Iteris (ITI) 8 Aug 242025 Q1 Earnings call transcript

Good day and welcome to Iteris' Fiscal First Quarter 2025 Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jim Byers of MKR Investor Relations. Please go ahead.

Thank you, operator. Good afternoon, everyone, and thank you for participating in today's conference call to discuss Iteris' financial results for its fiscal 2025 first quarter ended June 30, 2024.

Iteris' CEO, are today us President Mr. and Joining CFO, Bergera; and company's the Joe Mr. Shiba. Kerry

we'll for in investor Following company's the call XXXX. the their open remarks, of advance call release that submitted analysts. the dated we company XX, in any, the covering Then questions press will if answer instructions questions, per were to our sell-side the from July

are events would substantially during forward-looking an subject and obligation current from Forms and continue, today, we Iteris what documents are guarantees no future. Actual comments to that will like company's assume from files the in XX-Q the specifically differ most future recent from today forward-looking to still this time actual statements a we not undertaking updates we all that performance. you the statements provide that to date, the are of Before and time of could with risk statements. refers XX-K, the participants these SEC, at cause later is one the results contain and information, performance make to X-K, discussed that future to call, change materially those to statements may not company regarding should These the differ Iteris may any identify be to or valid. future company's forward-looking important remind contained company. is which on in are from results factors that based the

at a of Investor www.iteris.com. find of the section always, call company's webcast today's replay you'll website on the As

Joe President the turn and like Now CEO, with said, I'd call over that to Iteris' Bergera. Mr. to

joining quarter, all reported afternoon I an appreciate us total first increase of XXXX X% in our and to Jim, revenue representing good of you, million Thank $XX.X today. Iteris of year-over-year. Great. fiscal record everyone. you

first year and XXXX of sensor achievement related the long-term X post-COVID recovery. These strong first to result events certain were had were fiscal As comparison for unusually a events milestones constraints; to the large second, delayed chain large of supply a prior shipments of reminder, that number very in as quarter. a were consulting that we projects our due release of previous an of the combination some

unusual million, year set with Given months fiscal our the which the bookings In to fiscal XXXX growth XXXX compared total net prior our comparison, we platform quarter, particularly net strong. we were very resulting million second this first decreased basis, year quarter. X% trailing our which record comparison. Customer bookings $XX quarter X in our favorably revenue $XXX million, the total X-month in of X-year of a we of included pleased $XX.X first first SaaS year-over-year $XXX.X adoption bookings record, for reported remains fiscal ClearMobility order of target million bookings quarterly first first period to on highest compares calendar XXXX. On XXXX XXXX quarter a quarter fiscal

recorded June XXXX one X% As of a our the quarters million, period year-over-year. noted degree for sales fiscal ended we of a our increase the expect of timing several lumpiness we the next large opportunities in such some prior due bookings various on calls, to as with strong quarter. Reflective total $XXX.X representing backlog the XX, first results, of bookings ending sustained record XXXX

that I'd quarter. shipments of the share this portfolio. product performance within portion, a total our At which, averages varies our about from from than convert value point, rather bookings total excludes of like our of period a always, varies historical backlog. Also ending contract mind about XXX% quarter-to-quarter, customer customer net total As in backlog period orders a those which ending our of orders typically course, firm to sensor some since our single to backlog keep reflect on contracts, figures and basis, of The bookings value. details to

For million, reported $XX.X increase we revenue a fiscal our hardware, first year-over-year. of X% XXXX sensors refer third-party quarter products, we representing as which collectively to and

As had accumulated a experienced prior constraints year-over-year reminder, due result over global the as periods in to of a chain of which year. the backlog, comparison supply challenging the sensor that release was we prior very

to new During our we to is quarter, will sensor, earnings collaboration technical launch Sumitomo meet Next our May Radius attach testing new the Electric included accelerate scheduled advanced future sensors initiation milestones annual release revenue and start drive critical, Apex to product our enhance of which teams field Vantage rate shipping growth. connectivity from commercial offer in recurring first and that a production resulting product the the October Industries our Rackmount call. The that discussed Vantage Vantage that continue our VantageCare and of on that XXXX. of solutions the milestones These are PedSafe new with our will Vantage for

in record and reported of Data offerings. Now million which Service as as of services a Managed performance growth to a mentioned various revenue an our attributable I'd like our comparison Software We Service ClearGuide. Services, our solution continued portfolio, the year-over-year, quarter, and to Software Services, earlier. This is review the I despite service $XX.X demand, includes X% Consulting strong Service XXXX fiscal challenging as increase a first representing our for that's particularly

adoption continue the reflecting on portfolio, in of of from capacity, prior customer further benefited platform. services internal calls. To our We improvements enhancements to to sustain the strong initiatives important our ClearMobility various we our discussed progress also introduce we've labor new

expect increase our experience, with and revenue, bookings first that work fusion X-month quarter, and lower first XXXX user in engine, record our and trailing backlog. traffic systems goods intersection using pleased a to and new introduced ending of the net Applied fiscal very flow we're quarter our sold. In risk we our improve services impact data models AI web zone enhancements cost record summary, record the and rate example, we For database cross-sell

company. Additionally, to the a demonstrate for produce evolving progress and platform-based we believe financial that significant business will continues to benefits Iteris in strategic significant model

very financial quarters. And I'm we several next note, over is that first And further that, mic I'll to the our quarter -- quarter second color and to I progressive fiscal full financial more the discuss provide to after on pass the remain on result, to do, results. first a back realize profile confident year. in expectations going to the typically positioned come for Kerry our Iteris our XXXX As then improvements our as

evening Thanks, Joe, afternoon and good to or everyone.

comments of chain review been stemming comparisons first want by the momentum from year quarter our the certain business. global you affected time. for As on particularly assessing very last achievements which from prior results, Joe's for to we benefited reiterate have milestone also we I dynamics commented comparisons quarter overall prior The the constraints, key supply year, large some shipments, when sensor prior year at the projects in first regarding while consulting

that record resulting to want continues be Joe backlog the described, demonstrated As the I trailing our to strength period by our at record and also X-month market the and in for our bookings underscore quarter line as first will underlying this usual Joe the gross provide and Joe details. On X% by of a to as of improvement profit was from results, revenue the end X% of the a internal reflects benefit $XXX,XXX already I fiscal of the was income profit increase addressed consolidated decline revenue basis, year. Because year. the gross improvement some statement gross move labor down first level The by offset XXXX capacity. in as $XXX,XXX reached million, increased year-over-year which stronger the mentioned in well services or mix an a $XX.X labor last partially increase over services, driven improvement profit products. The quarter consulting consolidated

adjustments. negative of first inventory mix the reflects The products impact gross in and product decline quarter some profit primarily

margins. at Looking gross

and expenses increase in with The highest revenue, operating was gross development to sales $XX.X sorry, The XX was first the than points gross margin quarter and growth and new And mix in to large finally, in general same largest operating compared points million research aggregate higher compared of labor of as Operating products. lower from higher and product related the aggregate, fiscal last XX the this to basis due percentage points then and marketing support quarter and increase margin marketing adjustments. year -- XXXX of basis income sales higher gross and pursuits. and basis a and category XXX was when expense or points, next lower improvement for mix. Products higher and XX% to discussed associated year, was which fundamentally improved when basis in measured the reflects XXX administrative to inventory was first period comparisons resulted the expected sales year. headcount profit same negative when net explain increased several basis reached expenses investment XX.X% period I'm in XXX to in due income. revenue. The factors were costs. The major last the expense severance points reflecting executive Services the and

was For severance also EBITDA. which exception adjusted of the impact EBITDA, these same with excluded from the apply factors executive adjusted of costs,

of who the the first and cash at will to receivable compares value, adjusted accounts relating continue range As quarter. The over of also reflects Joe repurchase guidance call will were collections. our cash compares fiscal EBITDA quarter million spent effort during XXXX last for $XXX,XXX $XX.X to the end to fiscal the the to and we In focus million, noted, stock the of million XXXX on XXXX, to actions timing the million discuss closing $XX.X primarily of Joe, and the in shareholder was which of to sales which Total end back $X.X an our to comments. same first equivalents now quarter increase create year. of to turn common fiscal reduction provide quarter the the quarter. I preceding $X for at

Kerry. technology opportunities smart trends. you, Thank The favorable due represent market management significant mobility market to Great. to infrastructure long-term and continues

For to about platform, and automated cloud remain will front extremely long-term intelligence our sector adoption in by the agencies our by given state reach. brand artificial of as local entities. Therefore, Iteris, vehicles well and continue and smart we example, breadth optimistic significant connected as of and infrastructure, especially drive various our customer equity of mobility investments opportunity private the the

fully Iteris edge the following with and balance that provided local pedestrian that mobility expand drive for the combination subscription highly buyers a address basis integrated And with in third-party and cases, data, networks. A prospective detection an will and adoption set markets, solutions fiscal to addressable transportation Apex. our advanced applications safety road the vehicle cloud-connected of sets for expanding and be partnership system, and expand a assets North factor the remote solution will fiscal is aggressive expected cloud developed A pedestrian major believe significantly new enhance, will in critical accelerate we Sumitomo increase our the on will connected platform releases. A America. We and both our entities total improve of various management serviceable pedestrian market data recurring ClearMobility map ClearMobility transform deal platform Vantage XXXX, to XXXX of the like detection portfolio radar-based data will product will our recent announced serviceable new plan Telenav. A continue form release statewide deployed we'll use XXXX solution expand beyond. system revenue. and monetization our of annual deliver edge commercial mobility that our new for new the AI-based universe mobility and against with monitoring new Over fiscal and across and of including includes of our in will addressable detection and

than market noted our approximately more addressable to double occur our fiscal million $X pedestrian detection as earlier, example, For is scheduled quarter, system, solutions of Iteris' from $XXX to total billion. detection third which for in new release will the

and the maturity In network, pursue the solutions to capacity key continue of our including labor we'll portfolio, of to distribution function our focus internal priorities, our customer of consulting productivity teams. addition success on our operational

our As the outlined in have measurable prior tactics produced capacity. a internal our labor calls already reminder, on improvement earnings

want Next, our to address guidance. I

range in the year EBITDA continued adjusted expect talent a This basis range also mid be we our year to even discipline, total would million EBITDA improvement range at to to after of volume to X% million in $XXX an to point $XXX midpoint of of represent the expect in full the the we and of continue talent XX% at representing margin guidance full revenue. organic development. continue We and year-over-year XX% acquisition in range. Due improvement improvement invest of be to guidance XXXX fiscal continue margin of our the in to to the cost growth the adjusted point revenue XXX

revenue range. This second but net of XX over year-over-year. prelaunch $XX guidance of those fiscal midpoint expect $XX the of our to providing in to will With end to associated be fiscal bookings continue large the second Also, be various occur quarter quarter. represents year-over-year expect to our not the or not the fiscal quarter lumpiness quarter rate XX of XXXX we do second expect the XXXX fiscal the we XXXX increase, total midpoint point guidance, timing Although for growth result fiscal our to several a guidance range in representing we're the activities quarter. Due guidance, XXXX bookings the expected revenue range that previously some timing next is to growth to due adjusted at first quarters respect fiscal was of releases, of point fiscal XXXX quarter we to of in reflects of final EBITDA pending our some to our several a quarter of orders. in start of occurred million decrease product instead releases that of growth million our the development and new basis be range XXXX a rate second sequential product organic until X% of margins second occur but basis X% costs X%. The XXXX with the third the

margins we're quarter in year continue we other or XXXX should return EBITDA clearly our third And forecasted EBITDA such time, repurchases While guidance this increase to as future to fiscal we XXXX to liquidity to to shareholders. adjusted and for improvements implies. Due excess in share anticipate continued full at fiscal the revenue adequate XXXX not sequential guidance liquidity, margin, further our we as fourth acquisitions. total improvements cash will anticipate fiscal providing continue in evaluate which additionally, tuck-in provide actions adjusted

$XXX at target. Looking the continue we be on range a the represent estimate believe other X-year would XXXX to beyond CAGR, $XXX acquisitions, of of fiscal Iteris revenue track our to additional XXXX, midpoint. any we XXXX words, continue before revenue is XX% to million In Vision to fiscal organic in achieve million which to nearly

in progressive of margins annual XX% range targets. to With EBITDA in the XX%. scale increase additionally, XXXX anticipate from also result to substantial be would we our our program benefits the additive adjusted organic acquisition anticipate Vision revenue, fiscal XXXX to we in And

Operator, delighted respond to at we comments. any analyst So would for to with that, time? be any this us questions there are questions or

B. [Operator comes the Instructions] first question Van with Your Riley. from line Jeff of Sinderen

kind the gave and QX, the guidance. quarterly I wanted revenue know revenue in at touch maybe circle of the looking back half look today to like? implied the revenue what's Just Can to you annual progression. timing you're you just cadence regarding for guidance we might second see what on elements that

our they're Yes. I function second being products, these are in that's the By to growth And implying I'll that, be organic various beginning going shipping our say revenue do But definition, is of the revenue we're what Rackmount obviously which in to what's of about tied generate a detection quarter. in teens we when like talking mean just pedestrian third begin fourth product to that products bit released I'm those Apex sensor. is to selling. already high suggesting be products, lay about third Kerry, September, directly we're and I'm sensor beyond the half. want to a tend that, and more our quarter? revenue. To talk specifically, you out going The

Yes.

overall fourth from be pedestrian especially our during expect ramp impact normal of radar to have third of to we third some where the it's clearly, stronger some than just our think quarter. a It in fourth quarter, -- the we pattern. then And should still quarter. continue the a will seasonality would But the so Jeff. releases, little for redundant, I be up

see should progressively continue trajectory go to we should So upward some year. cadence, the be the through as and we that

some then margin thinking Okay. year? as as That's about of modeling a about for play got there and new and helpful. I And the gross we products How half. big of gross we're second cadence mix is should kind launching margin that, think the know you've

Yes, on track I go along. we similarly an think be should upward as it

us at case. comment year. Yes. marketing-related be the part be be leverage revenue of that an just margin some that may margin some these should product I that even going are would think But think the EBITDA upwards that's and level, perspective, to clearly will there I want gross small related ticks clearly the from the launches additionally in in And investments to directional of as there you Kerry, product anticipation are too. first help then, occurring half

Yes.

proposal as On as some because example, worked is I chasing large unusually the commented, other being as of side, sales that OpEx on opportunities and some both marketing, things. for well for large activity we're were

product That prelaunch associated releases. with activity

expect have well this more we as money R&D just would Might continue. continue -- year to overall. spending on Yes. planned to

I first reflective quarter that, was of think the Jeff.

almost more a did year. blip happened had have So that prior this a quarter, benchmark I use than as as we the would I SG&A, in what mentioned.

Okay.

SG&A. So one more about thing

So could should SG&A think Or dollars is to ease? rate in the QX? sequentially be we down just going that

I nominal auto down expect SG&A think from perspective, nominally. -- be to that you a

And back know. products, wanted topic Okay. to could, circle new on we're Sumitomo. I new of we anything if detection Good add the pedestrian the then to to product just with on since

I look field? that think that? that selling does Maybe out you're in now. like? the Anything that you that What around is said

Yes.

we it, earlier we that we units. means we're selling begin won't this shipping quarter, launched product the actively but revenue So which in obviously, until recognize

and Associated with with launch pilots do have initiating some we activities, the are various customers. we demonstration product,

very interest at beginning are a time, market high take favorable customer are to We we of orders. response, this seeing and level

on similarly, then the And Great. Okay. product. mount rack

Yes.

difference between that Apex the different. mount. product. -- mount factor call the have already shelf our to and form a rack in There's mount functional product mount It's rack we the product available is So shelf no is

form able country. been not to a requires the country the we've which means of that have them at the rack jurisdictions to standard, which in utilize half the of mount about product least sell Vantage Apex factor, However, half the

are mount factor. with So currently And the serviceable taking October. no this Apex difference, products. that introduction is in form the market of with And we significantly but there's version. customers rack functional familiar release our new we are increased scheduled addressable The very orders for again, product for

related It's traffic cabinet basically that... the to

drives right? Right, factor, form Correct. which appropriate the

Yes.

have that you is have that been mount fact as the guess that didn't you back, that in So October a will, rack had the follow-up now -- holding and you you shipping? unit I to just

held us use totally fulfilling it's upgrade product Yes, third be that the obstacle from factor our which the Absolutely. significant In form able begin next been quarter. edge to to an to it's people rack demand only mount Apex geographies, a back. There's those Apex our our we for product, in will and family. of

I start kind the was mount the mount us the to same shelf engineering release of the far but with as move think rack very... then logical as to for and we're sequence,

would I version had absolutely. boards. further which chain mean I have in re-factor a totally for rack we Oh, X market to of mean, transparent. lot ago, our if quarters us issues, a probably just not supply circuit mount required the

it development capacity. And consumed so lot of a

that schedule, addressing behind demand we'll in we're so but market And near be the very future.

if point you're anticipating? is Are seeing just any there one at last that this There either experiencing it issues chain could or squeeze one, in. I supply or

our creating... that's affecting sort of if anything I ability to Joe, in there is Not anything in marketplace products. that's know surrounding the our don't manufacture

at apply things. to I'll question, to like the we were answer looking Jeff, like kind your so lens prior Yes, of that try

no. is answer the clearly think I

time, occurring. There time not several anticipate like will we life end of we of that similar broad We experienced to experiencing any global ago. supply We components. don't chain notification to are kind quarters from receive of -- certain constraints what

always to need figure endeavor and figure how And going also product. replace those out then we so cost, to component to And out we're trying how making so this our best optimize to we're to we're changes.

in robust referring do we chain, Kerry this is supply dependencies. think an I point at think is is to, what But is third-party excellent time. our has have do some nothing to which point which very we this with

time them newest an controller. We agency decided intersection the and maybe an third-party about some which to like that's if from not projects. get in But example, kind that a in those kitting of For just corridor, a us and any have arterial we delaying our with cabinet to experiencing probably products, to modernize the going time, components can detection terms in of knock-on new are has exposure. supply other include to for delays a equipment, simply require to signal consequence hear chain, continue new would do,

kind It's sometimes existential timing but And we we we on going don't on fundamental can't affect -- of to don't to it's think the going around more think affect control if timing of us. going demand, there's any thing everything going around us.

I some from that think reason will experience these we to time the -- time, third-party we're with still Jeff, products. delays

supply through issues. know, aggressive we you As working were our extremely in chain

And I have. so as some are we able in our they're to that that well But other weren't swiftly marketplace think participants there move behind us. as

well. still marketplace, so any as parties labor supply exposure we unusual also the And they're then ourselves. global in do getting constraints we've additionally, caught some constraints are chain up. as there feel to particular of third again, these about, impact not which talked But And can

next question Latimore line from with Your Northland Markets. of Capital the Michael comes

Latimore you Alex I on two actually got questions is for guys. Mike Latimore just for here. This

of net retention being, dollar you that a SaaS had you've hitting goal rates. The said on first XXX% one

If this going that was fiscal for you great. and in year that you can quarter shed what some would light where see it 'XX, maybe be level on

for That's quarter. current I dollar a don't handy question. rate good net our the Kerry, we retention if have know

I it hate it have don't me, I Alex... to quote of front because in

we speculating. Yes, on be can call, our Alex, us that follow-up number if than get better it'd probably you

meeting better. this be you're that don't but people to with view terms definitely or a dollar don't to over 'XX, good beyond point. But of want fiscal best-in-class, XXX%. a is our be target comfortable formulated Don't view north -- I of We think I objective at XXX%. get our year, that our the we would But me net that we that think is is anything I we very is wrong. best like feel that, do or In say to endeavor formulated retention rate. if practice for XXX% we Obviously, sharing

specifically my so, then see do or if areas? your in And for as favorable year you why? Texas Florida budgets not, California, and Sweet. second And the the if question upcoming is here to

that's excellent an Yes, question. Alex,

by So particular issues customers necessarily have we're pushed not been opportunities notified any we out. of have budget our in that pursuing, -- any or resulted specifically being away of any that going

Now within we labor move of things do of as agencies of both third see right that result lack capacity, the with other to and a some talked the a about. components parties I and then

haven't obviously customers So the do agency pushing everyone respect kind is to are things -- we that economic see as anything say paying -- right. budget. to of But close our that we well. certainly would of being conditions. I And attention far, I that they're so said, think broader mindful seen with But there

those or a either funding, kind It some kind the local based that instances, or they've So projects. able that shortfalls IJA familiar I'm grant secure through budget again, which funding In instances been could I'm state the distributed a to formula result federal some far some that what backstop. backstop, where with, money impacted in few aware able special mechanism. have with gap competitive that that agencies on there have been as of, like would specific of been the could of provided obviously of be to been grant backfill budget have

comes with of from line Maxim the Allen Klee Group. question final Your

perspective. Orange for Transportation a Allen. question that playing progressing order the timing was from Derek a with you months of how back Greenberg out foresee how County couple My million from is impact just first and the $XX is that's that This deal, wondering I of just on

Yes. Great question.

nearly project it product. of is that is $XX ClearGuide that schedule. $X So SaaS on revenue our about million for million, Of

capacity ratably though to that labor And changes The term. phase from recognized professional sort nature of so work that's element, the remains relatively the over overall period. over The of phase. even constant the X-year services estimated

And I on -- in -- I schedule. revenue on foresee don't that contract. that any So said, recognition as of in particular terms it's against the it's fluctuations

relatively currently recognition are against and contract. it, We duration expect revenue constant I'd remain the revenue the recognizing the of for to

the Okay. you have. a little guys Great. talent program And bit just then acquisition on maybe labor and

Yes, sure.

acquisition out at capabilities, to know, more a the goal. of then that, say whom who even amp the had certain So like was participants the terms constrained, labor provide program up XXX%, basically that And in sector. And have the us appropriate Obviously, require to to year. up by XX% I talent but we're, markets, would get more has from talent same we work that and impacted generally, permits aren't of this legal feel like has it to including our recognition as and broadly was our to we've time for those been as I ability individuals. I I to talent agencies. the don't last I'll rate traffic to particularly in particularly constrained maybe say say And economic we, of we with we're limiter in that has think impacted various programs other that for across try some about, been met order wouldn't as transportation engineering market people following our year, instances, talked It's generally, going and in our expectations. all pipeline sourcing sectors, I close, impacted various but we announced context. growth. About it's that more dependencies we our talent talked large, would hire we last initiate XX% our anticipated, about, were spend improve. frankly going continues which much it that in international perspective of a revenue to and all

there everybody -- most to, I respect not alluded mean I continuing mean, are in actually while in is were is expect impacts mix about forward. would I think to kind also So with say less, period so the expect recent I I to easier of Kerry, future silver broadly the some look think, to -- modest the contractors which and degree, make some maintain and that's for use because going the that lining direct to and talent, were happening as degree more to third-party perform work, the recruit capacity. But that continue is instances have to going we and labor didn't still would we it concerned, which to -- to needed less some we environment like, there we get where that's to to that us And going what to a I that. economic is there's

is and maybe have trained we too, experience I though of they're that as then attracting think up. get experienced, found younger are progressively knock-on at benefit, kind finding -- even to younger people continue going more to attracting talent and also. talent XX-year that and levels

over going to progressively, capability is to So continue improve. time, their

So...

For mid-level And that us, it in cohort that's particular really that access for why talent to markets. and trying international point a pinch that sure. was was

with extremely be would been to these to that in other we've able like X years geographies that hole. pull fill has from experience, kind beneficial been XX So of people and of

any very Great. there. question last on and updates My That's is the just there's helpful. if litigation

Yes, great question.

we didn't occur So had obviously happen. that we in previously the period. the said had trial Wavetronix April expected to That

in the agree point, trial particular a as it the We on At talked call. At occur have at occur trial this expect we to court trial time. our to in expecting September, still September. date we last are that Wavetronix that working but to I time, we on well a with we think date. as this about specific were don't early

before address from like investor remarks? providing you no are any questions Would analysts. covering your Mr. closing Bergera, questions more there to

AI venue, and fact, limit Unfortunately, also investor the we to questions represents intelligence. artificial limited one given we you, the the this believe receive, of going this have Yes, in our regarding sure. opportunities comments from AI and we particular Iteris. on kind call time several I'm strategy of to for amount today's operator. Thank Actually, did

the AI pursuing As year, AI paper is I we market. to want last holistic published we stated reiterate end white believe that in our most in just Iteris comprehensive, strategy the

AI machine Our all levels of is various ClearMobility leverages forms and across strategy multilayer learning it of our platform. and

as of periods improve data edge for such in we used classification, For and vehicle example, And traffic valuable can data flow enriches vehicle high object type corridors of our object such sensors enables pollution. traffic our noise traffic devices, commercial categorize that meta and to AI drives agencies classification over to use air data detailed which reduce and then lake. time, additionally, be by this video as

cases enable intend movement, additional and environment. And I we devices address opposed introduce use just to tracking, at at add which from expand then use types active again, the our for of These AI more about, our of we vehicle and forward, sets of also pedestrian Going as us -- platform, across growing to the ecosystem. trails mixed more constantly edge data talked in entire layer, the edge urban capabilities to to continue our cloud AI. to uses layer our highway data ClearMobility our data cloud layers

which are zone So and new and data access I earlier, approach our work models, mentioned event verified to byproduct unique our for multilayered intersection the AI. example, safety a of to

and management. Because inform further will both zone our work comments highly investors and and AI uses and to uses in want work And road our to continue public in marketplace, and about But intersection For terms various we're our know, to map. that identify sector of to of more visibility specific confirm our operate said, AI I our to our to being economic we'll context, going value and all continue opportunities for very countermeasures. provide our compelling measured to continue as risks that model appropriate private to the course. a recommend create design we social model competitive due sector we customers that be countermeasures AI-based you AI likewise, accidents in predict zone identifies

just So months. over speak you with updating say today's look to the have everyone. investors going when And be meantime, activities available of with questions. In with always, next progress want report that, you the on forward I to I to follow-up various we'll Thank you, any as few course, that, investor again to outreach should ahead that And we're we and call. our our continued fiscal XXXX go conducting results. note want quarter second conclude we're to we

that call. and gentlemen, Thank concludes joining. today's all Ladies for you

You may now disconnect.