錯的跑道，至少就 VDR 而言，我們不會期望 - 預見大量的資本投資繼續推進，我會說至少在接下來的幾個季度中收入線會如此。具體來說，因為它依賴我們已經建立的一切，並且它使用完全相同的基於 aiWARE 的平台和軟體系統，專門用於管理該產品。

So in effect, we already have made the investments, and we're actually generating revenue and profits from those software services with media companies already. So this is almost like a net new, very organic new extension built on the same infrastructure and AI infrastructure that we've already been -- that has already been subsidized, right, because of other lines of business.

因此實際上，我們已經進行了投資，並且我們實際上已經從與媒體公司合作的軟體服務中獲得了收入和利潤。因此，這幾乎就像一個全新的、非常有機的新擴展，建立在我們已經擁有的相同基礎設施和人工智慧基礎設施之上——由於其他業務線，這些基礎設施已經獲得了補貼。

Now over time, as we get more sophisticated in the scale and velocity of VDR grows, by all means, we're going to want to make sure that we double down, I would say, and cement our moats and moats around the opportunity. So we can continue to be more efficient and that's one of the areas that I think, over time, where we're going to start to see an improving of margin, right?

現在，隨著時間的推移，隨著我們在 VDR 規模和速度方面變得更加成熟，無論如何，我們都要確保加倍努力，鞏固我們在這一機遇周圍的護城河和護城河。因此我們可以繼續提高效率，而且我認為，隨著時間的推移，我們將開始看到利潤率的提高，對嗎？

As we can continue to streamline the operations of VDR, we do expect, again, over time, the margins to increase. So that hopefully answers the question on VDR. And you can -- do you mind, can you answer -- ask the second part of your question again, please?

隨著我們能夠繼續簡化 VDR 的運營，我們確實預計，隨著時間的推移，利潤率將會再次增加。希望這能回答有關 VDR 的問題。您可以—您介意嗎，您能回答—再問一次問題的第二部分嗎？

Yes, sure. I appreciate the detail there on the extension of an existing platform. I am very excited about the business model here, which is one of the things I wanted to highlight. The second piece of this is just with VDR, what other milestones for success can we point to with this, is it converting that backlog? Or is there an additional piece of it that we can look to?

是的，當然。我很欣賞那裡有關現有平台擴展的詳細資訊。我對這裡的商業模式感到非常興奮，這是我想強調的事情之一。第二部分是關於 VDR 的，我們可以指出哪些其他成功里程碑，它是否轉換了積壓訂單？或者還有什麼其他部分值得我們關注？

Great question. So I think we've achieved some of them already, which means we're not just limited to facilitating VDR revenues against data assets that are already under contract, right, meaning with our historical DMH and aiWARE-based media companies. We've already now facilitated deals against new data sets.

好問題。所以我認為我們已經實現了一些目標，這意味著我們不僅限於透過已經簽訂合約的資料資產來促進 VDR 收入，對吧，這意味著與我們的歷史 DMH 和基於 aiWARE 的媒體公司。我們現在已經促成了針對新資料集的交易。

So Veritone has established a level of credibility and trust on both sides of the equation, both the sell side, meaning our representation of the content IP owners, such as the news outlets and the broadcasters, et cetera, but now we are also facilitating deals, I'll call them the buy side, so representing as both a service and technology partner for the hyperscalers and the model developers. And that second part was something that we did not foresee to happen as quickly as it has, but it puts us in a very strategic leverage position that we're really excited about.

因此，Veritone 在等式的兩邊都建立了一定的信譽和信任，賣方代表內容 IP 所有者，例如新聞媒體和廣播公司等，但現在我們也在促進交易，我稱他們為買方，因此我們既是超大規模企業的服務合作夥伴，也是模型開發商的技術合作夥伴。我們沒有預見到第二部分會這麼快發生，但它使我們處於一個非常具有戰略意義的槓桿地位，我們對此感到非常興奮。

In terms of the asset classes, I think one of the big milestones was, hey, when can we show the efficacy of our ability to sell, frankly, the same data asset to multiple buyers. And I would just say, we're very, very close to achieving that and hopefully over the next few weeks here in a couple of months that we'll be able to sort of communicate that in more detail. But those are the two big KPIs that I wanted to see.

就資產類別而言，我認為一個重要的里程碑是，我們什麼時候才能展示我們向多個買家出售相同數據資產的能力。我只想說，我們已經非常接近實現這一目標，希望在接下來的幾週、幾個月內，我們能夠更詳細地傳達這個目標。但這正是我想看到的兩個重要 KPI。

Could we represent and participate on both sides of the equation in terms of representation and buy side, and could we start to see a viability of selling the same data sets to multiple buyers, which we've done? In terms of like trying to sell every piece of asset that we have under management, I don't think that's necessarily a goal.

我們是否可以從代表方和買方的角度來代表和參與等式的兩邊，我們是否可以開始看到將相同的資料集出售給多個買家的可行性，我們已經這樣做了？至於試圖出售我們管理的每一項資產，我認為這不一定是個目標。

I think most importantly is do we feel that we have either direct control and oversight of over the right audio and video assets today, right, which proves the supply to go realize those revenues and if we don't, do we have the intimacy of the relationship with the buyers that if there are data sets that we need to go get, right, and fold or expand our current corpuses of data or get net new types of data sets out there. Do we have the trust and do have the ability to go procure those, which I will state that we have done that already.

我認為最重要的是我們是否覺得我們今天對正確的音頻和視頻資產擁有直接的控制和監督，對嗎，這證明了供應可以實現這些收入，如果我們不這樣做，我們是否與買家建立了親密的關係，如果有數據集我們需要去獲取，對嗎，折疊或擴展我們當前的數據庫或獲取新類型的數據集。我們是否有信心並且有能力去採購這些，我要說的是我們已經這樣做了。

So for example, we are already procuring, I'll say, elements of security and public service data that is becoming an interesting asset class where we're seeing high demand for. So this is no longer just limited to media and entertainment, news and sports-related content. But we're also seeing, again, managed through Veritone VDR, surveillance and other forms of unstructured data sets, that's in high demand as well, which is a great crossover to our Public Safety business as well.

舉例來說，我們已經在採購安全和公共服務資料元素，這些資料正在成為一個有趣的資產類別，我們看到對它們的需求很高。因此，這不再僅限於媒體和娛樂、新聞和體育相關內容。但我們也看到，透過 Veritone VDR 進行管理的監控和其他形式的非結構化資料集的需求量也很高，這對我們的公共安全業務來說也是一個很好的交叉。

(Operator Instructions) It seems there are no further questions at this time. This concludes our question-and-answer session. I would like to now turn the call back over to your host, Ryan Steelberg, for any closing remarks.

（操作員指示）目前似乎沒有其他問題。我們的問答環節到此結束。現在我想將電話轉回給主持人 Ryan Steelberg，請他做最後發言。

Well, thank you, everybody, for joining today. I would say I'm somewhat disappointed that we had some slippage in timing of some of these deals. But I think what you're hearing through our voices and the Q&A, we're very, very bullish on VDR, and we're very bullish on Public Sector. These are going to deliver in a big way for us, and we're very, very excited about that. We are going to be participating in a few upcoming in the very near-term financial conferences.

好吧，謝謝大家今天的參加。我想說，我有點失望，因為我們在其中一些交易的時間上出現了一些延誤。但我認為您從我們的聲音和問答中聽到的是，我們對 VDR 非常非常看好，我們對公共部門也非常看好。這些將為我們帶來巨大的利益，我們對此感到非常非常興奮。我們將參加一些即將召開的金融會議。

Hopefully, many of you can listen in if they're virtual or participate in person. Those conferences are going to be the Needham conference, the Technology, Media and Consumer Conference, which is actually a virtual conference starting tomorrow. And so you can get more information on our investor site or on Needham's website about that conference.

希望你們中的許多人能夠收聽虛擬會議或親自參加會議。這些會議將是尼德姆會議、技術、媒體和消費者會議，實際上是一個從明天開始的虛擬會議。因此，您可以在我們的投資者網站或 Needham 的網站上獲取有關該會議的更多資訊。

Next week, we're going to be participating in person at the JPMorgan, their Annual Global Technology media and Communications Conference in Boston on May 14 and 15. Again, encourage everybody to participate if they're in the respective area.

下週，我們將於 5 月 14 日至 15 日親自參加摩根大通在波士頓舉行的年度全球技術媒體和通訊會議。再次鼓勵每個人（如果他們在各自的區域）都參與。

And then finally, the Ladenburg Thalmann Innovation Expo '25, which is on May 21 in New York City, and I'll be there in person presenting. So look forward to speaking to everybody in person and going deeper into different areas. Thank you for your time, everybody, today.

最後，拉登堡塔爾曼創新博覽會 25 將於 5 月 21 日在紐約市舉行，我將親自到場發表演說。因此，期待與大家面對面交談並深入探討不同領域。謝謝大家今天抽出時間。

This conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Have a pleasant day.

此次會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。祝您有個愉快的一天。