Rekor Systems (REKR) 15 May 232023 Q1 Earnings call transcript

Good afternoon, ladies and gentlemen, and welcome to today’s Rekor Systems Inc. Conference Call. My name is John and I will be your coordinator for today. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. reminder, call a for being As purposes. replay Instructions] this is conference recorded [Operator

known I read conditions, you want abbreviated start, financial performance any and be concerning we Before differ construed to other or of results product statement. in conference operations, risks, actual want statements releases, as or future events statements. may of Such future made cause are by and that revenues, implied other statements can Safe markets, materially and you I to prediction and involve statements remind economic unknown uncertainties, that position, this may call expressed factors, products statements. forward-looking a Harbor such from company’s which those to the partnerships results

the you disclaimer that earnings release. to ask our refer in full We

company of be is also and annual results filings in should a provided You on supplementary operations non-GAAP review purposes data discussed for risk the the the will factors contained company’s SEC. and only. concerning our the The ongoing information provides with believes Non-GAAP also presentation useful the informational of quarterly description call.

Rekor now to Mr. of presentation I the proceed. Systems. over Please want CFO Hen, And Eyal to turn

the months us joining discuss Hi you everyone. Thank for ending XXXX. our first results to XX, for three March

continuing We with are you. to share progress excited our

in some CEO, Our closing will go and President business and our will first, me relevant Berman. I Robert and a recent our metrics. with COO, provide David together David developments Desharnais, you is But with on the over Robert today call remarks. summary brief will on

term on while versus continue continue to quarter, given investments continue longer last revenue range growth and to a our non-recurring the concentrate revenue, believe market has as a continued prioritize increasing. both percentage will in growth total our in This now. in recurring is accelerate recurring efforts opportunity we focused we of and and our in revenue. resulted recurring trend are conditions, as we indicated we revenue same comments As development our on efforts execution This a near significant time near-term is at in current

revenue for of XX% measures saw March recurring The months we to being with the XXXX, In the months three $X.X reflected percentage last XX% of months for the compared ended long-term in for made during three in for of months from first XXXX. operations three three the the the XX, a is March months was This provides year. XXXX. despite used XXXX and strength in ended million XXXX of few stability the first foundation XX, significant and we solid and this achieved million quarter of $XX.X streamlining us reduction cash first in into over our to the XXXX revenue total

the of made which a in Furthermore, accrued burn payments for XXXX first true accounts one-time company XXXX, payable professional from of fees, resulted the $X quarter million. approximately cash and

months the will addition, additional in the we of quarter be full in three second reflected the of effect first the year In the made XXXX. of reductions

began level Departments later. high Transportation, David as of completed in of offerings and expenses and of a discuss incurred period research we for as production speed also We and development will count, class the our deployment

priced rules. senior registered finalized under XX, for period direct XXXX, transaction in $XX by a January the our we In and compared million $X million ended the Now, other Robert highlight months secured million some XXXX, market the March million financial XXXX, finalized March let year, ending months in we same significant at XXXX some XXX%. XX, recent me CEO, three $X.X NASDAQ more was for increase three details results March Revenue the last the developments. Berman. offering note led of to In $XX

of recurring to as increase. year. the percentage of to our by same represents Recurring the months avenue $XX.X compared This increased March period I avenue earlier, of $XX.X increased XXXX. obligations to XXX%. compared increase XX, $X.X as three XX, March million an million December XXXX As for continues XXXX of recurring revenues Performance last ended XX, to mentioned in million

XXXX EBITDA for adjusted March XX, XXXX the months ended Our three million. steady at $X.X and was

We are on results approach continue to and our take expenses a operating disciplined evaluating carefully.

the quarter quarter increase as of key employees of an to XXXX first depreciation acquisition. XXXX compared expenses has the to of The STS part in our and expenses operating addition higher due first of

for However, XX.X%. periods margin gross to from XX.X% adjusted the comparable increased improved and

expect and growth and streamlining urban adjusted cash to for making mobility our our expenses increase The completion in expenses of professional We’ll offerings. was and in associated one-time with we’re while primarily experienced the continue mix efforts. implementation significant and margin deployment investments also see to our our attributable fees higher gross new We our to continuing effect investing of revenue. a software in measure

margin improve cost new technology down our to to increase margin. further drive are our and working implementing We by continually

been those obligation. of providing indicators enhanced you but to you progress business the able contribution detailed only our new measure not our into better to We of at a insight to to also I’ve evaluate over give contracts winning be key success performance and our value long-term in with time. contracts, view performance their terms more of want you

$XX.X XXX%, $X.X million During only months XXXX. This to won in we total contracts in March of value $XX.X XXXX, period increase million compared represents to new three the an of three the March during won the or period million, compared XXXX. ended same new ended month XX, contract XX,

This million amounted XX.X% of remaining $X.X $XX.X to December million to remaining of compared our or of performance As obligation as XX, XXXX. represents of March XX, $XX.X million. obligations XXXX, increase an performance

the over We expect XX remaining XX% performance XX, approximately of as months. of recognize to XXXX succeeding obligations March the

Moving to our condition liquidity. and financial

other direct senior new from in and million. These In $XX participation led closing, we March up aggregate investors. million transactions also a was registered by the us for continue and gave to strategy. January, existing completed we in needed Robert Berman At above, $XX $XX.X funded. liquidity offering our notes we to the discussed of execute of XXXX, completed As CEO, amount the closing secured with million our

Our from XX, XXXX XX, December XXXX. million was an $XX.X cash balance increase $X.X million, March as on of

capital $X.X deficit working walking receivable. working March of was accounts as was million, primarily of December a to capital million in increase of XX, equivalent capital XXXX XXXX. in increase cash from $X as an and up Our XX, and due in cash The

most To funds, investment administrative momentum stream because focus near-term sum product on of we markets. to opportunities. our are are experiencing we those the strong prospects in regarding ways to and prospects raise And in Rekor’s our up, capitalize growth expenses, addressing producing continuing we have prudent by been on all key confident revenue

approach strategic our As on technology our David will hear focusing margins we maximize profitability. to investments, from you rapidly just are taking a increasing moment, in to a

sales continue Our in of concentrate first to acquisition revenue Recurring STS be recurring the due to was revenue of XXXX. this are continues of XXXX quarter revenue acquisition was synergies Much and efforts our rewarded. in more becoming to on apparent. with to level of our grow and the this double than the

and large designed more a initial marks the the of new needs Departments for The is of meet of of advanced that customer of deployment and data to also Transportation roadway XXXX first set pressing to and offerings sustained completion quarter recurring now from XXXX. with long-term this large secure collect. in DOTs to more With revenue growth contracts expect – safer proven in additional success area, to see well-positioned during we are

we this focus, in significant margins future. see in fully With also to improvement our expect the

to $XX million and be As million will the to decisions and firmly XXXX revenue year profitability our $XX guidance of loss million with Rekor million year EBITDA $XX value maintain that making this committed to benefit such, we range by in of our long-term end for shareholders. shareholder XXXX. creating of the revenue fiscal in the remains to $XX

to opportunity lies dedicated are consistent We and excited growth about are delivering ahead. that the

our continued turn will Thank work as the to you call your achieving for together. that, goals we I David? support now David. With over towards

Eyal. everybody. segments. three our and progress continues primary you, of make Good momentum Thank business all afternoon Rekor across build to

management AI-powered incident and learning to our our electric safety, recognition, is of includes This transportation, technology and segment. as as metropolitan vehicle public transit is vehicle and targeting one traffic vision, Specifically, to mobility is where speed our organizations. our Departments and computer licensed and our segment management centers of other roadway tolling multiple and includes AI, planning public safety volume, And Departments technology for machine gas segment detection number third, analytics. our commercial our Transportation mobility our we transportation two began of work where foundational traffic segment. in management capabilities, This recognition and our real-time segment. advanced customers. we AI-based measure and first Transportation, licensing monitor urban and classification emissions, leading business uniquely Number vehicle count greenhouse ability This well

and advancing our During new products, significant first across and across milestones, each AI-based technologies, many new the segments. our adding achieved of significant we business including relationships the customers state-of-the-art partnerships launching ecosystem, these quarter, of breakthrough the deepening

segment. with of the and vehicle capture our ground video Mobility XX platform the Federal counts starting traffic utilizing Urban In automates speed, Rekor truth resolution artificial our streams to Administration, QX, high Discover, intelligence, Rekor out using deliver new we First, Discover classifications, safe rolled fully studies. Highway vehicle

powerful are AI to machine active streams at utilize video analyze Our the live to deployed edge-based roadside devices provide they IoT learning network of automatically where and traffic intelligence. roadway

Transportation and and Rekor’s immediate Already pipeline Pennsylvania, and path Why? and driving deal. contracts QX, Departments profitability. awarded scale forward Mississippi, and Alabama, we a big ahead. Ohio a significant growth in classification multiple of statewide Carolina, is momentum multi-year it’s to This South were revenue with Because strong count traffic DOT Florida, with massive

breakthrough view In Command for a our what Switching AI-driven roadways. roadway a Transportation new to transportation gears and management traffic with new our of and on management is Rekor of roadway happening provides we centers of their departments future QX, the intelligence setting standard announced time holistic and Management delivered that real with platform, platform segment.

Texas across as we significant increases our new foundational flow, what to United the emergency roadway as our the far a helping States. the core joined largest and incidences, Rekor risk And responders the secondary traffic and where to state fastest growing more AWS partner, for For improve enhance incident in the traffic is the the in to is launch the to platform country, minimize well and management, and of in were be users as they at roadway technology network Command by absorb state population by drivers. identify them proud and platform, to enhance adapt quickly new accidents, that safety DOT, of shared of respond

secured In the actionable automated its quarter, our road implementation addition, significant Grant of a of unique along Transportation new ecosystem project. platform, SMART anomalies Rekor our the for Carolina this with Command Department award vehicle North for connected

new see And significant vehicle recognition and to public and business finally, when safety as we it comes segment, to our progress here licensing continue well.

the highlights Flags, in intelligence public scale position history, technology Some QX customer U.S. our and strengthening a include agency system segments. world’s with Signing properties. Casino and operators largest a resort large as statewide theme hospitality major deploying one our casino Mexico’s the winning in vehicle the deployment Six largest as customer federal Vegas from securing eighth gaming roadway Resort Palms across for and of waterpark its Las our leader safety, recognition as

bus enforcement, Licensing cities of deployed Fleet its United as recognition of metro areas customer generation platform technology Safe recognition law with and in violation transit, vehicle one largest largest the core Safe license all U.S. detection. Canada, to license two are major arm the Working already we States. for of agreement at school being operators multi-year and violation next identification well with the our the as detection Fleet entering and in for over locations across into plate parking a AI-based with vehicle solution our XX,XXX

Thank you discuss progress opportunity all for the and potential. Rekor’s to

achievements our value updating significant providing can to future innovation of are I you continued for As cutting-edge diverse on each progress. to our and QX my look see progress making demonstrate business Thank in set remarks, our segments. and your forward momentum customers delivering across from you new we you the our of support. and continued

and CEO point, I over call final Berman, Mr. this turn for At of Robert? to remarks Rekor Chairman and Q&A. the will Robert

and joining your David, Appreciate you, everybody. call. welcome Thank our

accurate, includes Discover open demand sites the is is, me deployed legacy be underscore decade of always I become providing necessary of in operating hundreds call of decade network. systems they in thousands the Once existing and for to in questions, collection old And which said to path in to data David revenue. Before new operating what speed, and earlier highly no addition roadway massive – up longer IoT AI and said, scale and David The build adequate the is providing the system limited antiquated, decades tens our we our estimated many permanent add next data. count, even and operational. context. Rekor over for as are nodes to the let thousands, instances, some class replacing

for Now, don’t the open to have. Please any I’d like questions may floor hesitate ask. you to

clarity, inquiries or provide we’re and eager to Operator? may you any We’re have. here transparency and to concerns address

Cummins you, with question. Thank comes your [Operator question Please Securities. Zach the line Riley of with Instructions] And proceed sir. from first the B.

Thanks. afternoon. solid Hi, results questions. taking good the on for and Congrats thanks my

in First the of guidance revenue? just in getting transactional have recurring one-time revenue of we nature question this the really to should overall is, be for mix is about I your ramp versus terms how terms in of year thinking kind of

its I’ll of the part take Zach, Robert. first that.

that XXX% the products we’ve price With we them. have towards moving segments are respect recurring to the we revenue. way two models. do, all We That’s what Urban that’s Mobility, pricing launched three and in hopefully

pay data have for and that’s the we which where install a roadside. model, pay is equipment maintain We data DOTs for the and the

The yet some other pay the that software can don’t the mix way of a fee. We what purchasing maintenance data to states paying know then procurement have only them allows pay buy for maintenance their buy is they but hardware, to fee. and hardware versus software they

pay a feeling more for going skew towards that have We to it’s data.

in So the north they’re they’re a and a they’re hardware revenue side, would paying for $XXX And a of contract. the paying $XX,XXX On data, approximately for software. the system. higher upfront over a pay on because month paying few month then $XXX sale long-term be maintenance

an time looked recurring have have what and can but like, components to that flow So ebb of the both revenue it.

you has call repackaged, With is David formerly respect many on what a as of to Rekor know product. Command, SaaS we that is this Waycare

include product, a which is of the product. backed software is We fee, we but primarily with a safety public and our charge management Now, other the SaaS respect to we’ve And it. is SaaS. all data out and the data, licensing

going margins. the So, of you’d with think from will every Eyal forward, we to the I continue trend is have along you quarter will forward the quarter where and each that? anything moving is today like this increase see it that percentage revenue and add and to quarter recurring there

No, the over. you hit all points

have for like from on of monitoring recurring So our moving of always mix forward data. business a increase, the We depends revenues the anticipate in have to this segments part pay nature other again by other, where component little and a But revenue we Mobility decides the of do regardless bit differently. what licensing Urban the it into recurring significant the will pay for it. data a DOT

we anticipate revenue recurring growth in continue. to continue to the this So the

three And change. to I and – of they segments that Zach, frank, the the will not be think

segments. more this following Rekor we three been we the that’s everybody the is this is what are, few for now years, There’s time who are. no So over These last are evolution.

a and half’s in well, see year, time has will product of we contracts QX likely although expect We to this Mobility pace other Urban outpace year. probably licensing and that scaling some year been keep and segments, can in start scale which management the you two the will of traffic from an signed a

that’s in think mean, Understood I expenses know to that’s How table? the enough something do have needs? to path your streamline I sheet still that feel in generation? Is it potential helpful. Or balance should of at like make to you you profitability investment. one cash operations. too you strategic seems considering on I mean, we reduce terms now were And you point on it right cash cash the profitability, cash about, and continue

in path QX seven on was And bit not million. the of little until true $X mean, We cash other here. measures can said, a were under of in I you saving that – as had QX. be felt to results cost we’re going burn full see think the Eyal good that the some QX, we

great So all we at the that have shrinking. cash delta between and not profitability is the

conclusion we’re a talking that that different options of of to a spent to going I number came very time multinational with our didn’t at, a of over there. we’re say to lot able And very do with to to but the with get and foreclose management. to and the lot large, to to in we be that we have independency we others need companies by large companies traffic we maintain we work we that different, So now right work want we’re ability looking confident dozen want primarily choosing work to a one.

we’ll we’re make the get the there. this direction made far. rest right of So, think We way, it to and trending look, it’s going it the we’ve

kind some little bit here about mean, opportunity your of talk data of more? just a And greatest platform of the the legacy sites bit about near-term, legacy Do that these little Robert, the that’s mentioning some collection you traffic Understood. finally, like, is replacing more or sites. feel were I with these collection really you of a in displacement new just

Zach, glad like asked, I’m, thinks unless who listening is these collecting hell traffic call, of Rekor businesses. I type one of Warren you So kind of this about this right? mean, data. you’re watching Buffet the to I’m

the and right, expensive, for mechanical and inaccurate, very done, than they’re on and are has traffic David in call highway loops, induction way it So is. mentioned government be that’s has federal to digging which and own government and where based been right? which be the gasoline, they a it’s congestion earlier, the roads require dangerous the And up And traffic excise bent, and decades then using have decades and done counters, and been funding to must done. taxes, It creating their the the what way year-out and collection for we the that’s class more of year-in federal as there’s count, appropriates do FHWA-XX the it redistributed mandating speed. six now and is

So this industry not they’re convince day-in It’s an we buy doing go and there. better have trap. mouse is This somebody like there. out The that is something to to funding’s is a day-out.

We’re not for it. more asking pay to them any

to We’re important thousands right. and that thing that, here. they the actually longer it, giving them it’s think counts. functional And done U.S. are There states and of because And model, used. more sites I that are not aren’t every now, the literally where other state, must do have okay, the most a right safe road, business places of portable the but across portable on that’s counts, are the of there traffic efficient do being no hundreds

permanent to they’d have So put in a site.

And what with really not competing technology. we’re other is

a with which competing that’s We’re road ages. the digging and been this around legacy XX-year induction requires system, right, for, old loop system putting up in,

business is And earlier the for that, of U.S. a massive of just said and I So do world in our And massive, this look, not we there’s the backyard. opportunity. There’s some count, thousands enough of countries these. demand class that mean, form speed. around hundreds it’s

We’re has and that. get more of But from And is bill, done, looking not speed. they count, information for it’s it states to the class transportation even the with thinking the about government federal done. out and than that’s be the way now

it’s can those the other back going you that’s of multiple the pricing, ground And that more platform, makes they traffic site, or our missions. said being Oklahoma, We If which to think it single electric can roadway. states roadway. just the to the right? We do UVED weight class that then data the And know third-party roadways. program and that’s XXX on towards that much Rekor we beauty our with we adds for component tell it. compliance else, the business, you always into and of and to that you about turn and what that contactless it where things on an accurate of the with motion speed. turn for can the want are the want out what move all is, truth the vehicles without you regard it are system, the So if tell we We in familiar beauty off. pull you system of those something operating is management that One if count, can all tell what we’ve emissions are you Well, And on. value to Rekor, data, congestion it just the we

traffic for for to way So that several we law look, done this out of systems data know were the searching put people just if there. was we’ve things but And we care nodes we of year-out. about, how finally And get one to day-in now, putting Zach, for these on dollars year-in collecting and millions, which years the spent about, those day-out. any realized, out, about, we enforcement, most hundreds don’t dot that we billions DOTs could. systems been market roadway. And doing and it’s think it’s for And IoT went this not of

deal. disrupt. So not pure And technology. any disruption. other big it’s competing is pure against a This we’re This is

You’re processing the edge and hybrid, cloud, transmitting AI metadata giving roadside a device, and cloud you’re combination, using edge, DOTs and solar, and more.

induction loop if set the can A roadway okay? when time where we our And they’re hours technology up creates of think install [ph] weigh-in-motion does thing had site loop, And of was years, a those do you done a it. havoc an an We the on Because $XX,XXX. company about hundreds and roadside, to in takes to three a two months. the by STS put induction that. two maybe is lane acquired, with Same system lot you through in takes, to $XXX,XXX, which three cost a okay? per $XX,XXX, weigh-in-motion, long a

how these really what this right? smart ties are business a of the the getting, creates advancement to system deal is cars with going to that’s that’s operating the be and pieces it So necessary and big together, of our other deal,

they connected of everybody’s to safe. in the have okay to infrastructure hear the things, play communicate can to that has autonomous to these that, the corridors vehicles about DOTs and in you talking able make when sure all part middle that, the And so a people has and with vehicle be So vehicle. be other

found figured and they a We big the got have STS, we there. it them, into credibility the out. to We we this saw DOTs, us So We go gave deal. is adoption.

installing South Okay? So, units Carolina. we’re in

other in installing We’re states. STS units

We’re talking DOTs right We them. to to can’t now. get XX even over

So, that’s it’ll value even couple to those everything going out is Zach, question, Okay? deal big in. you? is along else it more a years comes scale. follow-up what’s to this really and but have for it behind, And is going that us with and a fill would here, to And when important tie want in I an such David David, add this things because

Yes, of absolutely. it’s to we’re less in for Yes, than been has disruptive, that really it’s and count traditional methods. demand because the install, The it’s really something unhindered. to seeing technology associated would doing terms the install, economics studies demand it speed fast is the being wildly be safe with because class, because

technology’s going years, when proof where needing to but at at pipeline, gases. so future when the also as support to the greenhouse now, we the at we and look and look ability two to being here for what so the year, for they’re three they’re And over our adapt look mandated years DOTs are next, today, now

meet look total and roadway, needs tomorrow. can systems today deployed tonnage a are mandated that on being they’re the also and extends for are that already Now capable to the again being at and to

right feel to got over So honed years. several quite as disruptive with Robert an we’ve that’s and been said, we like crafted enormous win the technology and it’s last

So to be spot in. it’s good

out add, years. modeling so be of And solar, not vehicle, work processor here, the put been could to be a names algorithm okay? a recognize for that accuracy that like here I’d vehicle with with give of of color and to And make low other I it roadside to types power learning by that wouldn’t that We okay. inhibited so not see for company or the thing following together signature last but one the and because Zach, power. fiber figure then how people proficiency a And you’re that have and Yes. having

this, were that’s the all led easily to what do And were to nobody frankly. and there So it’s then. towards is working something that even driving, we out it, what we but that’s where of about us there’s this. not that’s that gave This do. thought back else we really replicatable, proficiency That’s

So question. hope answered your that

That luck of for was of and great. Thank rest the the quarter. incremental all with you color best so the much

it, Zach. Thank you. Appreciate

the And question. with your proceed question comes Capital. Northland Please next Mike line from Latimore the of with

Mike some color this behind this you quarter? Aditya Hi, on give the behalf driving were on major the factors bookings is of what Could Latimore. in

to David, shot you want at take a that?

the bookings mean, it’s Yes. of combination I in For business. in things, the quarter? multiple our of a lines across so

have concern and We and public in business licensing. our safety going growing

the of sites. where and component with licensing U.S. seen bookings multi-year that roadways continued are that theme out and growth a on component So experience their looking ranging is customer from and agreements we’ve their and deals parks parking large companies based are put a to safety and lots in going

load on we lock additional also, able gaming to companies. and looked were We’ve

say, a seen or as and casino retail segment continued had, growth in where or we’ve good hospitality well. I’d from market We’ve very gaming that So success segment segment.

there. bookings multi-year Our

multi-year multiple year come market of as that space addition the and year contracts last management but on And or the well in performance our it. as the states least, and there in our of have obligations, of and that growth again, traffic of then you dollars is three Urban four with millions five Mobility us or For segment contracts vertical, traffic continued expansions contracts. management call with not bookings for year

And a it’s so really of factors. those combination of I a all mean,

quarter, in segments and business continue of see to significant that the again, as well. growth have our seen one each moving forward So

one to the I Latimore think Texas. colleague speak the Mike to met your had of David DOT recently out officials ITS and opportunity at from

thing they’re really been fairly the say insight some software Hayden were want Fleet things able it’s you Safe a or give companies but year But David by in been they didn’t for like nine if because the devices our and last, based, and the might you out to AI. hardware David’s on this to I we do months one But embedded to would just be large Safe congratulate So, like roadway, he to of the maybe that. Canada. one being made more David across a I here, and to Fleet, X,XXX,XXX able and look mention, but have over has like based, Canadian U.S. at U.S. since

older Primarily those products. are public safety. And generation

footprint in is I assembly deploying on forth. the the and then, and line get we think that so that footprint we they’re software that it’s And new right? on San initial STS existing we’ve think now scale, of that trying Urban to. the And the Chicago Diego got close in have coming DOTs in in we’re that discussions off like I Our places with the and cities now, within XX some to to the so us Mobility, cameras going acquired gives

got could update the you also, drive-through with Mastercard some All right, happening initiative? what’s give And on it.

so a one my Julia because always they send that And QSR [ph]. still this, always see that. and get the drive-through. Mastercard. comprehensive call I at that Julia fast asked get did We is shareholders replacement they food operation this did that here about this is for product emails their do colleagues and typical from working Mastercard

And it, with and effort kitchen and Mastercard them. help put devices lot They kitchen. But done it. so things successful recognition, which just So by, not, It and, a with forth. work move of pilots we for pay-by-plate hope it that or also, is our the we voice includes, the we’re SoundHound. what it mechanical which in they’re includes believe a deploying in lot do, to colleague it along recognizing time includes and continue is more we than vehicle inside

say that you doing I about, similar we’re structure, math of talk the And doing When this, it. a math excited the With doing well, of cost larger. out getting except tens that Mastercard device, pay right? of do the we’re data, couple lot were are a about a states. can business actually people now of very with more thousands it’s But it’s I you the very ago money of people we’re it, same for because what drive-throughs, similar what with model, similar will years saw know all

them. So we’re it They’re make we we’re we at working hard hope they with it. them, right, support working there,

day because, every it. about speak we turns think until we something not into it it’s but revenue, idea, no to can’t have really We

Thank fine. right, you. All

leave questions. Thank other I questions? any don’t out there more anybody you. want Operator. We here. don’t Are see Anybody? to

Instructions] [Operator

questions saying I people Okay. ask a give that wanted there’s wouldn’t chance always to that to. They’re

So now, please ask

floor closing to over And any like I comments. for Robert back the Berman would to turn

look, your so joining of the your all, for with seen see for years. here patience. Again, for that, Thanks for, I’ve thanks Yes, call. I again everybody first for, us. names staying Thanks Thanks support. continued

Rekor has We’re not Rekor to its segments. you is let going down. business developed here.

ever And and have clear a we now scale to really productized, corner. since profitability amazing time the the for this that just I’ve here. exciting most future. And Company; around this the team that the been path thanks is this is seen a being with And products and the my see tremendous done has and growth probably involved substantial work to company. it’s Our

again thanks the talking to look you we So to soon. for joining forward call and

Thank This today’s everyone. you does conclude conference.

day. great participation your You time. may have a you your and lines this Thank disconnect at for