Duos Technologies (DUOT) 14 Nov 222022 Q3 Earnings call transcript

Good afternoon. Welcome to Duos Technologies Third Quarter 2022 Earnings Conference Call.

Joining us for today's call are Duos' CEO, Chuck Ferry, Adrian Goldfarb, CFO; and Andrew Murphy, VP, FP&A.

Following their remarks, we will open up the line for your questions. Then, before we conclude today's call, I'll provide the necessary cautions regarding the forward looking statements made by management during this call.

turn over to Chuck Duos's like Ferry. I'd the to call CFO, Now, you, Thank sir. ahead. go Please

third details and the everyone, we announcing for release highlights. press today, for the of issued release other press the A results with view that copy some financial available well Welcome, our as as Relations you our I a website. release, during thank in understand discussing section be better joining is encourage XX-Q we'll as operational Investor quarter that the filing our of of to the all us. listeners to Earlier call. SEC our earnings

Now are year's revenue opportunities. and and Put to XXX% for inspection the growth, renewals, let's sales recurring that to we are completion delivered procedures, in reps maintenance first year performance, of of the we XX to we additional which increased two XXXX. end this have half on have a sequential than quarter, the up installed substantial of together, installation have and year. customer performance rips continued by leading satisfaction, basis, to We Revenues expect XX% adds have and operating goals portals next increased early capabilities, of with come field to several online QX. In which portal on get expected in Through improve our improved north financial all completion of nearing revenue add the year. over another more reflecting in some third currently the our and improvement quarterly railcar also another year two double digit target started. meet installations

pricing improving long operate strategic our will also our revenues the dramatically well our and term. own build, over customer within North network. potential margins increase offering This RIPs are of and underway the plans while to we rail American base, Additionally, model at new locations with and predictability

we solutions, the resources goals to are with aligning and our grow execute necessary As our experiences we continue to mission. organization's our

from our group with as history well in of Our recent industry advisory our additions appointments, the provided as us the to navigating improved ability the completions build us new capable our manner. industry veterans in macroeconomic are confident managing to uncertainties next are executive project expenses timely in taking opportunistically the future level. our deepest sheet, company's bench to balance had to we ongoing With our and inventory continue support a and

have detail, results additional Before we do update we our discuss financial one in provide. to

of expansion as the since model, role has job and public earliest Financial from years. a a Andrew helpful subscription a formally a CFO. excited uplifting just see his leadership here Duos XXXX managing my to terrific As since transition my the In known and including total I've able enjoy, and forward for ISA as financial been to in to disclosed Senior who observation, He's he Duos very at business to known professional planned shows Duos has he Adrian Relations these Planning been Finance, be NASDAQ Tech. our making I'm at financial Relations. I have the as as done to personally in and of from top our our continue to joins shepherding over strong as the be position to industry will XXXX will is the predecessor Public team also are on and days our financial has XXXX two filed, directly since will few senior him President hand CFO with to He has early in full have Andrew my and we advisory CFO, XXXX. the a share the XX-Q, I'd tremendous APR been acumen the to Analysis to with professionalism the last experience our years management at we Investor and strategic group. longtime also Adrian? like since continuing a benefited CFO. which Vice level. years years Energy, previous taking its CEO focus call Andrew our two excellent our over time Adrian with XX and of and Executive me from real XXXX company's leadership of look a company. role the over Murphy, the Murphy into of advisor who assisting company, I now with who qualities work the have in health now a been with organization the Adrian's public role over notch Goldfarb, last business Adrian been words.

Thanks, Chuck.

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the I technology for rail These and to of the revenue inspection services Systems, XX, we results are the to two revenue impact discuss such components increased and consulting. and systems third first revenues want plus maintenance from that report. which our revenues services for models quarter recurring portal that both turnkey any engineered -- undertaken. contracts from the AI records turning recurring and this ended consulting support Technology systems, records XXXX, September to Before from as

pleased average As an product increased and technology a installation to per to meeting component from capabilities previously customers our upgrading AI higher and for the function of been a we've particular I on focus portfolio. report that the our as continues capabilities. result with our demand discussed, revenue key move to expanding as am

later expect into We have higher this and XXXX. started continue and to year fiscal to revenues those to rise numbers see

In quarter introduced point, On rail on own will continue the support revenue our North our mix services inspection formally recurring growth in operate revenue our our we the American Duos subscription offering network. addition, that and to and portals locations at in forward. rail going which to across during we focus accelerating software strategic

supply We subscription have intelligence be for are locations begun components and real the and based they manufacturing data the two will railcar procurement but owners, Duos a for artificial initial first of process RIPs. equipment model. and near time offered vision based same on RIPs in The identifying will the [indiscernible] to detections subscription of machine the

finishing the process RIPs strengthened mentioned the with to Chuck monitor rail increase a including reduce earlier. up RIPs of install We network impacts position, continue during near term second subscription supply our expect that total the current half that American RIP XXXX, five to operation are to additional in chain of in financial possible. in and the to our XX commercial support a on levels inventory installations North efforts to when targeting spend where our With we we'll cash year

subscription able revenue that higher greater believe the value RIPs long and -- to may selling the we a the will growth next a drive depressive on effect be have we XX Additionally, term, months, while over lifetime over margins.

from in normalized new rather than which revenues will business expect much make intermittent to also payment model contracts, We more experiencing pops more our cycles predictable. be

$X XXXX. into the Let's in of $X.XX and XXXX to of XXXX nine technology QX, approximately revenue million quarter million million service and consulting recurring the first for months million increased quarter now of and results the Total to compared of approximately revenue $X.XX QX get for Total our for aggregate systems XXX% represents revenue. third the in revenue an approximately $X.XX year.

$X.XX nine of first from recorded year. the which the systems in last increased portals, of nine three months production upgraded provided periods the period installation portion to and increase and new XXX% technology of total XXXX, for the $X.X The rail month in are the same revenue up million start revenue business. inspection of and total million For in

XXXX, to our used rest to trend and continue this issues deadlines extend the XXXX into shipment key expect chain We in for components supply continue for systems. although of of technology

million QX were the to for of bids $X.XX recent we in we remain scope million compared for QX increased $X.XX into breadth of XX% revenues by orders encouraged from XXXX. which and Cost participated. certain to While delayed XXXX XXXX XXXX,

For $X.XX in cost $X.XX the of Cost compared XX, increased last the XXXX, XXXX, effects during lingering revenues XXXX, period due September increased mainly increased month to to the systems of was supply technology at the with on higher of and ended disruption. year. of overall The nine XX% revenues same rate. levels in million to periods first nine months million cost from of coupled with which production in increase some projects, level periods slower the is volume revenues, of which a albeit consistent equivalent ongoing chain higher three

percentage While eventually continue structural inflation the we our to macroeconomic effort. costs may drive the forward, overall a will factors system managing aid to price although this as we of going impede expect prices, anticipate realignment

areas, reassigned $X.X XXXX. key to organization to realigned install certain for engineering, for systems than in structure, As or staff accordance replaced to to support was more are Gross million related previously shift and In XXXX% margin provide AI. development XXXX QX this structure noted, company's the new simultaneously. software capability in and QX production the and cost staffs multiple added manufacture, with increased are compared $XX,XXX and particularly

period from nine margin $XXX,XXX For XXXX, up year. million, of last XXX% increased to same gross months the in the over $X.X

these sales for are materials production gross result for for to and previously labor company nine was recognition macroeconomic full installed driving going further nine $X.XX and may relation revenues We project policy. compared in margin XXXX. on in QX even may cannot and staff. large compensation main greater development subsequent months anticipated costs million factors million for anticipate of for in progress implementation XXXX. research the XXXX. revamped increased XX% months the forward. increase XX% As be for in was XXXX, RIPs, to of profitability increased towards is for on same progress The The new improvements increase costs the $X.XX with of in in compared into Operating The wholly two reason higher last during operations in to our partially result partially company cost administrative QX for to period of and non-cash year and level increased its saw systems which revenue the to in and number the fully in general by delaying a additional to XXXX only year. that million made marketing attributable office discussed, XXXX the new space, the in or revenues our costs overall near expenses slight customers $X.XX for result for which and support Operating the the Certain million costs and covered higher first projects a to quarter cost increase decreases expenses passed of to company's the to first and compared $X.XX QX third increased the has XXXX.

services were operating marketing and the last in revenue of sales for costs was operating consequence the last totaled Overall, controlling costs $X.XX in higher and and and was net QX staff and was QX increase expenses. $X.XX the higher revenues growing totaled expenses A decrease to net growth forgiveness the the although effects loan some the was administrative the in decrease meeting business chain positive in for down compared from net slower research projects nine net mentioned for in QX of The materials continues revenues to of driven of XX% the increase and systems previously QX XXXX. resulting the XXXX mostly totaled loss XXXX and costs loss XXXX to growing its inflation higher of operating for net the greater new loss expenses. customers. in for increased as and loss XXXX million of months for months corresponding were the without loss cost attributable XXXX, decrease first totaled increase of even compared the salaries QX net focus recorded by year. million XXXX increases recorded receiving QX new initiation to quarter as and the those overhead. Net sales The million period slightly, by technology year. loss revenues, company's needs higher the the compared was the driven in and loss manufacturing of related net compensation previously $X.XX $X.XX business revenues increasing of net revenues on in in while same to cost loss compared as supply increased related for million being and of million period in the the and development overall cost The inflation. materials administration the of recorded installation. The lower driven respectively, primarily is income. period of general first on higher operating XXXX by loss a operating flatter for for operating Net disruptions. slower loss the in in loss in general to million with in by QX for PPP $X.XX costs the months compared operating $X.XX relative nine million same to offset members While The company quarter loss net costs XXXX recorded of described by XXXX $X.XX and for for and in primarily nine period to of of of compared of XXXX. trend non-cash revenues and activity the along $X.XX XX%, one-time The first QX to with first XXXX and the the Net production starting million consulting both certain office. operating to from expenses a XXXX

update in support operations pro and stock raising compared has this cash through balance quarter million of forma $X.XX We preferred a D to basis, committed financial now million our cash to call before our provide More I'd to and XXXX. in on contracts Chuck. sheet. roughly Based XX, successful on the through an December turning the XXXX. Now approximately $X.XX and XXXX at recently, pending our of On with like XXXX. through combination the anticipates common equivalents $XXX,XXX into at projections and and as already are December end issuing cash year equivalents stock. over ended company we near million. cash that previously were Series executed we convertible The scheduled expectations sufficient fiscal remainder let's to of stated XX, the it to are the be revenue back are XX, term for discuss time cash the of orders reiterating ended performing November $X.X XXXX, or over the

total for between million increase to XXXX. $XX representing XXX% revenue range to XX% and expect from of We $XX.X million an XXXX

improvement this full year. majority in expect year in the operating over coming the the the reflected with of revenues be course of half We to the results second

of to chain result the a quarter. in are ever substantially including quarter's As but To production fourth manage times, a challenges, be shipping the in further I'll supply of changing That back pass the an over revenue commentary. we and clear, expect revenue not revenue Chuck. which may increase a we financial unreliable third of totality. list specific timing period, the performance, working still within call my recognition to impact through shortages, lead backlog now concludes

Andrew. Thanks,

I'll call For of our updates of areas focus. provide the remainder now today's key within

focus in market lastly, new competitive customers, very brief. discuss by space. in owners adding the we'll passenger operating continue on talent through and artificial reminder, retaining car add themselves is our Xs, improve catalog; one, technical the following: focus continue later in primary more artificial through a our focused more the our three, our two, rail rail commercial a strategy Class the on and -- and of expansion existing sector services, in the our intelligence And our As customers recurring continued operational top XXXX revenue offerings delivery; maintenance intelligence to value adding

of core improve or been to Reliability achieving our operational closure is essential On this to last updated components meeting and months. to rate believe rates. higher maintaining technical we a in customer from XX business systems. excellence. and approach agreements new satisfaction, improved XX% and values company realizing level service over service customer the our investments benefits continues and the are availability a on of a deal has all leads We to the level, be One our commitment higher pleased our successfully high we're

not the to significant [Technical helping equipment, also Our continued hardware down to but repair to only as team monitor drive on and easily rapidly has remotely our well. reliability, engineering improvements make Difficulty] and ability

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have position, released handle ladder recently condition. We ladder condition, covering five AI bent, side brake and stile new models handhold condition, valve retainer beam tread

reliable plan AI at to among developed track running of with backlog XXXX After our and also the critical deployed addressing both and additional the increasing points growing total that process. essential edge. year, requested inspection the brake directly detections safety other new systems bringing We before up XX catalog to models highly and detection calendar release a to accumulated gear six will end customers, of points, deployed inspection efficiency inspection be working we've during when our

will with maintenance time them online we and customers to metrics. ahead, every and company algorithms and hardware catalog existing for RIPs infrastructure our velocity, existing future improve Looking detection on more their our the model IT of sensors safety, meet day coming expanding customer base growing on our dwell software, owned within needs to proprietary operating build our helping continue to portals

our Moving revenue second area, adding intelligence through artificial is to which focus offerings. more to continue maintenance our and services, recurring

we revenue With continue large improving. AI us recurring and at speed. data XXXX a AI trend strong we base accelerate we use software inspections applications we how online. update, rate the services maintain reminder, ability all our have high the past continue analytics the last over certain equipment come recurring our scale from mechanical effective As to performance moving automates continued physical and few expect as allowed see year balance to recurring performing incorporate our are a throughout is This to has quarters, growing a teams, and to on our to XXX% contracts. that renewal on high drive Since deployments of revenue in

As field. XX mentioned over represents thousands increase the previous in in the a have the of of railcars our the scanned defects last will for two RIPs a continue This in level expect we days, of increased scanned actionable forward. percentage railcars detecting number detections this becomes effective. quarter more with on approximately as to as million work that as as our we both The well increasing secured provisions existing consistent increased number algorithm upgrades is the going for artificial larger see earlier profitable and growth intelligence contracts additional to a increasing achieve quantity portals, new for our customer recurring the of software the we year, including AI installations revenue a XX% an From streams that base our maintenance serve trend fixed offerings operations quality as improve delivery, of services, we across springboard accounts expect and a to for revenue. high layer and deployed

interest Additionally, with growth. make opportunities. existing accelerate builds subscription expect potential plan are support Early as customer reacquisitions, our investments to new greatest offering, our we and to strong been as to we currently well subscription model has where we gauging our portal in additional new

current sector, now update provide commercial Moving focus I'll deployments. on primary on an to our rail

I'll We passenger latter major the also part master the $XX.X services which XXXX completion XXXX. agreement in track national for Beginning commercial on momentarily. on with expected touch million of increased remains resources, our project with carrier, a the with

in portal January, U.S. project end is another X additional Southeast In with remains contract of rail plan. schedule RIP current a also southwestern XXXX side With an on a deploy to an customers we another on our announced completion of The States of date. United the the operations Moving customer, installation Class new Texas. deployment. operator X in another the Class to border for on

at are online anticipate in completion XX% coming QX. currently We and

which in maintenance revenue completed QX. work a major XXXX. services with substantially generate is expected intelligence, recurring installation agency We've transit online been in artificial also Our the to beginning project has provide come higher to to Canadian and with added expected

and are installed provide our upgrades project and term completed been has discussions to with County this modifications Florida long Additionally, in successfully currently further work. customer Security we to previously

resources While is priority. to against closing our mentioned, devoting backlog with timelines up have we significant successfully current and new executing customers kept are our as

model use and to we how owned to decision on and was through software hardware streams. Class best two as extract informed by third research RIPs, our customers. a X previously to additional months offer million but Our our analysis a passed percentage were had small only new of subscription In the quarter, mentioned, and railcars revenue maintained by our

of with this over addition remote we discussion. to a new short now operating range In our transit to additional a customer of at and safety, is and a improve line, the the portals owners North offer services potential AI to larger new larger pipeline attractive Xs, inspection reliability that million fewer Class have and cost look a American base and we We railcar very subscribers. forward efficiency today's services but can operators, customers, expanded business more scale, and and detection offering of customers worth visual market. of $XXX within With to further rail as existing on

been grant money quarters U.S. negotiate and are come. with hope updates transit infrastructure the that eligible Additionally, on in passenger to this with to QXs passing, builds we've to add meaningful railroads and we proposals for continuing

of focus, area our to final and retaining talent. recruiting Moving

rail specialists, line Matt with managing Matt been leading North a focus strategy on accounts Wabtec to the for of Railway commercial with strategy the two to comes efforts commercial formed quarter, go to our look and also with tasked experience requiring addition data Group. Industry as owners, He Duos to our announced contributions certain growth will we his four During targeted in where spent private all to team for of in American industry, Pacific technical and strategy shippers McKee senior expand via short responsible Last Sales to Canadian CSX within also various assist We or plans. leadership function positions into the on his Advisory car leadership Industry inspection market industry. decades has that and roles owner planning. forward commercial decades Most of consultation companies. for Advisory Matt account the the Vice of rail subscription and rail strategic new of Keepman lessors business financial we strategic he Corporation most led career President for areas experience a to is line management key of across executive brings be railcar Marketing. nearly we ahead. David lie top Transportation recently the was he industry, appointment our with newly David driving our provide our and Group's Senior The announced knowledge segments. as Wabtec's advancing our in month, growth. having the of

offerings, has as will investor as also earlier, of our business two via assist company worked I us fortunate well expansion Adrian direct As to as are we financial the Those last know that have about and I've mentioned included subscription Goldfarb where he through who our very relations second followed member the years. initiatives. our challenges group, been the advisory

both are is towards our and able revenue generating distractions. focus today, we As pleased I foundation and now that from channels our to direct to existing additional without am report of solid business new

Our on has largely spent two now team quality last increasing plus reliability with the directive solutions focused completed. that years the of and our

Operator, by with American reliability look rail to continuing forward markets. evidenced safety, appropriate efficiency improve questions. please North the our the services We prioritize our a revenues instructions. to offering. open for provide And recurring your of as based evolution that, to our the side We the toward are we're and of ready range with further expanding to call also subscription the

Instructions] [Operator open Thank Northland questions. you. now Ladies coming Markets. Mike is floor Latimore today of is for and ahead. go gentlemen, Please the first Our question Capital from

role. congrats and new everything. with Thank working congrats enjoyed Great. the And you. Adrian Andrew for on you

Thank you, Mike.

looks business very current obviously, So strong.

here. You that how curious a or much pipeline model? under traditional pipeline are talked that the much I'm is of is pipeline number -- new yet including that in about business you subscription

we note, and towards well. And CapEx still our model. No, we touched it to think have both we end, add mix that important as going of in didn’t the will concept our subscription that back to But discussion. a the to points traditional on it forward, is continue

Got it.

much head your time traditional versus how here? subscription sales, opportunities new of offering RIP the of is So his promoting be looking really of going at to kind

And model largely just yes, it, Right which very is and the good that opportunities now, good is in form still taking a six a good I priority Matthew's eight inquiries interested traditional, model. focused would set for that of I'll subscription CapEx subscription certainly Chuck, subscription short, focus primarily he's for is say, We -- on his in call is that Mike, in potential model. model customers are that on our weeks, pretty question. are this have already I've the us, good that pipeline list but to generated business.

data guess Got it's they I of blanket them? there? also just fee is be still kind is evolving, that going would of pay to kind pay you is per location then give and got mix And but customer, of went you a use or be to or on the it. kind and it, can XXX% whatever there And they you -- recurring to that to recurring then would model, a hardware when of going subscription I'm going sure be

be fee detections. entry That be that probably fee owners paying Look, a railcar a be, charge think on car or predictable a probably and how typically will number sign-up is, a a fixed then that on I things. want bit and customer well. also actually to worked or expected we'll as the what number the get or offer is in of formulating are say, of want on going to we out. question on to what into per of to this. on that our But in variable of exact good fee. We sort subscribing be these number an it’s that I concept, we based think manageable fixed, paying a still and to cards there's companies very several And the portion as first do to addition based that, still they No, are view we're but think little subscription our a But And more fee we customers, methodology we'll for a sites. fee. of learn will accustomed that bit largely I'll

of done. kind headed, direction work we've we're still that's so but And the that more

a of out Is shorter you get this need you the traditional sales of assume rolling, I cycle RIPs get customers? the of model? mass And or a kind I the there certain need Sure. five? before number critical would one lot once Thanks, enough is you on subscription things field be a under then mean, Chuck. than in these

Yes.

were really together of XXXX to we've on plan XX portals position that number our inspection would five would an them be for a least total of we XX of at is out upwards putting the network. have of in be them subscription -- potentially have would railcar ideal So In and the subscription.

a a position will the us And put of you model. asked forget could by out portals, of question, that me predictable we're year, of that a I lot working basis. then are a point by of if half and is subscription that what beginning on a XX to with our we're So again. end end -- in a hit where second next you to And breakeven me go of -- get getting forward XXXX, about towards the where portion them more in

the time? the traditional than subscription I cycle business shorter over sales would Sure. for would model be imagine that

CapEx we rate for Yes, traditional be because subscription the a our it hurdle model. up lower lot think will to basically is largely a sign than

their that the customers I if a subscription authorities mean we So down what inside some of have falls know charge by that. in for probably of you lower large delegation much that

we for And time should [indiscernible] a reduce into getting interest able to a to the be time the it should from to and contract sure. therefore, be so lot

All right.

Okay. Got just it. Good. you on And the then last, can me recognition milestones. revenue remind

I think like more you of but deployment, final rev generates be just the well. to rec think those along remind get ones can ones things as material going what deals? way. you I someone what the have rec Can rev are are main of you sort like, are that me terms on factors a that for obviously But key the these in there's -- the procurement, fourth a quarter your here as order

those manufacturing that policy into first will foremost subsequent materials process in wreck. revenue under looking and QX, phase question. for [indiscernible] and great a to to and revenue us our And key initiation at beginning recognition are materials our a It's received Sure. manufacturing critical be profit our

will So -- bit. that that quite will have a contribute to

receipt of we're are our project obviously, subsequent our chain in So the of then doing shipment of our any everything numbers and the itself supply manufacturing about milestones. site to we continue the off completion stave really sort push key to talked and can really impacts. installation But materials and as of potential forward and speech, risk to we

Great. lot. of a luck. Best Thanks

you. Thank

turn for comments. I'm additional closing queue floor over the to Ferry Instructions] questions time. this [Operator back to showing his at I'd in like no Mr.

Thanks, shareholders for you, the today. see behalf particular today's again, us what thank we we're on to company, on joining Over to you the on support operator. thanks call and day. call a of And a have -- operator. our for and Again, in entire I of appreciate everyone your Thanks great number doing.

you. Thank

conclude we Safe I Reform XXXX. statements meanings forward looking the includes provide Private Securities that cautions contains call. Before call important call, like forward made looking during Duos regarding earnings to This Litigation statement Act the within Harbor of of today's statements would this

uncertainties future statements should, or are upon identify Group's beyond control, differ or are Duos other and Technologies to number similar looking may plans such influence believes, conference. the opposites or which the expressly accuracy cause Item looking to of performance the XXXX materially factors you differ but a and Form with as those those Duos filings report are is forward annual materially XA actual These Duos' in from today Technologies by caution periodically joining expects, to statements. risks third XX-K which Group's which our Forward uncertainties, to SEC. these anticipated for described terminology may may, on the us which by in influences, on described the and [Technical statements. in intended Inc. you of based Thank from statements guarantees not earnings and subject incorporated may quarter other could those herein many limited that anticipated by will, looking forward-looking of results the projections are are actual the The Duos' We Difficulty] include, and statements. risks are reference risks and These as statements expressions results anticipates, events their not and forward uncertainties of

may You disconnect. now