SOUN - Earnings call transcript Q2 2022

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Operator

Good afternoon, and welcome to SoundHound's Second Quarter 2022 Earnings Conference Call. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Scott Smith, Head of Investor Relations. Please go ahead.

Scott Smith

Thanks, Jillian. everyone. Hi thanks second and call. XXXX joining for afternoon, quarter our earnings Good me CEO, Nitesh our today Mohajer; With is CFO Keyvan here and our Sharan.

Q&A. from forward-looking should statements with before discussion this with of including Reported call. indication refer performance. remind the begin the cause SEC results short could future could on by that a We'd our differ our results those prospectus to statements. materially everyone, making will considered to differ, suggested filings also not an as filed XXXX to our for be business our We we'll April Please with be Actual combination. like of in to those some that factors moving X, our results remarks connection in described forward-looking

statements we are from statements, on except We limitations by the press non-GAAP that to forward-looking disclaim refer measures. In discuss those any on to definitions, date. reconciliations GAAP note update certain non-GAAP. law. details Please this any today's measures release information further addition, to forward-looking based may available and for of as and us of call the uses obligation as today's Also to on required

to our its the being entirety like this will Finally, in call call, website. audio Investor webcast over Keyvan. An available following turn is that, today's would with I on shortly, Relations to be replay audio call. And

Keyvan Mohajer

you, Scott. Thank

And Scott you today. I welcome of team, wanted Smith started, joining Relations. new Before to for the to Investor thank the get Scott. to Head we our everyone Welcome call SoundHound

backlog on April adopted of an our with we have year, excited times monthly company. a earnings first accelerated is ticker this second being year. our strong SOUN We share on since to by We as to than XX prior year, booking our at more technology you welcome to last the showing cumulative quarter pleased compared to our that queries and celebrated listing our the three under tripled are grew public our Today, you results. are early NASDAQ, We rate. call

many exactly has and moment. able room our in years on this decided computers, journey We for the and University, year, my should Earlier lifetime, know time make the experience to co-founders the this doing. a ambitions. Revenue Officer are that Irani, embarked we us the happen. began talk spent journey our foundation years we SoundHound Chief welcomed Zubin is we within our we to leadership talk that's team. this help building brings ago small where that as that dorm what to to to I at scale each other, XX growth tremendous our Stanford We to now we way and Zubin be achieve to

organizations R&D and technology. up our We to to SoundHound's expand adoption of invest organization service sales in are ramping rapidly continue and voice AI

want that expanded a new public been already almost our have the to many talented this opportunity. also up right excitement to time, same and us thank employees XXX passion share with globally want from early welcome about to to At and that have moment and days, the our new listing. We the to I employees those I take

technology we times macroeconomic and time of Innovation same business automation environment believe the While the of high At like more resonates time, ever long around our these. in even and surrounding uncertainty proposition. is the legacy is aware value AI levels we are than it, for perfect AI overdue. the it process voice

needs to becoming The shortlist so current that the pushing and quo customers players the unavoidable, are that the voice-enabled, humans reexamined. process world in convenience it for with familiar and how next know be evolution expectation of interact the rapidly for in also rising. technology status consumer We and are is of incumbent is

the For we had decade innovation AI. XXXX technology around the major next AI is it disruptive technology by level with too at taken we unveiled self-innovation, the of our a more to in the that after conversational the of than of it static. long, When surprise. computing, believe We caught forefront been have voice next disruption world

Some been players years was it real have to not even succeeded. us and that to and denied up catch have others trying for

Conversational platform. a strengths demos earlier of of of short only unique Let our the the [Video me undoubtedly play conversational future, the SoundHound technology. offers and the global highlights cross-industry we conversational clip Presentation] some AI one AI that is AI believe from independent

including is our unmatched can technology players, see tech. our you incumbent by big the in the As demonstrations,

as and that responds AI Our and more it than but even human better in conversational world ambition possible opportunity and natural as in a and people way, making productive place. is is interacts, to the the humans better understanding, make

with licensing leadership, a core extremely in record while our innovation. Furthermore, and real are inventions position and We declining that their pure are customer fees technology track our are to of due to other unique and under face problems the pressure technology to solve maintain to breakthrough players our our lower vendors revenues. constant difficult DNA constant risk

to monetization Nitesh will the product soon revenue the revenue ecosystem that highlight increasing of three-pillar puts user, increasing per a and trajectory unique creators. share adoption us Our on due with

with cloud not have breakthroughs entry, we best-in-class believe voice long are technology. value. offerings, our to we a unique is collective It many our deliver complex. form of artificial is Meaning a proprietary an high edge conversational positioning there is to With perfect barrier Natural technology the to companies intelligence. This full delivering and a takes creates It AI. our why understanding and and AI Deep very stack Speech-to-Meaning, industry-leading summarize especially time and which language along opportunity. Let's challenging requires Understanding,

win. and whose tech vendor, competitive we innovate why is The technology players, simple creators consumers being to Our inflexible, replaces product agendas their users, overwrite monetize, technology devices and rather delighting our hidden adoption while conflict we of them potential. connection legacy, brand and help is whose increases differentiation bridges of other revenue than We services. with and big gaps: two major industry billions a expensive power which competitors, And voice and aim outdated; and technological with interest. assistants technology and the

SoundHound's technology of global voice-enabling apps our IoT cars thanks on and TVs international set to and millions a languages of extensive is scale, mobile devices already presence.

further. We see down the we organization, we our are doubling on opportunity existing to services demand us customers, to these ramp go-to-market address our from as all enabling where thus expand tremendous strong

We are is resonating seeing and clear and customers expectations. is new technology existing from delivering on it demand robust our and

Square. new we agreement, seven-year For new announced Hyundai, entered relationship and example with QX, with we a into in a

has voice in to Europe, AI popular an most recent Stellantis delivering more LG vehicle brand Our announcements, with the continued in agreement with Electronics. momentum and entering

backlog increasing $XXX three momentum business and than the Our million, more of cumulative with in gained making times to growth. bookings consecutive third year-over-year QX triple-digit quarter

the taking driving We exceptional growth at market same time. share and are clearly

from grew Nitesh revenue will the in shortly. results our financial quarter by previous XX% discuss Our and more detail

the customer user have times. key platform, year-over-year. measures AI by triple of Our conversational into than was more queries one years digit increased up of our queries our And also adoption and just monthly one half in

to new meaningful growth enhanced products in added penetration are agreements to This in with devices, customer continuing gives further to deliver users. expand new continued QX. and seeing value consumers. we We are continue end more key also us while expansive momentum we with relationships We that confidence new existing our

customer Restaurants launched mention that, SoundHound Not to can take positive process, an of restaurants and For to addressing increasing more shortages example, demand has interest feedback seeing building assistant that that the and are businesses the we the so customer The sales. initial automate maximize pressure. challenges additional AI orders and is environment extremely these phone been current restaurants rapidly. wage increased takeout, for allows twin ordering staffing for

that which already use well-known with interest conversational phone automated speech will significant. launch, systems. opportunity complex the product is recognition POS match understanding, with clearly is believe and It differentiators market we language of perfectly restaurants the and brands ordering with integration challenging. with address. announced natural This a to demand point-of-sale first thousands have market Together our with space we some requires We is seen tremendous This allow we well. to restaurants are start Square's particularly AI of an more. our is specialized Voice-enabled hundreds SoundHound's new from very this food key ordering, up, positioned product sign which Square amazing

excites with amazing types and me to while that foundation. partners, about shown build announced that, And have while it the extremely strong fast. time success to have far. customer strong What of the are most SoundHound Restaurants is the We take strong, years so they is adoption we – we for are

great due rates. we of potential should deployment scale in a up have a matter much customers. to of new offering make the This time cycles seen has improve customers shorter frame We impact days only faster an and running thousands sales shorter into as in already to and this and

we those strong existing of now Hyundai. the One where out foundation play relationships, is seeing are

This drivers power The will languages voice agreement multiple Edge+Cloud Kia to agreement and in size multiple brings and the AI Genesis every voice technology, of brands, voice Hyundai world. The announced to the markets commerce quarter and recognition around an and languages bring AI with them class music SoundHound's around in brands. expanded of solutions, multiple vehicles allow the this we new agreement world. scope to software, of

to global our SoundHound's platform enterprises few company's among closing build for others. past brands Netflix, to Hyundai, remarks. in it, SoundHound globalized and to momentum across steps we history, language over with one have worked months, the Nitesh, launched industry, have creating with We foundation. create technology Large Stellantis, the have advertiser into VIZIO, enormous call radically commerce first we Since and tirelessly Before XX of Qualcomm, several it Pandora helped it In such voice the major make voice major Electronics initial many to launching and scaled the this what turning Snap the from announcements believe and like now the Kia, huge LG extended platform. evolved AI decade we as us. for We voice Square best AI I XXXX, of a such is enter industries. first market Mercedes-Benz, to several first as Restaurants, our a would

to Therefore, pleased macroeconomic we the only plan While I With financial of our and target our the the over to companies, right will delivering Nitesh front that the quarter. SoundHound half of we is has moving aggressively performance in first turn expanding call potential year. our the now XXXX on revenue challenging many the are are own is reaffirm for confidently expectations performing and us environment and we proved against about for forward. for talk that, opportunity

Nitesh Sharan

engagement, customer our Keyvan's with for QX's opportunity are you. share and the I Keyvan. the bookings and that company growth public fuel and conference first you, strong With our foundation ongoing a will excitement about of as continued we earnings Thank dialogue call all building on executing triple-digit expansion.

often Before generate going and I the model we our my quarter, will framework. this to results revenue, as the wanted remarks for reference into discuss business how

For product three distinct We repetitive, of very and this to important, breakout revenue start our some into service wanted I you but it be is may so monetization. here. pillars: royalties, subscriptions

royalty world. voice-enable billions the such we we growing First, TVs devices revenue products, of cars, and rapidly the get IoT when as around

see want pillars valuable new the as morning subscription with if from like we voice-enabled such voice-enabled voice the this connect interaction speaking recurring commute to revenue importantly, monetization product a and order generates unlocks that The as, products revenue food we ordering, you creator, generate share coffee transaction commerce a with we Second, your the car This shop the third, were And appointments, and work. upside for the is services, when revenue heavily by from to coffee customer seamless our pillars adoption. coffee or increasing a is revenue-generating services, ecosystem voice-enable value contributions we we we to to it. AI create voice-enabled service. and shop example. for monetization building. you on when car economics our involved. sale we all and will cost from revenue natural and the receive your revenue Most that meaning in Today parties manufacturer those and the create a expand. effect customer expand. the to become This pathway have that continue platform to from revenue addressable we your coffee exactly been network get unit you potential. two pillar tremendous market see to pillar component scales a three attractive more and already The customers, how increasingly compounds business We and three expanding when incremental voice These one weighted extend more voice-enabled

million, a with contracts with backlog the Now, year performance. underlying length. average from to a X.X-year of the me weighted representing quarterly XXX%. than bookings let more The $XXX into backlog quarter move a seven year-over-year financial years contract strong of one We range our QX cumulative closed growth

of us Our together. build one-time $X.X QX long-term we confidence in relationships XX% by our in have customer In from from commitment partnership to impacted and customers Prior generated conclusion QX, year revenue, XX% to that last Adjusted with results XXXX. highlight sequentially average working where QX derived the $X.X million a revenue up million future upon services to the QX were result. year-over-year had price which this we early for and added a also growth. were unit. continued the impact, product Revenues predominantly by driven expanding royalties, per saw professional contract, scale units year year's

and up The costs consistent that was customers. I of across basis with with for vendors. quarter the Our associated prior points, quarter mentioned, of supporting from sequentially. one-time majority revenues up was year our for impacted year. prior XX% in our Adjusting gross Cost results were last sequentially, QX. the our revenue or gross the $X.X margin or margin year's just our cloud data of migration improved million, that to in cost up XXX the XX%, by is Those XX% center

expecting to realize this from and of to migration short the complete term as further this economies after both we the margins which over expect year, are We we scale. long and expand,

built as portfolio. expenses and Our been operating platform weighted historically voice we have patent towards AI heavily R&D, have deep our

and employee to up same general to We year up public. administrative with solidify versus R&D operating million, adjustments in QX, million year-over-year. and we our and headcount newly other public same ramping investments was becoming stock as the XX% period compensation the functions associated are was At now a our expenses, sales In $X.X growth. sequentially $XX.X and to QX, prior continued up due increased company. Across time, also non-cash our marketing accelerate

to headcount spend. expand our discretionary continue We and

to to forefront marketing expenses We This base. will continue $X.X area we and while and ensure small off at is to as helping R&D, we up growth functions global invest expansions the a year-over-year. across scale remain to in investment, and improvements the XXX% share team drive move a administrative of generation, the acquisition, needed ultimately non-headcount innovation, lead develop we were products the new verticals spend Sales also public up XXX% grow This activities new in company. market includes we million, customer into General capture. as forward scale and and of were year-over-year primary operational headcount and expenses support new as services. million, our $X.X to

the to expect of expand to XX source on to leverage become start P&L. XX We a then this over next months the and

from amortization million. Our $XX.X QX the are of going a was shares. in compensation, impacted prior excludes in from ending which private our share non-cash operating was EPS quarter. EBITDA, calculation activities the non-operating QX, was public. other in XXX as used an and quarterly loss Please June our of depreciation per increase average $X.XX. count share loss by million and XX, stock $XX.X of And charges million Adjusted loss was outstanding that to note approximately XXX shares million the the weighted transition Net

quarter Our was on hand cash $XX at end million.

leveraging and we the April while from model business said, flowed infuse company new we P&L free is capital-light, received are Our going that, proceeds public results To newly are the so public growth. a do cash for to capital. That flow. investing in we through largely continuing to

now. to Moving guidance

significant we guidance As industry growth rapidly we potential. most given is messaged evolving offering annual last quarter, believe appropriate our revenue and

potential near-term We of on while front commitments, in on us. focusing long-term are delivering the

where the feel a market dislocations not be in million first and before of XXXX, unquestionable. revenue always in confident current are full guidance has to is will of $XX this we expectation continue This this our for reaffirm year and linear, given outlook. continue we closing business, as well since expect million. $XX it year to momentum In progress changed not revenue we communicated range the we to such, As but

Thank be and this are to we excited our now to excited Q&A. about will juncture move We you. path extremely at And forward.

Operator

from Capital Mike Please first comes go Our Latimore from Instructions] ahead. question Northland [Operator Markets.

Your open. line is

Mike Latimore

getting Hi, congrats there Nice on Yes. here. results public everybody. and

Keyvan Mohajer

Thanks, Mike.

Mike Latimore

strong you've almost I'm half second guess were the of thinking very bookings goal the the for and through your would momentum the -- year So very, I seems carry hit like there. here. continue it the year the to

I So guess, trajectory bookings of thinking the how about the are you throughout rest year?

Nitesh Sharan

start with I'll Yeah. that.

little a So give we the commentary comment I'll and first, on on you say -- color I'll bookings, right. I'll that's a make if that all more guidance

annual kind So the the we've an we we probably to will that -- is noted established revenue I bookings translate think best on basis giving sort how through. of flow guidance as of way

we provided million. so that feel to continue of just that $XX And outlook again, $XX we confident to million of

you the $XXX momentum also, with that pleased and through results As having Xx year, very up we're million customers. just QX, bookings noted we're strong prior from with strong conversations indicates

we're while and lot of to to significantly lot of seeing particularly them, tremendous there's It's pressures. for very We've wage And a almost looking restaurants. our what suited the of SoundHound well existing plan having on expand lot we're to a to pillar, ordering what solution offering, -- pressures expect the traction. across this to on scaling for conversations of a talking we're the has offerings labor just in sales year, the backdrop Restaurants with products, for. exactly where ground end demand customers, been providing just expect now team insatiable particularly been that we're of a they're customers prepared not as in second noted for to where respect food So great we we potentially expect the regions, we articulating kind remarks, -- services with brands how

to through them people get we get have have and to And on. so work the we a backlog onboard really funnel and trying of

feeling when conversations I I don't a one in and bringing about They I'll We're that we're Having we voice-enable ecosystems. those one the is say that reflected through bookings services. voice-enable So bringing these pillars product would two, capture revenue. but this more not just great monetization that. great know these lastly Mike, and lot say, are and -- momentum. of -- together we broadly indicator. of does know you sort bookings represent

So -- bookings. sorry not reflected in monetization is

actually will that bookings without number. flow So through just the naturally hitting

your question, dance on some So off color I didn't gives that mean to but hopefully context that. commentary entirely and

Mike Latimore

Yeah.

Super sure. helpful. For

also going up per one I think a price I say or unit you bit. two include that? And little you to the that that was that pillars royalties, does guess here? all three did said specific is

Nitesh Sharan

did And up. say that. saw – our track it multifold. applicable that so we're composition revenue said the It one you on it record tell comment go I in to of we We've a steady But is my had I expanding generic. per We've across go could unit, solutions. sort I again QX. average royalties. was cloud to in of royalty is of product actually up that across sets. customers, seen price So product continue most is was long Number is product

we're are unit. All as of grow sort price grow. unit we – We compositions they just and and seeing pricing mentioned are and But per products. all edge have hybrid – bringing Keyvan cloud both per units scaling of different

going that's the model indicative good of signal constructive expect sort we we in forward. So what what a and see and of

important here. add model business their our didn't more of providing I say solutions cost think I a bringing remarks better they We're of the why this model Sorry, It's their Mike to hidden that's greater but we It's the cognizant there per just their for one just feel I different the in is to a it's realize think well we cost ultimately believe having think do constantly differentiation us want bring just just I set customers. are to ultimately that I the because conversations who user. customer. positioning about that we're out thought. down very about solution actually solution there of And where pressure I they're increasing prepared be also goods and one it's going. peers confidence conversations. a business other, either that as gives because it's But that's about can also – I'll customers it's obviously how with revenue we are and and value not of help can But also to strengths component distinctive us tech having

Mike Latimore

Yes.

how And Great. hired I do up Okay. hiring many then guess end? a how by many or you get CRO he's you and to year are been want to to now, know you've salespeople. salespeople I

Nitesh Sharan

maybe his Keyvan what let with Zubin touch the numbers excitement doing So and have more we're I'll then add and briefly been to onboard – on on he's the I'll we team.

– sales So numbers marketing. and year-over-year the mentioned, he in up I least at are Xx

So side not on marketing. investing also we're just in but sales the

we you've onboard limited think how to and deals able even your development of research in significantly. sort still with really the business scaling I illuminated now were that previously sizable with team pretty Zubin get

growing. So overall, that company to We're beyond doing. marketing The towards people. XXX team sales growing I generation per folks. into is the also that that – don't XXs about But and you're sales. single-digits well of moving sort lead our be of sales in the breaking it's used the the is – investments double-digits tens at we out aren't But

lot we're raise different two and going with point, enterprise large things let medium-sized just I'll excitement. of deals with that gives to get getting – areas is So – the us we're I'll starting like traction the what addressing we're attacking other concurrent that which Keyvan he's a restaurants But small we're after add. early. Maybe

Keyvan Mohajer

close you one. but to as that in two, I would invest time are of cycles a a highlight add long will historical And them. do we Yes lot pillar from them lot these I to achieve success the take our are amazing a But bookings that deals, would came pillar long-cycle which in faster. they – when continue

that exciting the that's that's to we seeing I super are meeting the same – predicted, what in that. seeing being It could day. it live when we live go So mean the we because be now the you designed on could with strategy and from are but we actually And customer. market.

Mike Latimore

for Great year. best the of Okay. luck news Excellent. of rest and the

Nitesh Sharan

Thanks.

Keyvan Mohajer

Thank you, Mike

Operator

Our Brett from Fitzgerald. comes go next question Cantor Please from Knoblauch ahead.

is open. line Your

Brett Knoblauch

to books. maybe we Thanks getting walk bookings quarter how on Congrats think for backlog What how entirety be on guys. or bookings guess of the contracts if been to over I signed? three we next I taking just met? years? Hi, needs on should through that was think about any year my first wondering the consisting non-cancelable should and about can question. insights Is flowing you the two of I guess through have that revenue. flow-through, call it the that or

Nitesh Sharan

maybe Yes. give question, it to Brett. Thanks color let that's commentary me for way then try characterize if other the and this okay. some Maybe I'll

where components product first, the future our contracts royalties; such pillar large revenue. directly on volumes Bookings, from subscription doesn't basically revenue such they committed bookings might of applicable have success backlog customer minimum us is strong In them they're where bookings a services. confidence a represent way with I'll two one make just give those guarantees revenue. So well we overages therefore, sets and to if the average and straight enterprise of the as X.X And But million for X.X statement all monetization. half may and do into them the just in don't flow measure customers to seven further based forecasts. get that average our there's we customers, by I view years. we we length pillar And bookings have, include of conservative. the mean up conservative to they the skew from you a upside. Any $XXX But years. see years. composition they're see, that of which we we we it's one down, is in of And our latter their believe hedge that's but And the is about contracts that range and our

duplicative, was just I'll expect to ratably. way several that's these what realize those question -- is how of words, I to guidance maybe So the dynamics the It and we I visibility bookings seeing appreciate your that given happen into think in this frankly annual the say, but we P&L new for hope share is I'll near-term. forward. to manner. scaling we're scaling last Maybe each to comment. our to -- a over And go best add across offerings, we new in guidance on and it are then product continue expect revenue Most as we're And just because expanding too the we into best I'd decided of opportunity us I geographies. into structured won't across other years. going verticals revenue next over provide focus revenue thoughtfully where the isn't efforts we rolling important building just

So may profiles. streams have that new different financial we revenue build

example, up from restaurant I said different and recurring as we For that of when different a annual we subscription that get the like very a on basis. is nature enterprise these revenue than it's sign long-term contracts royalties And are committed you noted.

evaluating, hopefully the a And the make sure bit getting And keep you're that. scale happily of But we'll color in that gives right so as keep little measures sense. that we'll commentary calibrating and we on components making most different which information.

then. that with okay we're if think, I

Brett Knoblauch

that? was the in termination? another what Sorry, of compare was could on elaborate the there question I on million happened there? professional a services? period to was just just add you $X.X Any mute. on guess, I color early Why I termination additional guess, But, what the

Nitesh Sharan

sort and then start going was said gears pathway The recognize collected. we termination effectively revenue the of on had we stuff was towards The time The on concluded color. a with And add and basically customer, them. There longer an with contract were contract a existing and at to of kind work they can -- time. working Sure. other clause sort of, a I'll customer. existing had we point of more shifted was in ultimately over it the Keyvan that professional modification continued actually But was that sort spreading are them. with versus expansion cash period of services. we we

was quarter that to impact QX. sort a of in the prior the context. was So It year lumpy

Brett Knoblauch

you, That’s helpful. Perfect. Thank very guys.

Nitesh Sharan

Thanks, Okay. Brett.

Operator

Securities. Wedbush go from Our next ahead. John Katsingris question Please comes from

Your line is open.

John Katsingris

Dan you? John Hi. Katsingris for is How on are This Ives.

Nitesh Sharan

John. Hi,

John Katsingris

selective start you due any How the So due capital bookings? pipeline? anything you. are of we've Have more expect along or to slowdowns being seen Thank in increasing enterprises Do rapid potential to acceleration a bit you witnessed costs you? with those lines any inflation.

Keyvan Mohajer

Nitesh Yes, the AI that become mostly people trying with seen really challenging this can increase is or general opposite when chime -- in or to because markets I'll that and save in. staffing we like business. automation We've their in and in start are are revenue resonates staffing. where And either costs more you efficient

-- For for the phone up not they pick very aren't Restaurants when phone. up is experience And product example, do the customer restaurants to good. pick the SoundHound their able

that solution them. resonating is with So

to. And device But have the and other that interaction, service. you and can up margins. those lot you have from actually ends you paradigm path users. are voice what's devices AI bring user for of revenue opposed part a to the user new services we increasing the are revenues if a look a to that's sign restaurants companies models be like products, TVs if low the list signing automotive the solution, we and that your so these we to devices up the a that of our on, monetize interface they while with team big We because provide and three-pillar that And sell generate delighting to device as happening used you for is to at in the end relationship with -- then, or want industry a waiting for

to... business, conditions actually but So if help the Nitesh, market want you our

Nitesh Sharan

certainly it, deliver able pathway technology and believe customer of -- a so status to I Keyvan to add in lot we're can lot incumbent to commitment solutions has customers the forth. I with the and when see up dynamics amplify said, to expectations, pressures and as sort ways we in inflationary we're of the say might they our highlighted environment I engage brief amplify public how last do months with chalk I our we've And year focus on for geopolitical company, help the work with they're with and of commitments. to couple need a our delivering and to call macro Yeah. it say And have that opportunities understand I'd this buy least from that to against the we're fed one, mean, also fact solutions where from things. it of that up and think from to on nine over delivering I'd we're past leading continuously their maintaining have they the sort team conference delivering us, And us, solutions of mean, a really they're what want. to and attracted a happened that I the quo I just they a to -- that been things us. have. continue and laser

difficult step next And function so cycle that technology we environment whatever and more modality we scale more seamless with We strong will But interaction in world. pervasive becoming business it's a we really with in and interact a of longer technology. change how environment how more believe our recessionary it's is that we're the can [indiscernible] interact creating value proposition. humans a -- in and about much innovate have a through even

the And so Keyvan of suited deliver we on and decade and just co-founders think plus innovation that built. well have really to great team we're here these

So we're excited.

John Katsingris

you. Thank

Operator

over his I closing call We Keyvan to have no questions. remarks. like turn would Mohajer, further the back to for

Keyvan Mohajer

you. see SoundHound now to space. have our vision AI we a in leader are in When a we And this we conversational lifetime. founded Thank

we rapidly our AI we significant we We and our Understanding a And today. and scaling we win. Speech-to-Meaning, on Meaning AI series And I business. for Collective have focused our AI innovations. Breakthroughs, made future. now believe, have That competitive With technological participating a of With are why thank that, you platform. Conversational is only in conversational independent cross-industry the undoubtedly global the call differentiation. we have is technological Deep

Operator

concludes for Ladies and call. you today's conference participation. your gentlemen, Thank this

You disconnect. may now

SoundHound AI (SOUN) 12 Aug 222022 Q2 Earnings call transcript