Veritone Inc (VERI) 2025 Q3 法說會逐字稿

Good day, and welcome to the Veritone Inc. third-quarter 2025 financial results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Veritone Inc. 2025 年第三季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係部門的凱特·戈德史密斯。請繼續。

Thank you, and good afternoon. After the market closed today, Veritone issued a press release announcing results for the third quarter 2025 ended September 30, 2025. The press release and other supplemental information are available on the Investor Relations section of Veritone's website.

謝謝，下午好。今天市場收盤後，Veritone 發布新聞稿，公佈了截至 2025 年 9 月 30 日的 2025 年第三季業績。新聞稿及其他補充資訊可在 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.

今天參加電話會議的有 Veritone 的總裁兼執行長 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. These forward-looking statements are subject to risks, uncertainties and assumptions that may cause the actual results to differ materially from those stated.

請注意，今天電話會議中討論的某些信息，包括對您問題的某些回答，將包含前瞻性陳述。這包括但不限於有關我們業務策略以及未來財務和營運績效的聲明。這些前瞻性陳述存在風險、不確定性和假設，可能導致實際結果與所述結果有重大差異。

Certain of these risks and assumptions are discussed in Veritone's SEC filings, including its annual report on Form 10-K. These forward-looking statements are based on assumptions as of today, November 6, 2025, and Veritone undertakes no obligation to revise or update them.

Veritone 向美國證券交易委員會提交的文件（包括其 10-K 表格年度報告）中討論了其中一些風險和假設。這些前瞻性聲明是基於截至 2025 年 11 月 6 日的假設，Veritone 不承擔修改或更新這些聲明的義務。

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.

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GAAP指標。這些指標與相應的 GAAP 指標的調整表已包含在我們今天發布的新聞稿中。

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，錄音將透過 Veritone 網站 www.veritone.com 投資者關係部分的連結提供回放。

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

現在我想把電話交給我們的總裁兼執行長瑞安·史蒂爾伯格。

Thank you, Cate, and thank you, everyone, for joining us today. As the iconic line from one of my favorite childhood shows, the A-team goes, I love it when a plan comes together, simple yet profound and never more fitting than it is for Veritone today. I look forward to sharing the details of our exceptional quarter and the strategic momentum now propelling Veritone forward.

謝謝凱特，也謝謝各位今天能來參加我們的節目。正如我最喜歡的童年劇集《天龍特攻隊》中的一句經典台詞所說：“我喜歡計劃順利進行的感覺”，這句話簡單卻意義深遠，對於今天的 Veritone 來說再合適不過了。我期待與大家分享我們本季卓越的業績詳情，以及目前推動 Veritone 向前發展的策略動能。

But before we dive in, I want to take a moment to highlight the substantial progress we've made over the past 24 months, progress that has fundamentally strengthened our company and position us for sustained growth and success. In early 2023, we set a bold and deliberate course to realign Veritone with its aiWARE first mission, fortify our financial position and ignite durable strategic growth. We've executed with precision and purpose every step of the way, transforming vision into measurable achievement.

但在我們深入探討之前，我想花點時間強調我們在過去 24 個月中取得的實質進展，這些進展從根本上增強了我們公司的實力，並為我們持續成長和成功奠定了基礎。2023年初，我們制定了一項大膽而深思熟慮的計劃，以重新調整Veritone，使其與aiWARE的首要使命保持一致，鞏固我們的財務狀況，並激發持久的戰略增長。我們每一步都執行得精準到位，將願景轉化為可衡量的成就。

Today, I'm proud to declare success across these core initiatives. Veritone has not only regained its footing, but stands stronger, more focused and more strategically positioned than ever before.

今天，我很自豪地宣布這些核心舉措都已取得成功。Veritone不僅重新站穩了腳跟，而且比以往任何時候都更加強大、更加專注、更具策略性。

First, let's start with the balance sheet, where we have completely flipped the script. A few years ago, at their peak, we carried nearly $80 million in high-cost term debt and roughly $200 million in convertible debt. Today, I'm proud to announce that we've completed an agreement to retire the entirety of our term debt and repurchase approximately 50% of our outstanding convertible debt while maintaining material net cash on the balance sheet to fully fund operations through 2026 and achieve our profitability goal in the later half of next year.

首先，讓我們從資產負債表開始，我們已經徹底改變了局面。幾年前，在債務高峰期，我們背負了近 8,000 萬美元的高成本定期債務和約 2 億美元的可轉換債務。今天，我很榮幸地宣布，我們已完成一項協議，償還全部定期債務，併回購約 50% 的未償可轉換債務，同時在資產負債表上保持大量淨現金，以充分資助運營至 2026 年，並在明年下半年實現我們的盈利目標。

As a result, our annual debt service burden has now dropped from over $14 million a year to approximately $800,000 a year, a transformative shift that fundamentally strengthens our financial foundation and future trajectory. Our balance sheet, historically an anchor relating with debt now provides renewed flexibility and stability, enabling us to fully capitalize on this hypergrowth market opportunity.

因此，我們每年的償債負擔已從超過 1,400 萬美元降至約 80 萬美元，這項變革性的轉變從根本上加強了我們的財務基礎和未來發展軌跡。我們的資產負債表歷來是債務的錨點，但現在它提供了新的靈活性和穩定性，使我們能夠充分利用這個快速成長的市場機會。

Second, after years of disciplined financial execution and strategic reorganization, efforts that have generated tens of millions of dollars in savings, our operating model today is now tightly aligned with both our scale and our strategic focus on our high-growth AI Software Products & Services. With this foundation in place, our confidence in achieving operating profitability in late 2026 has never been stronger.

其次，經過多年的嚴格財務執行和策略重組，這些努力已經節省了數千萬美元，如今我們的營運模式與我們的規模以及我們對高成長人工智慧軟體產品和服務的策略重點緊密契合。有了這樣的基礎，我們對在 2026 年底實現營運獲利的信心從未如此強烈。

Third, we have refocused Veritone squarely on our AI routes, our unmatched expertise and unstructured data and our market-leading intelligent AI applications. Today, Veritone stands on a trajectory of strong, strategic and profitable growth, powered by our proprietary AI operating system, aiWARE, which fuels the global data economy by generating trillions of tokens every quarter.

第三，我們重新將 Veritone 的重心完全放在了我們的 AI 路線、我們無與倫比的專業知識和非結構化資料以及我們市場領先的智慧 AI 應用上。如今，Veritone 正走在強勁、策略性和獲利性成長的軌道上，這得益於我們專有的 AI 作業系統 aiWARE，該系統每季產生數萬億代幣，為全球數據經濟提供動力。

As the AI economy accelerates, the data economy is expanding right alongside it, and Veritone's strategic positioning and market timing could not be more perfect. Veritone has emerged as a leading semantic token factory for video and audio, a service we call the Veritone Data Refinery or VDR, built entirely on our own proprietary aiWARE platform. Our tokenization engine not only powers our own AI workflows and customer applications, but now serves as the foundation for a powerful new monetization framework.

隨著人工智慧經濟的加速發展，數據經濟也隨之蓬勃發展，Veritone 的策略定位和市場時機可謂恰到好處。Veritone 已成為領先的視訊和音訊語義標記工廠，我們稱之為 Veritone 資料精煉廠或 VDR 的服務完全建立在我們自己的專有 aiWARE 平台上。我們的代幣化引擎不僅為我們自己的 AI 工作流程和客戶應用程式提供支持，而且現在也成為了一個強大的新貨幣化框架的基礎。

Our VDR product offering is leading the way as the first of several major monetization initiatives, which we plan to roll out beginning in the first quarter of next year. For more than a decade, Veritone has been tokenizing video and audio, the fastest-growing segment of unstructured data at massive scale. More importantly, we're doing so in a transactional utility-driven format that delivers immediate value and measurable ROI for our customers and ultimately for our investors through our expanding suite of innovative AI products, services and applications.

我們的 VDR 產品是幾項重大盈利計劃中的第一個，我們計劃從明年第一季開始推出這些計劃，它引領了這一潮流。十多年來，Veritone 一直致力於視訊和音訊的標記化，這是非結構化資料中成長最快的大規模資料部分。更重要的是，我們採用以交易實用性為導向的形式，透過不斷擴展的創新人工智慧產品、服務和應用程序，為我們的客戶帶來即時價值和可衡量的投資回報率，並最終為我們的投資者帶來價值和回報。

Our tokenization and monetization strategy is designed to exist and operate both on chain in the context of blockchain and independently as it has done profitably and efficiently for more than a decade. The data as a currency era has arrived, and Veritone is uniquely positioned to capitalize, executing from a position of strength, expertise and leadership in a rapidly expanding multibillion-dollar market. In fact, according to Mordor Intelligence, the global tokenized asset market is projected to reach $13.5 trillion by 2030. It is going to be a very exciting next few years for Veritone and our customers.

我們的代幣化和貨幣化策略旨在既能在區塊鏈的背景下在鏈上存在和運行，也能獨立運行，就像過去十多年來它一直盈利且高效地運作一樣。數據貨幣時代已經到來，Veritone 憑藉其強大的實力、專業知識和領導地位，在這個快速擴張的數十億美元市場中佔據了獨特的優勢，能夠充分利用這一機遇。事實上，根據 Mordor Intelligence 預測，到 2030 年，全球代幣化資產市場規模預計將達到 13.5 兆美元。對於Veritone和我們的客戶來說，未來幾年將會非常令人興奮。

Now turning to our strong quarterly results. Veritone delivered revenue of over $29 million. This performance underscores the accelerating demand for our market-leading aiWARE solutions, data products and intelligent applications, representing a 32% year-over-year increase in revenue for the overall business. Looking specifically at Software Products & Services, which includes VDR, revenue grew by an impressive 55% during the quarter. Excluding Veritone Hire, our Software Products & Services revenue surged by more than 200%.

現在來看看我們強勁的季度業績。Veritone 的收入超過 2900 萬美元。這項業績凸顯了市場對我們市場領先的 aiWARE 解決方案、數據產品和智慧應用的需求不斷增長，使公司整體業務收入年增 32%。具體來看軟體產品和服務（包括 VDR），該季度營收實現了令人矚目的 55% 的成長。除 Veritone Hire 外，我們的軟體產品和服務收入成長超過 200%。

As global investment in AI infrastructure intensifies, demand for high-quality training data and for our AI applications continues to rise in parallel. This powerful combination is driving sustained high-margin expansion across our Software Products & Services business. And as Mike will outline shortly, our bottom line performance this quarter was equally strong, delivering more than a 50% year-over-year improvement.

隨著全球對人工智慧基礎設施的投資不斷加大，對高品質訓練資料和人工智慧應用的需求也同步持續成長。這種強大的組合正在推動我們的軟體產品和服務業務持續實現高利潤成長。正如麥克稍後將概述的那樣，我們本季度的盈利表現同樣強勁，同比增長超過 50%。

Now turning to the partnerships, contract wins and products that underpinned our strong results. This quarter, our Veritone Data Refinery, VDR business, continued to deliver exceptional performance. VDR transforms raw unstructured audio, video images and text in high-quality tokenized data sets that power and fine-tune the world's most advanced AI models. We have established ourselves as a premier data and model training partner.

現在讓我們來看看支撐我們取得優異成績的合作關係、合約中標情況和產品。本季度，我們的 Veritone 資料精煉廠 (VDR) 業務繼續取得了卓越的業績。VDR 將原始的非結構化音訊、視訊影像和文字轉換為高品質的標記化資料集，從而為世界上最先進的 AI 模型提供動力和微調。我們已成為首屈一指的資料和模型訓練合作夥伴。

And during the quarter, we secured several significant new VDR customers, including contracts with multiple major hyperscalers, further solidifying VDR's position as a critical enabler in the unstructured AI training data ecosystem. VDR's accelerating momentum underscores not only the surging buy-side demand for clean model-ready training data, but also the expanding monetization potential of premium video and audio assets themselves.

本季度，我們獲得了幾位重要的 VDR 新客戶，包括與多家大型超大規模資料中心營運商簽訂的合同，進一步鞏固了 VDR 作為非結構化 AI 訓練資料生態系統中關鍵推動者的地位。VDR 的加速發展動能不僅凸顯了買方對乾淨的、可用於模型的訓練資料的需求激增，也凸顯了優質視訊和音訊資產本身不斷擴大的貨幣化潛力。

Our qualified VDR pipeline and bookings now exceed $40 million, reflecting 100% growth quarter over quarter. Importantly, that figure represents only current bookings and near-term opportunities. Our total VDR pipeline now spans multiple sectors, regions and time horizons, positioning Veritone for sustained growth as AI developers increasingly move beyond open web data in favor of proprietary multimodality data sets, precisely the domain VDR was built to serve.

我們合格的虛擬開發室 (VDR) 銷售管道和預訂量現已超過 4,000 萬美元，較上季成長 100%。重要的是，該數字僅代表目前的預訂量和近期機會。我們的 VDR 資料管道現在涵蓋多個行業、地區和時間範圍，隨著 AI 開發人員越來越多地放棄開放網路資料而轉向專有的多模態資料集，Veritone 得以持續成長，而這正是 VDR 所服務的領域。

Looking forward, we are confident that by the end of 2025, Veritone will hold active contracts or projects with every major hyperscaler in the market. Our VDR solutions are indeed growing quickly and provide great strategic leverage for future growth, but we are equally excited about our AI applications business, again, built and deployed on the same aiWARE platform.

展望未來，我們有信心到 2025 年底，Veritone 將與市場上所有主要的超大規模資料中心營運商簽訂有效的合約或開展專案。我們的虛擬資料室 (VDR) 解決方案確實發展迅速，並為未來的成長提供了巨大的策略優勢，但我們同樣對我們的人工智慧應用業務感到興奮，該業務也是在同一個 aiWARE 平台上建置和部署的。

For Veritone and our customers, our AI applications are the delivery vehicles for data-centric, high-value use cases, driving efficiency gains and ROI. In the quarter, we achieved significant progress across our commercial enterprise applications business. We signed 27 commercial agreements, including partnerships with ESPN, the NCAA and Newsmax.

對於 Veritone 和我們的客戶而言，我們的 AI 應用是實現以資料為中心、高價值用例的載體，從而提高效率和投資回報率。本季度，我們在商業企業應用業務方面取得了顯著進展。我們簽署了 27 項商業協議，其中包括與 ESPN、NCAA 和 Newsmax 的合作。

And just last week, we announced an expansion of our long-standing relationship with CBS, now encompassing many of CBS Media Ventures flagship programs, including Entertainment Tonight and Inside Edition, which are now available for licensing through Veritone. These partnerships exemplify how Veritone empowers the world's leading media organizations to unlock and monetize their vast content and data archives.

就在上週，我們宣布擴大與 CBS 的長期合作關係，現在涵蓋了 CBS Media Ventures 的許多旗艦節目，包括《今夜娛樂》和《內幕新聞》，這些節目現在可以透過 Veritone 獲得授權。這些合作關係充分體現了 Veritone 如何幫助世界領先的媒體機構解鎖並利用其龐大的內容和資料檔案庫來實現盈利。

Furthermore, through VDR, we are transforming these assets into clean, searchable, model-ready data sets, creating high-value training material for AI models and in turn, generating meaningful recurring revenue streams for both Veritone and our partners. As content libraries expand and data volumes surge, Veritone is uniquely positioned to unlock maximum value for commercial enterprises and IP owners. Our technology enables partners to fully monetize their content archives, transforming dormant assets into active revenue-generating resources while simultaneously producing high-quality model-ready data that fuels the next generation of AI innovation.

此外，透過 VDR，我們將這些資產轉化為乾淨、可搜尋、可用於模型的資料集，為 AI 模型創建高價值的訓練材料，進而為 Veritone 和我們的合作夥伴創造有意義的經常性收入流。隨著內容庫的擴展和資料量的激增，Veritone 擁有獨特的優勢，能夠為商業企業和智慧財產權所有者釋放最大價值。我們的技術使合作夥伴能夠充分實現其內容檔案的貨幣化，將休眠資產轉化為活躍的創收資源，同時產生高品質的模型就緒數據，為下一代人工智慧創新提供動力。

Turning to the Public Sector. In Q3, we closed 82 contracts from new and existing customers across federal, state and local agencies. We also added 30 new agencies during the quarter, including iDEMS win at a top 5 law enforcement agency and an annual iDEMS renewal with a Department of War agency deployed in their private cloud. Despite the federal government shutdown, we continue to be actively engaged with our customers and prospects in the Department of War and DHS as we expand the footprint of Veritone solutions.

轉向公共部門。第三季度，我們與聯邦、州和地方機構的新舊客戶簽訂了 82 份合約。本季度我們還新增了 30 個機構，其中包括 iDEMS 在排名前 5 的執法機構中勝出，以及與美國戰爭部下屬機構續簽了年度 iDEMS 協議，該協議已部署在其私有雲中。儘管聯邦政府停擺，但我們仍在積極與戰爭部和國土安全部的客戶和潛在客戶保持聯繫，擴大 Veritone 解決方案的覆蓋範圍。

Our Public Sector pipeline now approaches $218 million in qualified opportunities, up from $110 million earlier this year, a testament to both our accelerating demand for AI-driven solutions and Veritone's reputation as a trusted technology partner to law enforcement, defense and Fed Civ agencies. We also saw encouraging momentum internationally, including closing a partner-led transaction for a national police agency in the EU and advancing multiple opportunities in the UK for Veritone Redact, Veritone iDEMS and a new workflow solution on aiWARE.

我們公共部門的合格機會儲備已接近 2.18 億美元，高於今年稍早的 1.1 億美元，這既證明了我們對人工智慧驅動解決方案的需求不斷增長，也證明了 Veritone 作為執法、國防和聯邦民事機構值得信賴的技術合作夥伴的聲譽。我們在國際上也看到了令人鼓舞的發展勢頭，包括完成了一項由合作夥伴主導的歐盟國家警察機構交易，以及在英國推進了 Veritone Redact、Veritone iDEMS 和 aiWARE 上的新工作流程解決方案的多個機會。

Our international pipeline now exceeds $28 million and continues to grow rapidly, reflecting rising product market fit and strong demand among agencies engaged in government initiatives in key global markets, all supported by our secure and GDPR-compliant infrastructure. Our awardable status on the Department of Wars P1 marketplace positions Veritone to capitalize on the expanding wave of government AI investment. This designation enables us to engage directly with DoD and civilian agencies, shorten procurement cycles and deliver mission-critical AI solutions faster, helping government partners tackle their most pressing operational and analytical challenges.

我們的國際業務管道目前已超過 2800 萬美元，並且仍在快速增長，這反映出產品市場契合度不斷提高，以及參與全球主要市場政府項目的機構的強勁需求，所有這一切都得到了我們安全且符合 GDPR 標準的基礎設施的支持。我們在國防部 P1 市場上的獲獎地位使 Veritone 能夠充分利用政府人工智慧投資不斷擴大的浪潮。這項認定使我們能夠直接與國防部和民事機構合作，縮短採購週期，更快地交付關鍵任務人工智慧解決方案，幫助政府合作夥伴應對他們最緊迫的營運和分析挑戰。

Subsequent to the end of the quarter, we introduced a suite of new advanced capabilities within Veritone Redact, our aiWARE powered SaaS application that automates the redaction of sensitive information in audio, video and text. The latest features include AI-powered voice masking, inverse blur and multi-language transcription in 64 languages, all designed to enhance privacy, compliance and efficiency. These advancements are already driving expansion within existing customers and creating new opportunities for agency and enterprise partnerships.

在本季末之後，我們在 Veritone Redact 中推出了一系列新的高級功能，Veritone Redact 是我們基於 aiWARE 的 SaaS 應用程序，可自動編輯音訊、視訊和文字中的敏感資訊。最新功能包括人工智慧語音掩蔽、反向模糊和 64 種語言的多語言轉錄，所有這些功能都旨在增強隱私性、合規性和效率。這些進步已經推動了現有客戶群的擴張，並為代理商和企業合作創造了新的機會。

Before turning things over to Mike, I want to reflect again on how far we've come and where we're headed. I could not be more excited about Veritone's future, and I remain deeply grateful to our investors, partners and employees who have supported us through this remarkable transformation. I have never been more confident in the future of Veritone, our business, our people and the market opportunity before us.

在把麥克風交給麥克之前，我想再次回顧我們已經走了多遠，以及我們將要走向何方。我對 Veritone 的未來感到無比興奮，並衷心感謝所有支持我們完成這項非凡轉型的投資者、合作夥伴和員工。我對 Veritone 的未來、我們的業務、我們的員工以及我們面前的市場機會從未像現在這樣充滿信心。

We are leading the tokenization and monetization of valuable unstructured data and have firmly established ourselves as a key enterprise leader in both the AI and data economies. With a strengthened balance sheet supported by high-quality equity raises completed in the past few months and the material debt reductions announced today, Veritone is entering a new phase of execution, one defined by rapid profitable growth.

我們引領著有價值的非結構化資料的代幣化和貨幣化，並已穩固確立了自己在人工智慧和資料經濟領域的關鍵企業領導者地位。在過去幾個月完成的高品質股權融資以及今天宣布的重大債務削減的支持下，Veritone 的資產負債表得到加強，Veritone 正進入一個新的執行階段，這一階段的特點是快速盈利增長。

With our exceptional talent, dynamic AI platform, market-leading applications and a robust expanding pipeline, Veritone's future has never been brighter.

憑藉我們卓越的人才、動態的人工智慧平台、市場領先的應用程式和不斷壯大的業務管道，Veritone 的未來從未如此光明。

Over to you, Mike.

接下來就交給你了，麥克。

Thank you, Ryan. We started the second half of 2025 with one of our strongest quarters to date with Q3 revenue surpassing our recent guidance, led by our Software Products & Services growth of over 55% year over year and 48% year-over-year improvements in our bottom line of non-GAAP net loss.

謝謝你，瑞恩。2025 年下半年伊始，我們迎來了迄今為止最強勁的季度之一，第三季度收入超過了我們最近的預期，這主要得益於軟體產品和服務同比增長超過 55%，以及非 GAAP 淨虧損同比改善 48%。

In addition to this momentum in our results, we secured over $100 million in equity capital in September and October 2025, substantially improving our longer-term liquidity position. As I will explain in more detail, I am thrilled to announce today that we will be paying off 100% of our term loan and paying down 50% of our convertible debt, further improving our liquidity position. The results we achieved this quarter are the culmination of years of hard work and strategy coming to fruition.

除了業績上的這一成長動能外，我們在 2025 年 9 月和 10 月獲得了超過 1 億美元的股權資本，大大改善了我們的長期流動性狀況。正如我將在下文中詳細解釋的那樣，我很高興地宣布，我們今天將償還 100% 的定期貸款，並償還 50% 的可轉換債務，進一步改善我們的流動性狀況。本季所取得的成果是多年辛勤工作和策略規劃的結晶。

During my prepared remarks, I will discuss Q3 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, balance sheet and liquidity position, including the recent capital raises and paydown of our debt and Q4 and fiscal 2025 guidance.

在我的準備好的發言中，我將討論第三季度同比業績和關鍵績效指標，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已作為終止經營業務列出。我也會討論資產負債表和流動性狀況，包括最近的融資和債務償還情況，以及第四季和 2025 財年的業績指引。

Starting with Q3 2025 performance. Q3 revenue was $29.1 million, up $7.1 million or 32% from Q3 2024, driven by an $8.1 million increase from our Software Products & Services, offset by a $1 million decline in our Managed Services. The $8.1 million revenue growth in Software Products & Services was driven by Commercial Enterprise, which improved $7.8 million year over year and Public Sector, which grew over 25% year over year. The growth in Commercial Enterprise was led by Veritone Data Refinery or VDR. VDR, which launched in Q4 2024, is one area where we continue to see very strong growth and today has a near-term sales pipeline and bookings of over $40 million, up over 100% from our guidance in Q2 2025.

從 2025 年第三季業績開始。第三季營收為 2,910 萬美元，比 2024 年第三季成長 710 萬美元或 32%，這主要得益於軟體產品和服務收入增加 810 萬美元，但被託管服務收入下降 100 萬美元所抵銷。軟體產品和服務收入成長 810 萬美元，主要得益於商業企業（年增 780 萬美元）和公共部門（年成長超過 25%）的推動。商業企業的成長主要由 Veritone Data Refinery（簡稱 VDR）引領。VDR 於 2024 年第四季推出，是我們持續看到強勁成長的領域之一，目前其近期銷售管道和預訂金額超過 4,000 萬美元，比我們 2025 年第二季的預期成長超過 100%。

Overall, Veritone Hire remained relatively flat year over year, driven largely by the hiring softness in the macro economy. Excluding Veritone Hire, our Software Products & Services grew more than 200% year over year.

總體而言，Veritone Hire 的業績與去年同期相比基本持平，這主要是由於宏觀經濟招聘疲軟所致。除 Veritone Hire 外，我們的軟體產品和服務年增超過 200%。

The growth in the Public Sector was driven by the rollout of larger deals executed in the first half of 2025, including the Department of Defense and larger public safety agencies. We expect these larger public sector deals, coupled with our expanding public sector pipeline to generate substantial growth beyond 2025, which I will explain in more detail later.

公共部門的成長是由 2025 年上半年執行的大型交易推動的，其中包括國防部和大型公共安全機構的交易。我們預計這些規模更大的公共部門交易，加上我們不斷擴大的公共部門項目儲備，將在 2025 年以後帶來實質性的增長，稍後我將對此進行更詳細的解釋。

The $1 million decrease in Q3 Managed Services revenue was principally due to a decline in representation services by a decrease in our VeriAds Services, offset by a slight improvement in content licensing. As we previously discussed, we expect this negative trend in representation services to continue through 2025 or until the macro economy shows demonstrated improvements over 2024.

第三季管理服務收入減少 100 萬美元，主要是由於 VeriAds 服務減少導致代理服務下降，但內容許可略有改善，抵消了這一影響。正如我們之前討論過的，我們預計代理服務領域的這種負面趨勢將持續到 2025 年，或直到宏觀經濟在 2024 年之後出現明顯的改善。

Turning to key performance metrics across our Software Products & Services in Q3 2025. ARR of $68.8 million, up 9% from Q2 2024 of $63.4 million and 12% sequentially from Q2 2025 from increased consumption-based revenue, largely driven by VDR and stable recurring SaaS-based revenue. Overall, ARR from consumption-based customers increased 26% year over year and 74% sequentially from Q2 2025. Recurring subscription-based SaaS customers were up slightly by 3% year over year.

展望 2025 年第三季度，我們將專注於軟體產品和服務的關鍵績效指標。ARR 為 6,880 萬美元，比 2024 年第二季的 6,340 萬美元增長 9%，比 2025 年第二季環比增長 12%，主要得益於基於消費的收入增加，其中 VDR 收入增長尤為顯著，以及穩定的 SaaS 經常性收入增長。整體而言，來自消費型客戶的年度經常性收入年增 26%，較 2025 年第二季較上季成長 74%。訂閱制 SaaS 客戶的續約量年增 3%。

As of Q3 2025, 73% of our ARR was from subscription versus consumption-based customers as compared to 76% at Q3 2024. Total new bookings of $21.5 million, up $5 million or 30% year over year, primarily due to larger VDR bookings across our software customer base. Gross revenue retention continued to be above the 90th percentile. Total Software Products & Services customers of 3,021, which was down 9% year over year, predominantly from our Commercial Enterprise sector, which includes lower consumption-based customers across Veritone Hire and the continuing 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 public sector, largely from the growth in public safety customers.

截至 2025 年第三季度，我們的 ARR 中有 73% 來自訂閱客戶，而不是按消費付費的客戶，而 2024 年第三季這一比例為 76%。新增訂單總額達 2,150 萬美元，年增 500 萬美元或 30%，主要原因是軟體客戶群中 VDR 訂單量增加。總收入留存率持續高於90%分位點。軟體產品和服務客戶總數為 3,021 家，年減 9%，主要來自我們的商業企業部門，其中包括 Veritone Hire 的低消費客戶，以及在 2023 年 6 月收購 Broadbean 後，傳統 Career Builder 客戶持續減少的影響，以及我們專注於更大的 ARR 機會而導致的較小客戶減少。公共部門的成長抵消了這一降幅，這主要得益於公共安全客戶的成長。

Q3 GAAP gross profit was $18.7 million compared to $14.7 million in Q3 2024, an improvement of $4 million, largely driven by growth in Software Products & Services, including VDR, with GAAP gross margins of 63.3% as compared to 66.6% in Q3 2024. Excluding noncash depreciation and amortization expense, Q3 2025 non-GAAP gross margin was 70.6% as compared to 71.2% in Q3 2024, a decline of 60 basis points. Note that included in Q3 2025 is certain onetime software revenue that has very high gross margins, while VDR gross margins remain close to approximately 40%.

第三季 GAAP 毛利為 1,870 萬美元，而 2024 年第三季為 1,470 萬美元，成長了 400 萬美元，這主要得益於軟體產品和服務（包括 VDR）的成長，其 GAAP 毛利率為 63.3%，而 2024 年第三季為 66.6%。在剔除非現金折舊和攤銷費用後，2025 年第三季非 GAAP 毛利率為 70.6%，而 2024 年第三季為 71.2%，下降了 60 個基點。請注意，2025 年第三季包含某些一次性軟體收入，這些收入的毛利率非常高，而 VDR 的毛利率仍然接近 40%。

As I will discuss later, we do not expect the same level of onetime software revenue to recur in Q4 2025, and as a result, are forecasting Q4 2025 non-GAAP gross margins to be closer to 60%. Q3 operating loss of $15.8 million improved by $6.7 million or 29% year over year, primarily driven by the increase in gross profit, offset by lower operating expenses. Net loss from continuing operations was $26.9 million, an increase of $4.4 million or 20% compared to Q3 2024. The year-over-year increase was principally driven by an $8 million noncash charge in the estimated fair value of the earn-out expected from the divestiture of Veritone One recorded in Q3 2025 and a $2.2 million change in our Q3 tax provision, offset by the $6.7 million improvement in operating loss.

正如我稍後將要討論的，我們預計 2025 年第四季不會再出現同等水平的一次性軟體收入，因此，我們預測 2025 年第四季的非 GAAP 毛利率將接近 60%。第三季營業虧損為 1,580 萬美元，較上年同期減少 670 萬美元，降幅達 29%，主要得益於毛利的成長，但被較低的營業費用所抵銷。持續經營業務淨虧損為 2,690 萬美元，較 2024 年第三季增加 440 萬美元，增幅達 20%。同比增幅主要由 2025 年第三季計入的 Veritone One 出售預期或有收益的估計公允價值中的 800 萬美元非現金支出以及第三季度稅收準備金的 220 萬美元變動所致，但被營業虧損改善 670 萬美元所抵消。

Non-GAAP net loss from continuing operations was $5.8 million as compared to $11.1 million in Q3 2024, a $5.3 million or 48% improvement. The improvement was principally due to the year-over-year growth in non-GAAP gross profit, coupled with lower operating losses driven by increased discipline on cost management. As I will explain further, these reductions will provide us with a more efficient cost structure as we manage towards our planned growth throughout the remainder of 2025 and targeted profitability in the latter part of 2026 and beyond.

非GAAP持續經營淨虧損為580萬美元，而2024年第三季為1,110萬美元，減少了530萬美元，降幅達48%。這項改善主要歸功於非GAAP毛利年增，以及成本管理紀律加強帶來的營業虧損減少。正如我將進一步解釋的那樣，這些削減將為我們提供一個更有效率的成本結構，以便我們在 2025 年剩餘的時間裡實現計劃增長，並在 2026 年下半年及以後實現目標盈利能力。

Turning to our balance sheet. As of September 30, 2025, we held cash and restricted cash of $36.5 million as compared to $16.9 million at December 31, 2024. The net change in cash reflects net cash outflows from operations of $41.2 million, principally driven by our non-GAAP net loss of $25.6 million, deferred purchase consideration of $1.2 million and interest paid on debt of approximately $5.8 million, coupled with the timing of working capital in the quarter, driven largely by the increase in AR due to the growth in revenue in the period, offset by net cash inflows from investing in financing activities of $64.9 million, driven by net cash inflows of $70.9 million from equity offerings through Q3 2025, partially offset by $5.8 million in debt principal payments and $3.6 million in capital expenditures.

接下來來看看我們的資產負債表。截至 2025 年 9 月 30 日，我們持有現金和受限現金 3,650 萬美元，而截至 2024 年 12 月 31 日，這一數字為 1,690 萬美元。現金淨變動反映了經營活動產生的淨現金流出 4,120 萬美元，主要原因是我們的非 GAAP 淨虧損 2,560 萬美元、遞延購買對價 120 萬美元以及支付的債務利息約 580 萬美元，再加上本季度營運資本的時間安排，主要原因是淨現金帳款因本期淨收入增長而增加 64 萬美元，但因本期淨收入增加而增加資金2025 年第三季透過股權發行獲得的淨現金流入 7,090 萬美元，部分被 580 萬美元的債務本金支付和 360 萬美元的資本支出所抵銷。

Turning to liquidity today. In September 2025, we completed an underwritten equity offering, selling 9.5 million shares of common stock priced at $2.63 per share and an overallotment of 1.4 million shares granted to the underwriter, which was exercised in full for total gross proceeds of $28.8 million. In October 2025, we completed a registered direct offering, selling 12.9 million shares of common stock priced at $5.83 per share for total gross proceeds of $75 million. Immediately following the October offering, we held cash and cash equivalents in excess of $100 million.

今天我們來談談流動性問題。2025 年 9 月，我們完成了承銷股權發行，以每股 2.63 美元的價格出售了 950 萬股普通股，並向承銷商授予了 140 萬股超額配售權，該超額配售權已全部行使，總收益為 2880 萬美元。2025 年 10 月，我們完成了註冊直接發行，以每股 5.83 美元的價格出售了 1,290 萬股普通股，總收益為 7,500 萬美元。10 月發行後，我們立即持有超過 1 億美元的現金及現金等價物。

At September 30, 2025, our consolidated debt is down from a peak of $201 million in December 2021 to approximately $126.7 million. Subsequent to September 30, we paid down $3.6 million of our term debt through deferred purchase consideration received in October 2025, bringing our debt to $123.1 million, comprised of $31.8 million of term debt and $91.3 million of convertible debt.

截至 2025 年 9 月 30 日，我們的合併債務已從 2021 年 12 月的峰值 2.01 億美元降至約 1.267 億美元。9 月 30 日之後，我們透過 2025 年 10 月收到的遞延購買對價償還了 360 萬美元的定期債務，使我們的債務降至 1.231 億美元，其中包括 3,180 萬美元的定期債務和 9,130​​ 萬美元的可轉換債務。

Today, we announced that we have agreed in principle with certain debt holders to pay off 100% of our senior secured term debt and buy back 50% of our convertible notes for a total of approximately $77.5 million of consolidated debt principal in exchange for approximately $77.5 million of cash and 625,000 shares of our common stock valued at today's closing price.

今天，我們宣布已與部分債權人原則上達成協議，償還我們100%的優先擔保定期債務，併回購我們50%的可轉換票據，總計約7750萬美元的合併債務本金，以換取約7750萬美元的現金和625000股按今日收盤價計算的普通股。

Immediately following this debt payoff, our unencumbered consolidated cash is approximately $34 million, which is sufficient to fund our operations over the next 12 months at a minimum. Post this paydown, our remaining debt will be approximately $45 million, comprised solely of our 1.75% convertible notes due November 2026. By completing this transaction, we free up an estimated $13 million of annualized debt carry costs and substantially improve our liquidity position and future cash flow outlook.

在償清這筆債務後，我們未受限制的合併現金約為 3,400 萬美元，足以至少在未來 12 個月內維持我們的營運。償還本金後，我們剩餘的債務約為 4,500 萬美元，全部為 2026 年 11 月到期的 1.75% 可轉換票據。透過完成這項交易，我們預計每年可節省 1,300 萬美元的債務持有成本，並大幅改善我們的流動性狀況和未來現金流前景。

I want to underscore what an impressive and important step reducing our debt is. The improved flexibility and stability we now have as a result of our strengthened balance sheet will allow us to focus on reaching our growth potential to meet the hypergrowth market opportunity we face. That said, we will continue to be opportunistic with continued focus on further improving our current liquidity position and balance sheet. At September 30, 2025, we had 70.9 million shares issued in outstanding and 2.5 million warrants outstanding to our debt holders.

我想強調，減少債務是多麼令人印象深刻和重要的舉措。由於資產負債表的增強，我們現在擁有了更高的靈活性和穩定性，這將使我們能夠專注於發揮成長潛力，以應對我們面臨的高速成長的市場機會。儘管如此，我們仍將繼續抓住機遇，並繼續專注於進一步改善我們目前的流動性狀況和資產負債表。截至 2025 年 9 月 30 日，我們已發行流通股 7,090 萬股，並向債權人發行了 250 萬張認股權證。

Now turning to updated fiscal Q4 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. Our public sector and VDR pipelines continue to grow. Collectively, our backlog and sales pipeline across our core AR platform is in excess of $200 million today.

現在來看看更新後的 2025 財年第四季和 2025 全年業績指引。我們的軟體產品和服務收入管道和長期前景持續處於歷史最高水準。更具體地說，我們繼續看到價值約 100 億美元的全球數位證據管理市場需求強勁。我們的公共部門和虛擬開發資源庫持續成長。目前，我們核心 AR 平台的積壓訂單和銷售管道總額超過 2 億美元。

And as Veritone remains uniquely positioned to capture even more opportunity in the data as a currency market, we expect that pipeline and our potential to monetize our trove of tokenized audio and video to further increase. More specifically, in Q4 2025, revenue is expected to be between $33.4 million and $39.4 million as compared to $22.4 million in Q4 2024, a 63% increase at the midpoint and 25% sequentially from Q3 2025. In Q4, we expect our Software Products & Services to increase more than 75% year over year, led by the growth in Public Sector and Commercial Enterprise.

由於 Veritone 在數據貨幣市場中仍然擁有獨特的優勢，能夠抓住更多機遇，我們預計該管道以及我們利用海量代幣化音訊和視訊進行貨幣化的潛力將進一步增長。更具體地說，預計 2025 年第四季的營收將在 3,340 萬美元至 3,940 萬美元之間，而 2024 年第四季的營收為 2,240 萬美元，中點值成長 63%，比 2025 年第三季環比成長 25%。預計第四季度，在公共部門和商業企業成長的帶動下，我們的軟體產品和服務將年增超過 75%。

Specifically, we expect our Public Sector revenue to grow close to 50% year over year and our Commercial Enterprise revenue led by VDR to grow more than 75%. Our Veritone Hire Products & Services are included in this growth, and we expect Veritone Hire to be slightly down year over year given the current macroeconomic environment.

具體而言，我們預計公共部門收入將年增近 50%，而以 VDR 為主導的商業企業收入將成長超過 75%。我們的 Veritone Hire 產品和服務也包含在這一成長之中，鑑於目前的宏觀經濟環境，我們預計 Veritone Hire 的年增長率將略有下降。

Consistent with Q3 2025, our Managed Services is expected to be down year over year, principally due to the representation side of our business, which is experiencing some slowness as a result of the more challenging macroeconomic environment.

與 2025 年第三季一致，我們的管理服務預計將同比下降，這主要是由於我們業務的代理方面受到更具挑戰性的宏觀經濟環境的影響，導致業務放緩。

We expect Q4 non-GAAP gross margins to be approximately 61% to 60%, driven by the forecasted higher mix of VDR revenue in the period. Q4 non-GAAP net loss is projected to be between $1.5 million to $5 million as compared to $9.7 million in Q4 2024, representing a 66% improvement at the midpoint and a 44% improvement sequentially from Q3 2025. Turning to fiscal 2025 outlook.

我們預計第四季非GAAP毛利率約為61%至60%，主要原因是預計該期間VDR收入佔比將有所提高。預計 2025 年第四季非 GAAP 淨虧損在 150 萬美元至 500 萬美元之間，而 2024 年第四季淨虧損為 970 萬美元，中位數改善 66%，環比改善 44%。接下來展望2025財年。

We are updating our prior guidance for fiscal 2025, which we are expecting revenue to be between $109 million to $115 million, which at the midpoint represents a 22% increase year over year and non-GAAP net loss to be between $31.6 million to $26 million, representing a 29% improvement year over year at the midpoint. The change is reflected of the timing shifts in revenue, coupled with the compression in gross margins on VDR in 2025, which we expect to improve upon in fiscal 2026.

我們正在更新先前對 2025 財年的業績指引，預計收入將在 1.09 億美元至 1.15 億美元之間，其中值較上年增長 22%；非 GAAP 淨虧損將在 3,160 萬美元至 2,600 萬美元之間，其中值較上年改善 29%。這項變化反映了收入時間的變化，以及2025年VDR毛利率的壓縮，我們預計2026財政年度情況會有所改善。

Before closing the call, I'd like to remind everyone listening that Veritone will be attending Needham's Virtual 6th Annual Tech Week, November 20 through the 24 and UBS' Global Technology and AI Conference, December 1 through the 4 in Scottsdale, Arizona.

在結束本次電話會議之前，我想提醒各位聽眾，Veritone 將參加 11 月 20 日至 24 日在 Needham 舉辦的第六屆年度虛擬科技週，以及 12 月 1 日至 4 日在亞利桑那州斯科茨代爾舉辦的瑞銀全球科技與人工智慧大會。

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

我的發言稿到此結束。接線員，現在我們開始接受提問。

(Operator Instructions) Joshua Reilly, Needham.

（操作說明）約書亞·雷利，尼德姆。

All right. Nice job on the quarter here. Maybe just starting off on the Q4 revenue guidance. There's a $6 million range, obviously, there between the high and the low end. Maybe we could just review what are the puts and takes that would get your expectations in the business to the high end of the revenue guidance for the quarter?

好的。這季度做得很好。或許這只是第四季營收預期的開始。顯然，高端和低端之間相差 600 萬美元。或許我們可以回顧一下，為了讓您對本季業務收入的預期達到預期上限，需要採取哪些措施？

And then maybe what would drive it to the lower end of the guidance for the quarter?

那麼，究竟是什麼因素導致其業績低於季度預期呢？

Yes. I think it's just timing and velocity on some of the larger VDR deals. Again, as I sit here today, obviously, I was very bullish in both the words that I chose and sort of my tone and disposition. So obviously, we're going to push to get to the highest. But again, relative to the size and magnitude of some of these VDR deals and some of the commercial deals and some of the, I would say, to a lesser third degree, the timing on some of the public sector Fed deals, that's really going to be sort of the inputs to the ranges.

是的。我認為這只是某些大型虛擬資料儲存庫交易的時機和速度問題。再次重申，今天我坐在這裡，顯然，無論從我選擇的措辭還是我的語氣和態度來看，我都非常樂觀。所以很顯然，我們會努力爭取達到最高水準。但是，相對於這些虛擬資料儲存庫 (VDR) 交易和一些商業交易的規模和重要性，以及一些公共部門聯準會交易的時機（我認為程度較輕），這些因素確實會成為影響價格區間的因素。

But as I sit here today, very, very optimistic, very excited and most importantly, we have, I'll say, a very mature pipeline to substantiate that range and give us the opportunity to hit the higher end of the range.

但今天我坐在這裡，非常非常樂觀，非常興奮，最重要的是，我們擁有非常成熟的產品線來支撐這一目標，並使我們有機會達到目標的高端。

Got it. And then on the 100% quarter-over-quarter increase in the VDR pipeline, can you just help us understand what is -- what are you doing from a go-to-market perspective to kind of drive that pipeline growth? And then as we look forward into 2026, are you expanding the go-to-market efforts there to further expand the VDR pipeline?

知道了。關於 VDR 銷售管道環比成長 100% 的問題，您能否幫助我們了解一下—從市場推廣的角度來看，您正在採取哪些措施來推動銷售管道的成長？展望 2026 年，你們是否會擴大市場推廣力度，進一步拓展 VDR 產品線？

Or do you kind of have the people in place to manage the upside opportunity there? Maybe kind of help us understand the dynamics there?

或者說，你們是否已經安排了合適的人選來把握這方面的潛在成長機會？或許能幫助我們理解那裡的動態？

So this is a really exciting one. And I want to be clear. I mean, a lot of our growth, obviously, this conversation today was dominated by VDR. But there's the other side of VDR, which is the supply side. And that's the side that, frankly, before we even introduced the concept of we've been servicing and selling AI-based software to a lot of media and entertainment and content groups for years.

這真是太令人興奮了。我想把話說清楚。我的意思是，我們很多的成長，顯然，今天的討論主要圍繞在VDR。但VDR還有另一面，那就是供應方。坦白說，在我們提出人工智慧概念之前，我們已經為許多媒體、娛樂和內容集團提供服務和銷售人工智慧軟體多年了。

So again, where we see the great opportunity and what makes us very, very unique as compared to really anybody who's in the AI training data ecosystem is that we -- to be clear, we represent and generate revenue from both sides, right? Again, both from the buy side, those are the hyperscalers and the model developers we're selling to, but also the representation side, those are the media and entertainment and other data suppliers that we represent, but also have been selling software to.

所以，我們看到的巨大機遇，以及我們與人工智慧訓練資料生態系統中的任何其他參與者相比的獨特之處，在於——需要明確的是——我們代表並從雙方獲得收入，對吧？同樣，無論是買方（即我們銷售產品的超大規模資料中心和模型開發人員），還是代理商（即我們代理的媒體、娛樂和其他資料供應商，以及我們一直向其銷售軟體的公司），都是如此。

So again, to your question specifically, as I stated in my prepared remarks, we do believe that we will be engaged in doing the active projects and business with nearly all, if not 100% of the major buyers today in the space, but the space is growing quickly. And so what we're very focused on is to make sure that not only are we continuing to take care of the larger transactions with the bigger AI model development shops, but also we do believe because of the cost basis for compute, storage, et cetera, continues to come down, we do believe that there's going to be more entities, different companies to sell to, to sell these training data sets to.

所以，再次回到你的問題，正如我在準備好的演講稿中所說，我們相信我們將與當今該領域幾乎所有（如果不是 100%）的主要買家開展積極的項目和業務合作，而且該領域正在快速增長。因此，我們非常關注的是，不僅要確保我們繼續與大型人工智慧模型開發公司進行更大的交易，而且我們相信，由於運算、儲存等成本基礎持續下降，我們將有更多的實體、不同的公司可以向他們出售這些訓練資料集。

So we do believe that we want to continue to strategically expand our sales force. We are building a pretty reputable brand as it relates in the AI training data market. But to be clear, we want to make sure we don't simply focus on the buy side. We continue to want -- and what we have seen, we really didn't touch upon it that much in my prepared remarks, but we are also seeing an increased velocity of the data providers coming to Veritone.

因此，我們確實認為我們應該繼續策略性地擴大銷售團隊。我們正在人工智慧訓練資料市場打造一個相當有聲譽的品牌。但需要明確的是，我們希望確保我們不僅僅關注買方。我們仍然希望——而且我們已經看到，雖然我在準備的演講稿中並沒有過多提及，但我們也看到越來越多的數據提供者加入 Veritone。

We signed a multitude of different -- we obviously mentioned a couple of the bigger brands on my call, but we saw a multitude of different customers now coming to us not only for the VDR solutions, but for our AI software side of the equation. So again, I want to -- just to summarize that, we are unique in the sense that we sit and represent and sell to both sides of the equation, the sell side and the buy side.

我們簽下了許多不同的客戶——在我的電話會議上，我們當然提到了一些較大的品牌，但現在我們看到許多不同的客戶不僅為了 VDR 解決方案而來，也為了我們的 AI 軟體方面而來。所以，我再次總結——我們的獨特之處在於，我們同時代表買賣雙方，既是賣方，也是買方。

And yes, we will be investing strategically more into the go-to-market to increase velocity to make sure, again, that that's not a limiting function going into next year.

是的，我們將加大對市場推廣的策略投入，以提高速度，確保這不會成為明年發展的限制因素。

Got it. That's very helpful explanation there. And then maybe on the Q4 guidance for the public sector, I believe you said it was going to be up 50% year over year. How much of the -- what are you factoring in on the federal side with the government shutdown obviously still in place here, to kind of hit that number? And are you making any assumptions that some federal -- US federal deals will close and kind of hit that number, which would require the government to reopen? Or just kind of how are you kind of calibrating those assumptions?

知道了。這個解釋很有幫助。然後，關於第四季度公共部門的業績指引，我記得您說過會比去年同期成長 50%。在政府停擺的情況下，你們在聯邦層級考慮了多少因素才能達到這個數字？你是否假設一些聯邦政府的交易將會達成，並達到那個數字，從而需要政府重新開放？或者說，你是如何校準這些假設的？

I think we've taken that into the handicap for that guide. Obviously, as a percentage of the overall revenue base, it's not that large. And so meaning to sway us to have to take a more pessimistic view of hitting that guide. To be clear, we still are generating growth. We still are closing new businesses and revenue in the federal space. But have we seen potentially some delays in some of the revenues that would have contributed in this quarter? We have.

我認為我們已經把這一點考慮進到那份指南的考量因素中了。顯然，從總收入的比例來看，這並不算大。因此，其目的是要讓我們對達到該目標持更悲觀的態度。需要明確的是，我們仍在實現成長。我們仍在聯邦政府領域關閉新的業務和收入來源。但是，我們是否看到本季部分收入可能延遲？我們有。

Thankfully, the other sides of the business have grown, just sort of outperformed. And so that's, we're extremely bullish overall. But again, the short answer is, like everybody, we hope this government shutdown ends sooner than later. And just what -- if all these things start hitting on all cylinders. So again, overall, we're very excited. And I think that a lot of investors need to -- when they're thinking about some of our market peers in the market, we're not a one-trick pony in a certain vertical, right?

值得慶幸的是，公司的其他業務也實現了成長，表現相當出色。所以，整體而言，我們非常看好市場。但簡而言之，和所有人一樣，我們希望政府停擺能盡快結束。如果所有這些事情都開始全面運作起來，那會怎麼樣呢？所以總的來說，我們非常興奮。我認為很多投資者在考慮我們的一些市場同行時需要明白，我們並不是只擅長某一特定領域的公司，對吧？

We have the exact same powerful technology stack aiWARE that's being sold effectively into both Commercial and Public Sector. And I think investors should take note of that. So again, this is another great example of having a focused yet diversified business, it can be very, very attractive.

我們擁有完全相同的強大技術堆疊 aiWARE，該技術堆疊已成功銷往商業和公共部門。我認為投資者應該注意到這一點。所以，這再次證明了專注而多元化的業務模式非常具有吸引力。

Glenn Mattson, Ladenburg Thalmann.

格倫馬特森，拉登堡塔爾曼。

I just want -- I know VDR is a bigger story, of course, but I want to just drill down on that Public Sector stuff for a minute. What I'm curious is, is it that the federal shutdown is causing a bit of a slowdown? And in particular, is it related to that Air Force contract only because I want to understand if it's -- as I think about my forecast for next year, if there's like a snapback or is it a temporary thing or if it's maybe that something else going on? Just if you could elaborate.

我只是想——我知道VDR當然是一個更大的話題，但我只想花點時間深入探討公共部門方面的事情。我好奇的是，聯邦政府停擺是否導致了經濟成長放緩？尤其是，這是否僅僅與空軍合約有關？因為我想了解，在考慮明年的預測時，這是否只是暫時的，還是有其他原因？如果您能詳細說明一下就太好了。

No, I think this is a short-term blip. Again, in terms of at least my perspective for your modeling. this was weeks, if not a couple of months delay. But again, it's not binary, to be very clear. So it will have a negligible overreaching effect on -- for your modeling for next year. And we say snapback, again, a lot of the projects are active.

不，我認為這只是暫時的波動。再說一遍，至少就我個人對你們建模的看法而言，這耽誤了好幾週，甚至好幾個月。但再次強調，這不是非此即彼的問題。因此，它對您明年的建模工作不會產生微乎其微的負面影響。我們再次強調，很多專案都在積極推進中。

But again, there are people that we were working with, not the majority, but definitely individuals who were furloughed and put off, which I would say may have contributed to some of the slowdown. But again, I'm not -- so I would say, no, that should not impact, in my mind, what you are -- in terms of your modeling or our excitement for overreaching public sector. But again, like many others, we did see some hit over the last several weeks.

但話說回來，我們合作的人員中確實有一些人（雖然不是大多數），他們被暫時解僱或工作受到影響，我認為這可能在一定程度上導致了業務放緩。但再說一遍，我不是——所以我會說，不，這不應該影響你——在我看來，就你的建模或我們對公共部門過度擴張的熱情而言。但和許多其他公司一樣，我們在過去幾週也受到了一些衝擊。

And then as I think also kind of a model question, I don't know if you want to handle it or Mike. But when I think about next year, I mean, historically, the front half of the year for Software and Services was kind of a bit lighter in a stronger second half, if I have that right. And so that might be being overwhelmed by the VDR growth. How should we just think about seasonality next year? I know you're not necessarily guiding for next year, but just kind of the trend, the timing --

然後，我覺得這也是一個比較典型的問題，我不知道是你來回答還是麥克來回答。但當我展望明年時，我的意思是，從歷史數據來看，軟體和服務業上半年通常比較疲軟，下半年則比較強勁，如果我沒記錯的話。因此，VDR 的成長可能會使其不堪負荷。明年我們該如何看待季節性因素？我知道你未必是在預測明年的情況，只是在關注趨勢和時機。--

Yes, I'll take it. We haven't given any guide for next year. But to your point, a lot of the growth was in the back half of this year, and that should continue in the first half relative to year-over-year comparisons, if that's to kind of give you some direction.

是的，我要了。我們沒有給出明年的任何指導方針。但正如你所說，今年下半年的成長勢頭強勁，而且與去年同期相比，上半年應該也會保持這種成長勢頭，希望這能給你一些參考。

(Operator Instructions) Stephen Banta, Banta Asset Management.

（操作員說明）Stephen Banta，Banta 資產管理公司。

Great quarter and it looks like you guys are executing well against what you stated back in '23. I'm just curious if you can provide maybe a little bit of color around your strategy with Veritone Hire. It seems like the business in general is firing on all cylinders and is looking to be optimistic in the future. But when it comes to Hire, how are you guys looking at that? Do you have a strategy with regard to that business?

本季表現出色，看來你們在執行2023年所訂定的目標方面做得很好。我只是好奇您能否詳細介紹一下您與 Veritone Hire 的合作策略。整體而言，公司業務似乎運作良好，對未來充滿樂觀。但說到招聘，你們是怎麼看待這個問題的？你們對這項業務有策略嗎？

It is a very stable business. Obviously, as we've stated in the market -- on the calls, relative to the other, I'd say, more hyper growth areas of the business, it's more or less flat or slightly down. But it is a very stable business. It is a meaningful contributor to the business in terms of cash flow. And so we'll keep all of our options on the table.

這是一個非常穩定的行業。顯然，正如我們在市場中所說——在電話會議上，相對於業務的其他高速成長領域，它的成長基本上持平或略有下降。但這是一個非常穩定的行業。就現金流而言，它對企業做出了重要貢獻。因此，我們將保留所有可能的選項。

Again, I think most importantly, on a relative basis to its peers in the marketplace in an industry where a lot of players in the space have been down anywhere from 10% to 20% for a business that's been flat, slightly down, we're outperforming. So as of all things, it is an important part of the overall Veritone portfolio and revenue base.

再次強調，我認為最重要的是，相對於市場上的同行，在許多同行業績下滑 10% 到 20% 的情況下，我們這個業務基本上持平甚至略有下滑的公司，表現卻優於同行。因此，它也是 Veritone 整體產品組合和收入基礎的重要組成部分。

But like all things, we're going to keep an open mind about the future. But right now, we're pleased with the overreaching. I think the most important thing we want investors to look at is overreaching, the improvement across the board at an aggregate basis of what we've been able to do both top and bottom line. And as of today, the Veritone Hire piece is an important part of that equation.

但就像所有事情一樣，我們將對未來保持開放的心態。但就目前而言，我們對這種過度擴張感到滿意。我認為我們希望投資者關注的最重要的一點是超越預期，即我們在營收和利潤方面取得的整體進步。而截至目前，Veritone Hire 是這一等式中的重要組成部分。

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

我們的問答環節到此結束。我謹將會議交還給執行長兼董事長瑞安·史蒂爾伯格，請他作總結發言。

Well, thank you, everybody, for the call today. Obviously, we're looking -- as a company, we sort of fit in -- we are an AI company, but ironically, relative to what I think we've done is massive improvements on some of the legacy overhangs. We have been kind of operating, I feel, historically with one, almost two arms tied behind my back. And I think us as a collective company with our product portfolio being in this market, both, I'll call the data and AI economy, we should all be very, very optimistic, excited and bullish about our prospects.

謝謝大家今天打來的電話。顯然，我們公司正在尋找——我們某種程度上也符合這個定位——我們是一家人工智慧公司，但諷刺的是，我認為我們所做的，是在一些遺留問題上取得了巨大的進步。我覺得，從歷史上看，我們一直像是被束縛著一隻或兩隻手一樣行事。我認為，我們作為一個整體，憑藉我們在這個市場（我稱之為數據和人工智慧經濟）中的產品組合，都應該對我們的前景感到非常非常樂觀、興奮和看好。

Again, hopefully, we can continue to prove -- improve our multiple as a company relative to our peer group. But there was a lot of things that we needed historically to clean up. And as I stated clearly, I believe that we have cleared those up.

希望我們能夠繼續證明——提高我們公司相對於同業的估值倍數。但從歷史角度來看，我們需要清理很多東西。正如我之前明確指出的，我認為我們已經澄清了這些問題。

And I think we're in a phenomenal situation. Also I want to double tap and before I sign off, on that very unique situation we are where we sit in the middle of providing great utility value, both from data suppliers and for data acquirers, very unique. And I want -- we're going to continue to talk about that and continue to press on that. It just provides tremendous growth and revenue diversity for the business.

我認為我們正處於一個絕佳的境地。另外，我想再強調一下，在我結束之前，我們處於一個非常獨特的境地，即我們既為數據供應商提供巨大的實用價值，也為數據採集者提供價值，這非常獨特。而且我希望——我們將繼續討論這個問題，並繼續推進這個問題。它能為企業帶來巨大的成長和收入多元化。

So thanks, everybody, for their time, and we'll speak to you soon.

謝謝大家抽出時間，我們很快再見。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。