SOUN - Earnings call 3 2023 | SoundHound AI, Inc.

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Operator

Hello, and welcome to the SoundHound Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.It is now my pleasure to introduce Head of Investor Relations, Scott Smith.

Scott Smith

Good afternoon, and thank you for joining our third quarter 2023 conference call.With me today is our CEO, Keyvan Mohajer; and our CFO, Nitesh Sharan. We'll begin with some short remarks before moving to Q&A.We'd also like to remind everyone that we'll be making forward-looking statements on this call. Actual results could differ materially from those suggested by our forward-looking statements. that filings risks SEC affect certain and and discussion our discussion a our non-GAAP to statements.In for the forward-looking of uncertainties statements measures. refer with may for the detailed business addition, Please we as discuss qualify that could further of non-GAAP. Please to those reconciliations GAAP to and measures release the definitions, detailed financial for and refer on more limitations press results today's details and uses from to are Also as note statements forward-looking date. on of us that available on this today's based information call the We obligation required entirety no webcast is to undertake website. statements, update its except by being any as on in call Relations forward-looking our Investor law.Finally, this audio be will to call our replay turn Audio the Mohajer. to following I'd today's call.With that, over like Keyvan available CEO, Keyvan. ahead, go Please

Keyvan Mohajer

and the revenue strong thank for we everyone quarter, third Scott, call our incredible to momentum by joining saw you you, showcased today.In performance. a Thank

continued We and to We've our our profit creation revenue great excellence we record the quarter, adjusted value a sequentially. continues XX% real a innovator by EBITDA, driven improve as customers consistently organization. in key products demonstrated to for leading significantly, pace our of our metric, delight SoundHound translating of to time, a that same the are value stakeholders.This our our the record are grew operational $XX.X fast At million, time, increase track AI. creating the is this and Businesses of users. in seeing

capabilities X Pillar part strategy voice are creating and business. an business.Let fueling to as of of you regular of SoundHound's study even published products drivers AI recently automotive and half category, exceptional AI their solutions. ChatGPT has me in-vehicle of assistant. that We voice we the features of voice an IoT every a Pillar a results been we will more steep increase believe customer assistant rapid In like the quarter, This their for interest and using AI platform, our Take and from customer example. update. number devices. this from Since to solutions autos, over excitement cars. the in crucial such saw actively demand launching products style TVs automotive in as power in We service is regenerative Journey would give recognition our a give rise our drivers X our products

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autos. companies, brands SoundHound's agile not and being prioritize interest As X increases.But solutions software their about voice sophisticated more traditional carmakers just Pillar up-and-coming EV both giants is in AI

usage among We showing increased all categories. are

$X.X run rate to within billion. has seeing devices annual more are We and queries we power, increased our including which the TVs apps, over query

will data performance use to ultimately the be that they TVs, work more massive players get learning learn doing The technology, unlock from device.For AI connected and advanced as more of usage our most of of in the this we new in result we VIZIO higher usage adoption, expect we've the like and frequency will faster machine per manufacturers growth this, prices create increases, intuitive this amount cases As space with true unit of most keeps which high new as models established potential the prominent to continue double-digit in and homes. year-over-year. device well disruptive In seen as growing.

into with the devices, multiple areas. are endless, companies working extend cases or IoT For day more we are go and to production every use in

and showcased with we Cimbali manufacturer Group, quarter, with XXX XXX professional our distribution machine involving technology coffee over a countries This distributors. covering network

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to space sign regional restaurant deals in as and continue mid-market We well. larger

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are lands into in the the United expanding dozen locations in Southwest and live States. a approximately Midwest new in are We

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Our understand turn secure customization, cost allows and for only customers innovation own this markets. differentiation allows not it and for their in which effective, more in more is

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generative type automotive we misinformation into in innovations, In of to are these with occur this live Furthermore, adoption one to access and products to that sure of to are fastest production.Our a protected voice generative customers they AI. fact, that our intelligence. real-time of make mix recent customers. require unmanaged conversational disruptors the are technology brands believe from across AI-enhanced we take hallucinations data the need our rapid we from market and Thanks of our restaurant and new

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and employee instruct the evolved ever assist as particular restaurant or their example, our does it make have ordering in received, time a allowing experience as to traction to more previously and many item, ability technology customers space, seeing we and experience. the drive-thrus, consult distract allow to of taking member.We end having works For simultaneously. like customers a restaurant they then, customer as manual a in the ensure in-store automotive to in questions the whether visually multimodal customers. dynamic we gloves breakthrough In voice the provide product as remove quarter. been staff to drive-thru, to process product perfect employee to the ordering are experience user. them voice-enabled technology for a store gaining has The our and real is as same every orders employees IoT are how end without well the or the about ask a limited new filling to can well equally Since interaction employee With initially able another them space, advancements in and real-time orders AI and benefits are we conversational it's launched

excited with text can our as continued We over X work with audio in our say well initiative. and learnings hours built pleased streaming multiple fully project key real-time an million can handle which X of I queries foundation to billions both the time. to decades of value with real and weave conversations produce that model multimodal about and ambitious first languages delivery to respond our this last It's with phase Polaris our the high our completed customers.Last model, interchangeably I'm to a audiovisual own together meaningful of effort are successfully speech and mentioned multilingual generative we've accuracy respond of output. technologies in time audio as and provide of AI that

Polaris. features be important rolling Polaris future version even weeks. first of This customers coming the more the is out our phases milestone, in will and disruptive We to of expect an in we

significant in in different huge.We We potential applications in the respond potential long-term and commercial to can request new success seamlessly believe instantly are achieve various range queries. model huge modalities of excited AI. SoundHound languages this and a uniquely positioned era across a is are possibilities of that of The about to clearly

is that natural devices conversational services the and We have and AI all moment founding most permeate our through businesses. eventually interact and to from believed with way voice

that this goes deliver success We foundation experiencing vision passionate have push an quarter we meaningful every and in technology amazing conversational forward and create believes are to AI that by, stronger. and builds and with team that value human delights users our exceeds continues capabilities our and and closing, alike.In gets to and momentum

customers. and increase Our for products our revenue add costs, efficiency reduce significantly

automated AI are now growth fully winning of call performance, talk expanding remainder turn at our about the drivers forefront and the and new unmatched, to we of and the the remain businesses relationships.I'll to our for Nitesh technology financial conversational Our existing is with and over key year. outlook

Nitesh Sharan

everyone.We Thank into afternoon, the continued strong all we you, and Keyvan, another are macro quarters XXXX, a good quarter despite milestones and to with revenue, ascend report profitability. evolving have our Three continuing to while pleased and dynamic to record to internal continuously backdrop. meet path

bleeding the products new generative at into voice-enabled large a opportunities of of prior bringing services our more more by such Pillar new we customers ecosystem pillar, and products, In to our our the completely are customer interface, active autos, for we cloud unique AI models edge.In as vivid, AI. represents Intelligence and pathways are close offering our develop AI of by we human expanding this proposition. becoming As where features XX% year. computer while users and voice-enabled life more which Vehicle XX%, units confirming language and each increased our we quarter to of one units us leading of new versus to extend more rapidly passes, adding are X, solutions helping with increased majority Generative conversations value our and to continue new the natural across tangible

And cumulative such with in added year-over-year. we committed machines, name up reflect have X.X automotive, to realize. derived and XX are stated to bookings printers and IoT, $XXX quarter, before, representing as expect I've XX% years. We've telecommunications, weighted. industries This revenue that we a roughly across coffee in customers contracts bookings, These just to correspond are years, X, from up TV, mostly these contracts contract Pillar including an few.In to of average length ended million total, backlog, which customer as we span certain back-end

new Within contracts and these those partners, a add of have upside, every Keyvan those we and quarter. customers broadly earlier. more massive with existing to about we talked few continue

broader quarter in we annualized be this we to uneven beyond our just We should offering service restaurants continue on viewed can from to since be last where a believe customer Answering. services, Pillar expanded basis growth metric voice-enabled quarter, quarter.Within base Smart an X, much to

again, the with enhanced time work This taking to Dynamic users new quarter, potential now we Interaction adding to our from order employees to of fulfillment, order improve products.

contract. in edge growth look driven on we an as continued well full for strong to of as to which growing pipeline me auto by a year-over-year, QX, now date, brands is in $XX.X included accelerate been and an an evolving. minimum royalties, portfolio have and in this are are For in in by and third customers, expect here wanted Combined financial XX% the customer XX% the have solely multiyear in and rapidly and The restaurants, an brands million we our With unit to update driven of on results ways to market, now for these guarantee larger we the solutions signed the commitment those we our upmarket enterprise with locations regional gaining we momentum more revenue primarily at overall mainly in by traction scale sequentially ARR. would over price to of In is X,XXX for increase groups, our million deployment a over get quarter. metrics in well for how across product $XX sense have and and watching future.Let automotive, more the key the we gave increases. quarter, even accelerated specific move we increase as expansion add units continue seeing provide customers.Last

of the QX We operating edge corporate center and largely period.Total units Our business to increased year-over-year layer we aforementioned year, by that solution which from were a affected text-to-speech prior-year The our to program driven IoT items. premium cost nearly variable we in sequential Included certain XX%, decrease a expenses driven QX, the year-over-year of announced data also comparable top was expenses year-over-year and this $XX.X for X/X gross which QX, drive quarter, a improved line that the which expanding on in continues was expect which year-over-year, the XX% into reduced our here revenue are was efficiency. margin $X.X cloud included continue year-over-year. increase costs component restructuring result R&D discretionary expansion.In in XX% benefit achieved mix, was and this product the with by in expenses by will items not million. cost both in QX. help scale all operating increase sequentially million of despite primarily

in our areas key not However, investments have slowed.

engineering For example, at our Keyvan of Polaris, the innovation. mentioned, forefront and expert with existing talent as remains

are examples, automatic language recognition, models. speech advancing we well implementing as fully improved our models As which have large as the rapidly training, of unsupervised state with ASR,

to and XX% as existing and AI In technologies and in QX, assist products auto add Answering million with continue as of we decrease interaction.Sales of build as a our new solutions out Smart dynamic employee suite marketing generative $X.X year-over-year. were expenses capabilities for addition, such well

direct Square our on the as well channel and some expenses remains were have high that us This same in on year-over-year the driving through market generation decrease customer go-to-market crossed the subscriptions and continue ARR like the and to drive as ROI XX% business the fiscal We approach.G&A favorability seen reflects QX, anticipated. strategies XXX(b) important compliant earlier. focus particular, now new Toast, and public in customer and, time, overall costs summer an of million mentioned expansion prior a next growth our year-over-year. partners in of part as to At focus compared year in Olo, lead going indicates been of we acquisition, year. earlier areas digital become earlier had $X.X and both the laser for engagement to Oracle cap threshold we in than we SOX market the To marketing, note, efficiencies

accelerating our such, internal for reporting the plans we investments in are had XXXX As place we controls over were anyway. in financial These processes.

frankly, jump improve about noncash mature QX. compensation were processes.Across continuing in end-to-end just all expenses, operating million our a it employee stock $X.X and we start, and to was getting So is

million, Of which loss and which million XX% the As amortization $X.X interest $XX.X expense, was amount, interest this a result, quarter. includes of improvement ongoing our operating reflects an year-over-year. for $X.X was was cost quarterly OI&E impact million.

of quarter improvement compensation, This our per new more operating an quarter so year-over-year the was to year, QX, of of stock an net XX% other more prior $X.X expense in a million place, first year-over-year. million, loss led X activities with This than million, normalized on was a nonoperating XX% $XX as loss for compared $XX.X first in a which cash Adjusted of a was full depreciation improvement.Net and which XX%. activities, interest $X.XX can excludes level debt be loss roughly in loss of a the in noncash basis.Net XX% roughly improvement used of amortization charges a was as go-forward to about this share EBITDA, year-over-year. a well improving in $X.XX was months considered QX

at of and cash cash which was end Our million in $XXX position equivalents. $XX quarter cash was approximately million,

the need of capital to source drive last mentioned that, a for As gives position our business.With let outlook and our the me discuss QX. optionality quarter, us I strength we is

it well growing us, runway We is and a lot quarter. for have future, up every are we ahead meaningfully and of of set the

for which us existing good future encouraging. give contracts growth, Our visibility is

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focused items, the case and to industry-leading want completed be our revisions completing about impact certain income results we the periods. growth financial Again, to these XX-Q.To fueling into on but to XXXX path continuing We will generative are continue front we reported to and operating us.One upcoming the excited revenue, EBITDA building and adoption. customer beyond. are bring use for We impact investments specifics to have With our These related the changes accelerate gross hit no to amazing final the our profile, relate information to margin, -- certain and in ashore, to it aggressive another balances. sheet see line discussing, waves from been that starting the We close. detailed In and margin, financial a are we title for before adjusted customers accounting in XX-Q, by be that other or clear that the to forces. want the can had, financial with opportunities is are expense have we verticals much metrics, want will know on for. balance we solutions catalyze to stay AI level trajectory the will and we clamoring you to summarize, revisions including prior note will improved transactions ourselves I cash to of

dynamics, and know linear. path unique isn't said quarter its have we each I forward brings As always before, the own

growth and committed strong to We and and are long-term we you, customer and laying now returns.Thank meaningful profitable tracks will for outcomes to delivering business Q&A. focused, are the move

Operator

Davidson. first with our question Instructions] And from Luria [Operator the D.A. Gil comes line of

Gil Luria

have Keyvan, question, Jersey addition the a Mike's They substantial first one. stores. very X,XXX is The

all you would in. -- ARR get deployed maybe to we ones about even before chain. customers bring represents with talk White you're Castle, new as be think about about line current these stores How when we talking dozens what XXX-store the of And you So out about a Castle rolling for do White fully think which time the so there?

enough represents with record encourages there certain a So accelerate? much percentages can other Mike's? track deployment. the that franchisees enough inflection that to units there's chain an a Is where we point like bigger to apply And same Jersey

Keyvan Mohajer

question. Great absolutely. Yes,

So first, revenue and the really this is working that we our our and really be restaurant to automation that AI improve offering to them. and It highlights The customers is resonating. our see experience strategy increase that. go educate can save and used really had cost, and user

that more are like they they become voice AI. they more know to companies and coming Now automotive need they us

So they small this over usually it's to locations we couple will will phone. or announcements mentioned. with actually with of a numbers Ordering share expand. AI, big upcoming solution of start some Smart in locations that you very our these These in so. in they quick course, is and start initially, X are share brands, they And shift but brands more last the AI the case, to But is now.So a I we that can for expand Jersey been go, about year Mike's before highlights the XX proud

quality our of grow much initial bigger fast. we they experienced. that once will are solution, the encouraged other And good we that in number is they by the cases So than hope experience had quite we that

you so about other share partnership.And Dynamic upcoming brands Krispy the more I more to actually detail We support solution was to in ask announcement drive-thrus. going an the Interaction the will a that about the that's sure Kreme, again

Nitesh Sharan

it's if maybe add okay, can just on all of there, that's right. elements I couple Keyvan, a if

Keyvan Mohajer

Yes.

Nitesh Sharan

of one, of different. Number kind is the X And I to just maybe restaurant have each build. course, of characteristics promises

have Some kind franchisees have where multiple some of conversations, fully corporate. you are to have

-- different they there's and franchisees technology corporate -- have the So downwards. take sometimes different

can conversations. the time Sometimes to you bit. need have affect That line little a multiple

conversations that fluid. a some these these other The we're and lot really of excited of very restaurants thing are with

example be Answering Smart just we in generic up go assist like or and I'll Smart Ordering with and go of capabilities we in A that We bringing. X. we're versa So X Smart these is we other can X, vice on with Answering. with product good like employee and product add and some build

we're see which where Keyvan is ARRs where they actually very want per can mentioned, grow, we it, it, to is obviously, there's these small consumer this. exciting.And then product both the you And a loves that technological thing, to ultimately the can franchise more just you lot that that But So go. things covers that's also one things scale get and this different which a last then improve depth we're add unsupervised example, unsupervised want robustly on with To focused going product can we really we that across the our accelerate can rapidly, we how on, the technology locations. insights for more just example, concurrently lot in way an improve works. to how gives us where fully a of confidence and towards of learning in help the how that get data

So there's a be about excited to here. lot

Gil Luria

Yes.

over say, at be the new can that staffing profitability a point then million and how your this on positive? going to and now you a in what milestone the EBITDA with levels see than extension of growth us gave saying EBITDA. you you hit -- you question on to probably have? between earlier really new But your trade-off the you're that to So a on framework do expected, this Are that adjusted $XX even obviously, guidance, Nitesh, milestone adjusted EBITDA. crossing revenue range big adjusted And revenue, positive

Nitesh Sharan

Yes.

I your work right, that's backwards all First, they on because maybe question, are is key. can if interrelated. trade-off The

want time towards over will a the on can what very by way, our One together. sort financial to of journey they is healthy breakeven we And as build we is that scale. believe software predominantly think AI margins a I business, we you a profile. milestone work attractive be get long-term

and long-term have are make. of When the have and vision need you pressures, be AI attack is decision labor they this a really rapidly the that we are clamoring want got and and at to their opportunity. that evolving, to base say, don't we and we there employee we because to help forefront us to every We to of from capability here. sort go we So as for sit And over space back cut thoughtful. very "Well, customers want well, want know

come X you doesn't for in customers. we'll work that our Like So to months." back really

over a got base raising but think, plays we and of that disruptive solid sort very and position. opportunity on capital primarily, lot be put think out But to other we'll that need ourselves focused cognizant earlier strong I of is we have, the be And So capital we is of the market be of so foundation that I to profile a this we building forth. we did thing not that.The we're cognizant year, just critical. in -- really time,

So revenue. hit using your we question. long-winded a comment provided your first on of maybe range It's part that to

then want generally, frankly, or I Like of EBITDA. that a think I I go to directionality give as on could and you think sort midpoint adjusted of up down.

working obviously, that to revenue. are probabilities a give But sizable a multitude pretty prepared not we in I deals, of certain. it rough that.So confidence, be range right, we So obviously make. pressure that some on the end, remarks contingent we'll the the of I'd all that, choices even a are of your through at at that end, be I as then mentioned crossing the which and bit estimate. on higher on will the point, the on low of put that say, more will

And so play on depends those it out. how

the it's or of I we few pivot way, bit it That's lot continuously there's by a into started we a a conversation building a me into confidently building just can few that's can't the keep the where hear, and them. back year things, there, the a really getting with say plays to to in to profile, we've more if or what retrospectively hard improvement you're for of particular brands our say or a can even weeks and the made the to and we're the not amazing strides month but some then financial quarter having we're traction out, XXXX. they how XXXX, brands announce momentum the a position. meaningfully, better with affect this need some And And get days stabilization go customers, to that in here of those and much starting that situation we we're

gives bit you context. of that hopefully, that a So

Operator

Research. our comes And Palani JMN [Operator with Investments from Instructions] question line Vivek the next of

Vivekanandhan Palani

have of on of with a for And XX% first I questions Latimore Capital. third in did I'm the one a Northland quarter? Vivek me. is, couple Mike you have customer

Nitesh Sharan

about Yes, customers public meaningful announced we our currently in our on of a of concentration customer Qs, tend those contribute materials, a They great side. part do prepared we we we our this few that be remarks, some total in have disclose do and have to have our few actually a do the in auto partners we revenue. talked and We've them. of --

that restaurants, some So prepared auto in do we have that's products the today and and yes, customer concentration talked the remarks, couple we're really in the those what building about a that's we're heavy with we brands of building.

enterprises. then And growing, We're expanding, yes. the I'd global they're answer And short adding great So more. partnerships. they're say massive is

So little of the us, contribution that there's across bit for a diversity get we diversification globe. that of also

we same the Europe, in take the we the and brand et and participate So with America, Asia like same brand cetera. in autos, in

Vivekanandhan Palani

Okay. strong are is, any generating can that on partnerships question please The leads you elaborate bookings? or next

Nitesh Sharan

I'll to autos, I'll maybe context step. -- a a bit on little of you Sure. again, give up maybe the back back

amazing about car. edge, We've and Hyundai capabilities scale the like in We the in long-term hybrid. where generative the published in auto they These car space, capabilities of differentiated, what new with cloud terms of added We leap publicly are to technological capabilities talked we've ask different partners providing what at array a different for capabilities. AI extended the peek us. Stellantis. to you solution got could some They Stellantis. to we're partners take bringing the in hopefully, of Europe, We're of a whole So with announced of ahead cockpit things.

to You're put long tell a in car young bed back drive to that. you them do have you on and like and can a story in the a your you want kids kids your

ask can directions. You

expanding, You long that think for and in makers the space auto, the of way, we of the remarks product us going talked some we're companies, a lot critical nonauto beyond yesterday.So the can about to IoT manufacturers. prepared be game be happened mentioned coffee find out it TV We those what I And the to are with. the excited partnering for we're time. in pillars by a

So voice-enabling a I I lot on partners contributing that points a and ARR are X, a on bit kind more meaningfully there's prepared side, the of products, the as couple this we Pillar little and customers X, number.Pillar of in kind there. the of we're we characterize great of remarks our noted bookings -- to side, restaurant actually and mentioned dimensionalize -- that

others. talked So talked This that one ecosystems and time, one. the million. deployment X,XXX notable at about, partnerships with about scale, locations Last The were to we building full across we last White we time were was that we gone gone up Mike's worked about to time their $XX last has Castle million, ARR with, that's $XX time at we with restaurants X,XXX up mentioned I Jersey locations.

So rapidly just that the to give you a is pace, of sense growing.

build around drink you to how time. when together and intersection and opportunities. book be an beyond drive products see build this how that voice-enabled what restaurants And to over you the that of want, can -- able food of more our verticals we've onwards. is access increasingly and before It's X is type the when part Pillar even services or And X-pillar frankly, talked Pillar voice-enabled can will not go and that you that can ultimately, into being want of X service with care X Pillar of do So business.But there. it, monetization trying after, in about provide bring we're you you personal see stopping strategy our customer want, and we we're

So bit asking you for. a were little than characterization hopefully, that you probably more gives little a

Vivekanandhan Palani

Yes. That helps.

Operator

[Operator Instructions] Scott And Wainwright. our the next line with of comes question H.C. from Buck

Scott Buck

could cadence their just that guess, of maturation little for on out X actually to X expect can a vendors? like you relationship push to individual the color Olo? a of some months takes Is something should help how give of kind we first, this you I to educate before

Keyvan Mohajer

months That is X us. to behind X

So in production. maturity already we level, partnership are use and with the the announced and we live that did already Olo whether integration at we the actually merchants when

Scott Buck

helpful. That's Perfect.

Keyvan Mohajer

And use us gives access Olo. that XX,XXX that to locations

Scott Buck

do implement given just then on where to capacity do a to? restaurant you to you out And side, is you guys Perfect. you the fair to there momentum with have Or need need process? the there that the amount hiring help of

Keyvan Mohajer

think able I No, player -- that serve in are SMBs. only absolutely, fact, ready. this I And is market believe, we to in are the we

a of most have So undertaking to a onboarding target us, peers of locations thousands quickly, so have onboard only hundreds automated, we our But -- is very up massive that are high single sign steps for brands that actually of lot or sandwich because them. location, can those. few we of and a quite have a those them for shop we can and

Scott Buck

last Great. Any I from And one, over here U.S. appreciate few Keyvan. the that, strike negative auto workers just then last quick. the in impact the months?

Nitesh Sharan

No direct impact.

no a and us slowed answer. a the us, we we like It on like say don't an impact opportunities, we partner short conversation to for bit, things is impact from But don't big impact. with constructively. there's down, X terms things the yes, that. little extent haven't that the seen Maybe I'd it. To that the direct extension really of First, maybe Europe, permeate in no, no the there's moving are seems is haven't them. in We're in an -- watching but big for -- work seen we Stellantis U.S. immediate,

Scott Buck

appreciate I progress, guys. that, on Nitesh. the Congrats Great.

Nitesh Sharan

Scott. Thanks so much,

Operator

Ladies thank today's you This Thank participating. gentlemen, you. for and program. concludes

You may now disconnect.

SoundHound AI (SOUN) 9 Nov 232023 Q3 Earnings call transcript