Rekor Systems (REKR) 12 Aug 222022 Q2 Earnings call transcript

Good afternoon, ladies and gentlemen, and welcome to today's Rekor Systems, Inc. conference call. My name is Latanya, and I will be your coordinator for today. [Operator Instructions].

As a reminder, this call is being recorded for replay purposes.

I harbor to statement. started, company's you get safe abbreviated we would read like the Before revenues, financial I performance of the and that this statements. future may statements forward-looking like product or made of would to any as in events conference remind releases, partnerships be call are other conditions, construed markets, future economic positions, you and that results products operations, statements concerning prediction a may cause statements by and which Such involve other from materially unknown known such implied results uncertainties risks, actual those can and or differ to factors, expressed statements. you the We refer ask earnings our disclaimers release. that to full in

discussed information also data review provides Systems. company believes now over is this of Hen, presentation ongoing should provided filings factors I quarterly call. operations to of CFO informational the company's risk to the turn financial and the non-GAAP contained would purposes be the in proceed, presentation sir. with only. Eyal like useful the You results for on description concerning annual Non-GAAP and a Mr. Please The supplementary our Rekor SEC. of also will

months Good provide June afternoon, for Today, X us. discuss XX, results business and for update and X XXXX, joining Rekor's and on an you the with we'll key thanks ended topics.

will we I recurring model. XXXX, over of sales go our Our accelerate with me In the business after second under color to Berman, on quarter revenue CEO, today Robert new additional growth call relevant be our and will our on provide continue the in metrics.

point-in-time from of since been previously, our we've revenue emphasis recurring explained third to quarter revenue. XXXX, As the shifting

obligations second the appropriate a impact growth about emphasizes was consistent same revenue year, software million ended XXX% Performance $XX.X June $X.X June increased period last million and to XX, as in to $X XX, for million XXXX. engage we confident seeing in that This ended year. in X had subscription STS. $X.X to the term. year. million to ended recurring financial the the the June compared some quarter $X.X June X- XX, X and growth get overall for stability at completed with in XX, X data ended X%. of $X.X Highlights in are same mind, overall in XX, ended June strong million. X-month the near-term into Revenue December in for compared for XXXX, strength circumstances, to new as period XXXX, Solutions, months of it of respectively, increase XXXX, the decrease With our revenue last This X of months model was will on Southern the of compared and the June Recurring on our we're XXXX. recurring continue million providing and the same period our But for and compared represents and for Traffic Revenue XX, XXX% the XXXX, the $XX.X a let XXXX, period positive we revenues, XX, basis. the have the has revenues. long of services details me impact on point-in-time hardware months a While acquisition sales last increased to to results include million,

in XXXX. and of essentially for revenues. has have June X ended the XX, of revenue XXXX, the the reached and growth in a total to X X was our as As revenue X percentage change recurring compensated in for XX% recurring decline in compared the revenue the The point-in-time XX% XX, months point June reflected than for where our model, year, you see, sales since can a in less we months

strong revenue in appropriate the in continue we saw like mentioned, may to revenue quarter we increases first future in in point-in-time circumstances. in product hardware and sales I software And of As the result we building expenses expect our we quarters that increase with growth, on subscription could previous through But for Total under long-term sales, emphasis beyond the expect model. have to stable current achieved well operating XXXX. what SaaS-based base engineering, teams acquisition into generate our in we for added this integrated months were expenses. increase. million as hires and in their during suite sales period Waycare to ended from additional X played million part due growing operating The of and XXXX. marketing service the a we to compared the $XX June same our significant XXXX, increases XX, in offerings. the new stems in And technology Increases and to headcount product payroll $XX.X expenses payroll-related a

With investments that of of important edge. continuing competitive we're with to STS, the and will line enhance products our acquisition its enhance improve

However, development in and near-term has the opportunities view to that will provided efforts sales as defer us some efforts, acquisition we expect consolidate and narrow discuss later. with, of this marketing and Robert

XX.X% investments June June from Our in XX.X% XX.X% new expand and XX.X%, and the on to X and XXXX, ended The decreased order XX, adjusted to is we XXXX gross margin to projects XXXX respectively. decline for in winning quickly attributable our presence technological as ended margin X primarily key focus in XX, areas. from increased and months for the in implementing implementation quarter larger

strategy provide the that investment we discussed. growth have due key of to provide gross Since and EBITDA months our loss respectively. and continues KPIs of ended loss time, X future. the with future our help changed from see $X loss loss an as business. was will a XX, adjusted from more loss and of decreased enhanced revenue a better into success evolve for our $XX.X million hope insight $XX.X Adjusted into in XXXX to performance improvement This to shareholders that these million indicators and X a visibility in released a million, a to the We to $X.X land-and-expand June to expect million margins in XXXX view of We we just model, and I've position the over progress. Rekor concise our for increase our

new our -- than had on XXX% and As highlights, the recurring The This XXXX, new noted budget contract related renewals was value compared ended XXXX, half willingness previously same point-in-time partially won contract of compared of to in X value contracts. the during half to in related of million primarily accommodate experience offered. decrease the to earlier. to customers first the total our million is we a with $X.X shorter-term subscription constraints won also sales to our the and In based our XXX% revenue require decrease months for X discussed of as XXXX, by hardware first financial increased period XX% of we XXXX. decrease June XX, in $X to

June obligations contract XXXX, XX, of performance As million. $XX.X remaining were

amount as succeeding XX, in over This of XX We recognize months. of performance was $X.X an our or XXXX. compared XX% of increase to of represents increase approximately performance This December to expect million this obligation to million due acquisition. primarily the XX% obligation $XX.X STS

on expanding we building through short relationships customers are and As acquire presence, pilot typically which focus we continue in programs, our to nature.

expect to and see As improve. we convert programs continue KPIs will these our larger-scale to contracts, we to expand pilot

and condition financial our to liquidity. Moving

as XXXX. was strong experience a in loss June from decrease the of due cash equivalents. Working of $XX.X in million, our working we In was cash the $XX the increase Our in part in XX, decrease in to down momentum from million STS. XXXX, XX, operations our cash position as million, inflow a reflects decrease of $XX at-the-market December million down This acquisition summary, and $X.X due of million XX, we as and also XXXX about The cash a capital was our XX, prospects was to future was in cash XXXX. by as from sales are growth partially passionate primarily XXXX, December for capital company net cash to growth and $XX.X our on used on decrease of June The balance continue agreement. offset market. primarily

will Robert? discuss We our them making rapidly to value and significantly. long-term call you Robert turn we our our now decisions margins Robert. on over creating shareholders. fully that increasing now I improve focused As and to that, next, remain benefit expect will investments the on With are concentrating with will shareholder

you, afternoon, Thank Good welcome. Eyal. everyone, and

how revenue to negative a I that of we does past over the for our where revenue take are reductions point-of-time growth revenue? the expenses. our transition. of make there impact point-in-time to would achieved recurring The point on recurring depending concentrate With and it in model, think primarily up quarters, to be stream few developing let's to said we go About expect When can trade-offs. on made and revenue talk revenue a year, revenue, the recurring have at in last question growth. on time decision for the about success we the near-term from we've this is, So efforts model revenue you you long

of we in to As less able our total from recurring were to were revenues year, Eyal transition just XX% recurring revenue. quarterly where total one our of where generated XX% described, quarterly revenues a than revenue

for second be the we end to But a corresponding the XXXX. we focused day, that's to total not thing want essentially as of While highly profitable At period emerge the same as of XXXX enterprise. quarter revenue was the of have the only on. the

invested were high propositions before. in exploit market edge crowded slight just and major We've sights a to haven't a with want set that feasible us in We our advances technology narrow, provide segment. to high-value never

base. we've solutions We've on and of of building concentrating future time, us So at been safer measurably can revenue been efficient investment. on same return the on developing make the a and provide that with package stable profitable a both more the roadways a concentrating more

services X new to to different jointly companies STS, world's months, enhance last services types deliver coverage of With roadway we've DOTs many around cutting-edge base. now largest been the services. assignments of we and our state of And customer dramatically innovative and geographic world. working the now able manufacturing won X We're from vehicle the acquisition increase just the to products in Waycare and our with provide and

rebuild well on system digital its trusted the roadways. the on the already As infrastructure and an reimagine Rekor future. define the is road infrastructure to Rekor helping seeks is partner our to world of the active to past, operating for becoming

curve. and infrastructure. multiple One and data actions decisions data, AI from support sources the our the sources to of in using devices learning patterns insights, Rekor and continuously brand pull We data multiple to and existing examines from Our third-party captures reinforce provides missions

that become puts need insights profitable management, is the and over us and we transportation tools machine AI us happen. itself, for uses Our might safety. public our profitable work in happening proprietary and visualize given its process market and to of actionable not make It's only doesn't year. to our right next but pool big of X brain now. this data key IP intelligently This In segments: learning results to then what the urban and mobility what

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Edge-based with real-time analytics real-time the infrastructure together of and data use The a into the source As data response enforcement data integrating video optical we're Rekor incident physical consolidate traffic transit other footage, Rekor's the digital public capabilities. this traffic multiple core the will from data from traffic and data single and dash roadway most and processing diverse will project sensors roadway possible solution management and of to sets, enhancing footage X including cam system, analytics roadway truth. environment. incidents bring extract and

annually future. this of earnings, move be recurring, it with that a the combined engineering of STS We acquisition machine the which for accelerating table last operations. generated forward. learning the artificial right an of Rekor's important of Ohio to to we services to every Putting complementary few now has data XX% positioned already $X primary path roadway companies that STS near Rekor working the agencies expertise intelligence, STS Historically, acquisition forward. to million expect In together factor has technologies, to expanded X the traffic this. EBITDA. and revenue, our expected from and profitability end really DOTs the of million of provider the since with the data Rekor's us intelligent profitability leader XX with relationship on into just the the QX $XX our of weeks years its infrastructure as And acquisition, contributor U.S. reason collection isn't is impact The of plan also This is of we STS in to but the Florida to their are significantly to become acquisition has completed going in the next-generation and objective have build brings AI June. to of incorporate

secured position departments data So trusted States. throughout our we've well the of cutting-edge a as as services with Waycare and a for acquisitions, STS of United as provider transportation technology source

that market conditions, is as task, become use ensure current efficiently Our next under and particularly to that to as position possible. quickly we profitable

space, decide going markets markets our doubt the for given growth. consolidate its resources. has a current we operations, profitability working And Since teams open ability technology growth. process, the every growth tech state impact to to up like from In Act. been their down our more using restructure, many, within to where steps these do take Investment in of for environment we'll Jobs economic we've many in in flow positions we're before demands of the and So funding to that companies. public prioritizing backfill and company, double Like beginning the shift and of we've to especially headcount it are capital our resulted uncertainty on -- Many that we questions, of other areas inside can the the been the energy I'd companies do to where to company. concentrate other reduce where plans will taking shrink the have has downturn attrition. to address steadily to be we've in to no to impacted leaders less. and near-term that fewer an intensity, and advantage acquisition we STS, this on the that's with already so There's Infrastructure that to teams more just in the our maintain about We're

continued to growth the cost unlock the for from quarters future opportunities We provided expect last has as to in unique and continue reflected revenue growth year with. value we the us both the efficiencies see

So term. despite the confident current long challenges, I'm very the for

who I'd back will Q&A turn the operator the call session. to Now like to moderate our

[Operator Instructions].

first with Markets. Our Capital Mike from question Northland Latimore comes

Great.

how and much So on from Ohio just maybe you came the and expansions? mention Florida little on more a those can expansions, incremental those business elaborate

Eyal? Sure.

announced not we definitely before, signed as What to market. this disclose. We And these contract share, that our attached these numbers a dollar So say, once contracts, extend information And have information it's we we share can can does public it will to Mike, it. increased relationship and DOTs. significant not we have the just with with we this yet more contract. we more

then time are what And frame? Okay. the there? hitting, on profitability, should focus when about of say, thinking first you near-term Is 'XX kind we EBITDA you're breakeven? think of a quarter Or that

think... I Mike,

Sorry. ahead, Robert. Go

No. Go ahead, Eyal.

time. make exact as said mentioned we'll be that We in yet are months, we efficient. next breakeven. I cannot organization the believe to Robert more earnings we the XX some But the in time release, working provide our

months, Okay. And clarification as been revenue. about just is we guided XX the has there of last, back kind integrate of some as little a a next that out these -- we you've on should an to model from of the in step maybe or Or then you Should uptick million our it STS just put that what $XX -- be expansions? we got will doing over models?

that's And services. I pioneer Mike, data good it's think was a fair that look, in question. to a STS say --

decade footprint the the and as or putting right? installing that the of So then the relationships And fairly in the Rekor's and inductive with things as collecting for United antiquated it, know of the the STS of maintaining to the them So Federal just for there's to systems footprint, a ago year. that customers back Southeastern stuff but trusted elimination large system about opposed States data, the And states not and selling mandated right? into they that ways a technology may data other got our pioneered collect think relationship you and and know, selling that's growth, collect as strong we within STS why roadways include bought government insertion I the to may and states going STS old decades. see by of because each they've a all loops for then to data it traffic are and in process throughout you that the we're very contractor half a of So there. some idea a

to giving with just data a next start they where DOT to with a integrity you. You them They've them. your and got walk day the and comfortable have you're history don't working are going into be with the trust

going and growth -- by And that's So footprint. technology combination the we'll in together I right in to and what I and come a think the is company also our think now with from the with growth as introducing of STS's general. seeing expansion we're then Rekor STS into Ohio. business And see Florida

next question B. comes with Zach from Our Riley. Cummins

about the quarter, just during we took XX.X%. know gross to Eyal, talking I margins down

these get you especially range, I upfront normalized of talk associated would of can is if future? converting more implementations. gross lot project just that these going revenue, in STS quarter? margin think be the any other to say, there's of to with pilots as in with But the a maybe of to to margin what's impacts some more you I a, costs And about the gross start fold in

Zach, good question.

have. as margin anticipate an what once margin. to what margin. services XX% in, yes, businesses to coming we mentioned, gross As to That's really together XX% data announced to the have upfront the increase be the run, we the to we midterm the we with our long we have is will anticipate. gross believe for current more say. XX% revenues decline cost XX% contribute STS on and And do past, we always gross That's that you we And that in the for gross margin we about

opportunities. know with still term, or of a more kind specific profitability I know I days which near-term the kind of even And give you count? you're having us when cutting it's revenue it Robert, some any back areas But into to insight in here I Understood. near of head that be of can And comes some focused early reducing strategy. you kind of spend that maybe considering terms going sort you're approach in prioritizing mean maybe to your

you guess, you I can low-hanging the the to opportunities speak sales which So to, fastest force? would revenue time just or be in fruit for the

the age. here you're question. to the fair seeing they're technology that's question. digital we've to believe And going U.S., spend Look, $X we're digital world bring move in into now. a think with I going an really this And It's bringing was building see spent the infrastructure going good it's the important to question. trillion towards infrastructure because And doing that years into X infrastructure that we're a we that age. that

were were So related platform point some all the were the in them last some of years, things that all of we've building. transactional, different over this done components time, that X to we

within the hardware that had we and suppliers, ourselves. Others so get were our related algorithms, and so Some components hardware to forth. to were software from develop the couldn't market hardware firmware on on

going expect data more the aggregation services, and more bring products to a data that to is what's And of value and to both built. from businesses requires that's I -- profitability. what at of we're what we sale for XXXX beginning do, data, means of other and to focus and continue company and rest longer-term a the every be of saying comfortable to data in we've building us roadways. this we're of revenues our is of on commercial from an okay, to is the that we is engineering of robust what less of system out to this do and QX the think started into what drop all to things that and to data And greater the of customers. those away what's year, and of put Higher we we're department that the as governmental our can XXXX. that doing put re-purposing operating quarter margins, think contracts of in going I and the much effort that's which those happening start all what throughout That's come services support from to point

and seller a proud the data I been may of re-purposer an side, as on these our come think right? more for reductions So did our brought and the and their David our okay, weren't platform, systems core doing this point So it, with business likes of cuts then to some were business. picked up But will on only to in and so installations STS Waycare, we much into of and that market aggregator years, we of them that this transactions the they able where not one-off hardware because when get that and our at right? live get had focused fact now what of we to our on as that were data our is out X we've do, in going we in of we software the and years. brain, we and environments, on pare data, So call And we a and our be X call to our test I'm to with all get is set data us company footprint, external and us. can services the products on into And can side platform side. other to the really all to operating the that back which horse who's to we we that's basically

all on focus that we now. So can

simple. all transactional. that now. on now. think really come I stuff that's that's it's So services it's time come less It's Zach. and so in the And And point we going can data from to other going focusing that do We where from, can that do and on to

me seems Understood. opens speak talk Florida the little DOT That's within pretty a opportunity. And that just even can with that if the the helpful, about announced agencies if replicated the final in to or question ago, kind be other significant of you contract more of terms Just a different door opportunity beyond is like few is Florida in contract. states? to could this Florida But something contract weeks for Robert. that it of you this a sort

And the component that not and be to, bicycles can contract monitoring data, And only okay, It's what a a it there's and pathways, way there contract they to other relates our that through the had understanding the STS, of tools happens in with the is ability before. that's is DOT Florida using a the of in see and it again, replicated designing way the absolutely, If liberty to and of utility it managing then for it structured, safety all but the it. re-up to and pedestrian is works it. state. of needs on the introducing products, the meet the piece but had of it, and system another components states can Florida. contract just they and And they'll we not safety multiyear, the throughout do it's move have then immediately their do and into it, to funding

we're but doing. company on at all the some that think of value They're nature all to is contracts quite at unique. announcing. the Rekor So things not you're has that's the don't been a of everybody encourage this look Rekor of look doing. other what good point find of of we're of would question, these going the Zach. I to And whole any that the that's saying the announcing, this, I contracts And call

the nature of the Zach. pedestrians And the done component. that's that and bikes change So relates data also way and technology to bring the safety contract, It been it. then a to a using and and component it's past to new around the safety that in

helpful. that's hopefully, So

Instructions]. [Operator

Our next Capital. KC from with Shay comes Ambrecht question

tap of other the we us update able that? just contract? if the company might these And Could kind where the some of be you opportunities. of then some border visibility kind on there any any on up other opportunities of following revenue are Is there's rolling patrol that Any to with out? kind Mastercard into briefly on Just just update supplement reseller revenues? to on of

else them. over first we to partnered with this our What later contractors, Border selected they've And do X thinking What it. what control year, win there'll Rekor it folks again to I said sometime we as that a or assuming primary use that that going same of they've thing be know expect continue no over. publicly mean, that into of with I Patrol, publicly, now we're look, Custom which at and have Thanks, announcement guess, they they and early Yes. make which incumbent, whether with partnered and the the KC. they're is knows, the is technology fall. whether they're -- said know well somebody that the they is post again, next all decision now it just very is everybody extended takes they

we'll know, of questions With add? have continue data get to where them. bring respect they things, on do. worked on all things we is anything with sure, it money, want to if we've focused revenue, so doing the is. services, distracted don't what guess, they pilot great. bring in opportunity on time, We okay? the speak by states everything you on what that's what we with good them. get point in Eyal, working do they're they're I to They're transactional, and we're to and that's those again, been healthy. And like can't to there. So They that them they're this in want But doing to focus bring And we -- they else I margin, we Mastercard, those of haven't if kind KC.

no. No,

it Sorry. all. Robert said

It base the other by things it. the profitability then get the about does STS seeing you and put great think months, Or us a that last sounds you're deal put these how reduce the and XX we deal. When of one kind kind kind or the XQ X -- companies into together though? we in year, optically plug next of expense next we can question just of just Just guess, like just the together Like XX,XXX I from base? they Do look of expense just we feet? of kind then help and revenues accelerate? there of on

of some STS our the probably okay, I do. be they come you SG&A think verticals they technology and assume do inside you're to to and I others. at -- company way in stabilize look a new think you that with into the can our what and there's down can And growth across because going the we're margin, going respect to see with higher at introducing expenses,

a things. we we've get there And months. So within think we X those be to it's look, going combination can of said XX

sooner. revenue we time or we to or again, And come from So believe think, that. about going a combination this expenses of year reductions. slight we're talking it's having next stabilizing And and

Okay. And question. one last

guys KPIs and on we from the these little to on get you when Just kind Do time to convert is of contract visibility know have when a have bit how when going talked you pilot going pricing we're a more the and... contracts about.

couple there, I look, I business you'll contract weeks these going I that. just with as here, revenue. The think we've these the again, the start infrastructure, it, and as both -- good and of performance to start just questions. a done what not it's it's think nature So KC seen seeing And world just seeing think -- higher. you've X-year regard X-, the in are reflect right? way of nature as world, values larger, things of that And of annual that they're we of us. I in than, part quarter. the STS owned STS, hopefully, being you're of dollar mean, are contracts, that's Yes, And obligation, going right? think, are well I for from much the saw So are I the to Rekor the that's of weeks a recurring STS X X-, less think, to with usually the

the expect to the see we KPIs company going those continue margins to And X then I you're gets there, as how think. recover, then grow. So to

private Our with investor. next [indiscernible] comes from question

while. been how you the can my XX a about pilots the ongoing other taking And for also, mentioned shareholder I pilots are on Tennessee? that were this months I've call. Yard; But for Philadelphia many and Chattanooga, touch Winchester, a was Virginia; time? believe at the one Thanks ago, roughly Navy

do business we're that low gotten that deploy These is work We've respect time a thinking There's so look, not to -- a pilots or And pilots you'll are to pilots. but young still of customer, with shifted now, ongoing those when others, a revenue past anymore. anything do and with new our no that's a technology and We've you are you pilots can revenue. is your doing company to where and kinds very right? good technology point in there are question.

see I think at you're I now, going going company straight pilots. so contracts what the look to is to wouldn't

are on did I things with of like forward. we that we what call think are lot a helping prove to technology, and AWS propel other and with they talked we it that with these the the pilots about got where certifications us

pilots look, think, is this. away So from move I thought our -- can we do again, to process to

the I what company's want talk So pilot of introduction component that's we an do to So of they the still And there commercial expanding. is most right? products, adding Philadelphia, in that. I mean But where components was to think are. there. you keep and about a ongoing use you into

at way. like a those laboratories things we So in look

better, So they X long-term or still so pilots, in process. were they're months

if any question opportunity my are the future final is, still And to you acquisitions open arises?

I and question. today, see That's where that I'll don't you just tell a sit my really this good is And here I it. view, from

we I business. came be this And we be STS. would and think it purposes to think of have business, be related profitability. immediately what an doing to now going lots and the why acquired Waycare every the directly it our were scale if to along, day pieces we on I scale growth have for when integrating not acquisition and we and why not acquired is we're we but to accretive need add of focus And and

have the we to We do need we that need do. to pieces what now

appreciate as again. investors Much and you to have. as I the often up speed all you I that's do. keeping Thanks Okay, thanks,

I this further back to turn There Berman, are Officer. queue time. Executive Robert no the at would Mr. in Chief floor to like over questions

where to time in patience years, X support all I a we've is from think and built company. at the and stakeholders Thanks, of spent now effort and the the And Appreciate again, for everybody. shareholders it. the we've and time the lot they at way respect and people been roadways. the way and And deploy it with and given sit, also way those car we changes to the to the excited opportunity industry across infrastructure the the look in and in happening resources governments and just travel -- this our thanks that what's closing, really companies monetize our sell some their great we're at vehicles technology, look with about

to next we're well months. hopefully, think the we'll able the over we results positioned So operations prove with be XX of our that and

you, thank everyone. So

today's Thank teleconference. conclude you. This does

participation. lines you time, disconnect this your thank may You your for and at