SoundHound AI, Inc. (NASDAQ:SOUN) Q4 2023 Earnings Conference Call February 29, 2024 5:00 PM ET

Company Participants

Scott Smith - Head, Investor Relations

Keyvan Mohajer - Chief Executive Officer

Nitesh Sharan - Chief Financial Officer

Conference Call Participants

Dan Ives - Wedbush

Gil Luria - D.A. Davidson

Scott Buck - H.C. Wainwright & Co.

Glenn Mattson - Ladenburg Thalmann

Mike Latimore - Northland Capital Markets

Brett Knoblauch - Cantor Fitzgerald

Operator

Good day, and thank you for standing by. Welcome to the SoundHound Q4 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Scott Smith, Head of Investor Relations. Please go ahead.

Scott Smith

Good afternoon, and thank you for joining our fourth quarter and full year 2023 conference call.

With me today is our CEO, Keyvan Mohajer, and our CFO, Nitesh Sharan. We will begin with some short remarks before moving to Q&A.

We would also like to remind everyone that we will be making forward-looking statements on this call. Actual results could differ materially from those suggested by our forward-looking statements. Please refer to our filings with the SEC for a detailed discussion of the risks and uncertainties that could affect our business and for discussion statements that qualify as forward-looking statements.

In addition, we may discuss certain non-GAAP measures. Please refer to today's press release for more detailed financial results and further details on the definition, limitations and uses of those measures and reconciliations from GAAP to non-GAAP.

Also note that the forward-looking statements on this call are based on the information available to us as of today's date. We undertake no obligation to update any forward-looking statements, except as required by law.

Finally, this call is being audio webcast in its entirety on our Investor Relations website. An audio replay will be available following today's call.

With that, I would like to turn the call over to our CEO, Keyvan Mohajer. Please go ahead, Keyvan.

Keyvan Mohajer

Thank you, Scott, and thank you to everyone for joining the call today.

Once again, we broke a new quarterly record for revenue this quarter, which surpassed $17 million and was up 80% year-over-year. We are winning new customers and expanding with existing ones. We continue to create value for our customers, their customers and their employees, while delighting users with our technology. At the same time, we're also driving efficiencies with an 80% year-over-year improvement in adjusted EBITDA.