afternoon rates and dared Thank year sentiment year the you, was Keyvan, higher interest from in and the public our everyone. markets. when fiscal stalled, good first IPO actions investors away A shifted XXXX disruptive towards the increasing high value we rapidly products growth Nevertheless, to up footing. financial stronger took as harder, much ourselves our aggressively and companies such on serve and technology demand adjusted ourselves. fought market for set
pervasiveness opportunity human use stronger. is do every of new demand natural intelligence adoption that conversations Large At and like. and Artificial never models we rapidly. AI seamless that chatbots more by and curves with The the language generative about set machines pervasive, entirely day. unearthing fundamentally making SoundHound, cases accelerate to technology has will been are for the making more
our time is indicated, Keyvan now. As
deeper XXXX dive for expectations into shortly. I'll
Let me results. review XXXX our first
We past deliver the enabled in should rooted growth versus foundation from continue here. range. our backdrop, years. our consistent to ecosystem customer strong expand engagement expectations for have for Despite volatile outlooks and sound over The year two is publicly at macro full that improved high we value our have end achievement this revenue execution our further outperformed guidance now only stated the strong the voice and of
nine now with Our XX%. with closed roughly to weighted year-over-year the bookings year cumulative a that length. bookings million, X.X ranged contract backlog foundation. contracts more from the of than average We years, representing underlying our establishes one year air backlog The growth $XXX
saw demonstrates the validates year, and in meaningful the strategic deepening value we we contracts, lengthening Through to customer which partnerships the create. continue
grounded three is framework. in model revenue the business pillar Our
And the enabled pillar services, So one into enabled products generally contracts. receive bring pillar voice and then together monthly represents where three subscription under we represents royalties. we two voice two one monetization. Pillar
across backlog in discussed have we in cars we scaled offering existing adding can this is units, one. more our of one new of per millions existing customers our adding to extending bulk pillar As the previously, and scale business are ones We revenue are constantly with we and we've features new expand unit. new current to And devices. into and and and XXXX pillar,
of XXXX, we added brands In example, for production Xx the XX%. unit ever price we more in growth more than our automotive saw unit and than And three in to in air list. QX, expansion new growing another
customer previously, going enabled pillar discussed voice for a our area have restaurants. starting services is we focus As two key with services AI enabled
the because There's is massive timeline. pace advantage demand can and cycle one which much at and the we of sales activation here scale shorter
and in are brands months the locations. stores product to more our of into several enhancing features even qualified now to advanced is and our and extend Just thousands, we pipeline well reach rapidly
service language large excitement this our with only broader opportunity the advances recent pillar. The models accelerate customer around in
and inquiry business and of unlock perfectly to businesses value for Our There customers. reach industries. voice are our advanced multitude AI extend a technologically tremendous to to suited packaged offerings solutions is
year. financial revenue on year-over-year. quarter QX, of fourth Let results and the XX% million me full $X.X for generated we in In our get now specific
driven For was the and our royalties, full from year. throughout an product revenue million, year, services it by increasing $XX.X was contribution the with subscription predominantly
Our product primarily to guarantee commitments. loyalty a deals received momentum where multiyear revenue number customer of increased large a and we minimum edge strong due
requirements. hosting internet or Our solutions operate without edge connectivity
obligations performance software. our deliver So we are fulfilled the when
we've gains Our we experiencing. long-term developed continued strong share and the are commitments partnerships demonstrate the continued
Foreign had revenue. impact also our an exchange on
this would higher Our growth without been percentage revenue full roughly have impact. X year rate points
for the the includes quarter, margin gross year was of improved quarter was expanding the XX%, customer in million Oracle business. of XXXX. XX% prior of year. from driven to of Cost our In scale supporting costs our revenue migration from up cost QX, majority environment. the The revenue our $X.X XX% by the to up datacenter which our completed largely of in prior our production We QX spend cloud
we related along margin some are to scale. benefits activities on-prem expansion, us the look anticipated helping forward, of with gross the cloud, drive there we that As continue to further
voice we expenses, filed built company patent platform pillar operating over R&D the portfolio while this and and of our key to on as pending. AI Moving XXX been has deep
QX R&D $XX.X up XX% year-over-year. million, was In
the offering accelerate continue also ensure machine innovation our sales other learning, at growth, in we both we to and products investments remain to We scale in invest to helping forefront and and In our pillar XXXX, develop and and to R&D while two. in up technology AI particularly of cloud and marketing people services. ramped in
focus lead marketing, increased digital customer direct and partners. have generation acquisition channel We through and in both
year-over-year, of expect and base. to million our newly million marketing human shifts were reflects in XX% investments $X.X the year on from we expenses in QX, result G&A up largely With a legal which facilities were organizational expense G&A benefit and company. prior a and sales the our In small across were delivered XXX% item public global focus. finance, up greater resources. support The year-over-year a expenses functions increases this of requirements $X.X QX ensuring XXXX, of functions
stock was Across all non-cash operating compensation expenses, in million employee QX. $X.X
ongoing post the reduce expense our restructuring. recent stock in expect to meaningfully XXXX We quarterly comp
year compared period. in $X.XX Our loss million loss compared a in Full was to and loss non-operating compensation which activities operating per $X.XX loss was and the of loss to per million. was $X.XX and of Net EBITDA of of non-cash $XX.X prior share stock the net a QX year net in depreciation the adjusted charges other prior a $XX.X $X.XX, and of share loss excludes amortization QX in year. net
million. at cash in capital was end equity. In million $XX year structure, January, raised successfully preferred we position $X.X Under the our
additional us giving Our previously to also announced of credit line access committed became effective equity capital.
meaningfully in funded business plan our existing All-in, debt. our fully with through we rates, have we balance a as strengthened announced beyond concurrently we of process profitable. addition, refinancing and are sheet has the point our preferred and our becoming of In
With guidance. that, I'll on to move
right we impacting and Earlier impacting our structure never us easy, profitability both actions discretionary ability people execute effectively. path materially announced to our accelerate this restructuring spend. our year, were but necessary to enabled plan without actions cost decisions have our to are the that size Such to business
these result compared XXXX. approximately reductions expect in operating $XX in savings cost XXXX cost We as million to of to
profitable enter expect We stage XXXX in EBITDA growth we to positive year, now as approximately setting this sustained we QX adjusted be and the in revenue grow expect long-term XX% to of XXXX. for
Let me these expectations. double click bit a on
backlog high confidence we First, noted into of that generate unit revenue roll that us guidance on million either in volumes which a earlier upon the P&L cumulative revenue streams. $XXX with as gives the recognition expected I or revenue customer bookings result of will royalty automatically software accordance
we Restaurants a foundation year. SoundHound addition, note and is this has to we In stores expect rapidly. rate meaningful for revenue building pipeline of point, SoundHound had to It Restaurants up activation revenue to a through minimal move and underlying for is that an provide as at only but our contribution the the important contribution accelerated will that grow to customer
to scalability, important contacts also note with a vertical to leading customer very more a and fast cash predictable has better attractive operating flow. revenue profile conversion streams, of that It's initial financial margins, this more favorable
this our about capitalizing enthusiastic to momentum team see we from continue the customers on and are We how tremendous opportunity. is
we revenue million. will overall Therefore, million XXXX, that $XX the be in range of expect $XX and in
year, one last pillar and scaling to each seasonality of build due with restaurants. than the this expect revenue of businesses We larger quarter will through the
that the to restructuring the this two-thirds revenue similar by we of was impacted be for second also in of year recognized we year. half trend see will continue and finalize. results Last a QX expect year, to efforts the Our our approximately
set To term up long to taken success. summarize, us have we for steps important the
always clear are momentum traction not model excited we be sustainable linear, strong growth and a is about Market and forward. extremely profitability. business While we a progress our strong, customer is real, path with to are building driving will and path
will now Q&A. and you we Thank move to
