Rekor Systems Inc (REKR) 2022 Q4 法說會逐字稿

Good after, ladies and gentlemen, and welcome to today's Rekor Systems, Inc. conference call. My name is Shamali, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.

女士們先生們，大家好，歡迎參加今天的 Rekor Systems, Inc. 電話會議。我叫 Shamali，今天我將擔任你們的協調員。 （操作員說明）作為提醒，正在錄製此電話會議以供重播。

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

在我們開始之前，我想向您閱讀公司的簡短安全港聲明。我想提醒您，本次電話會議中有關未來收入、經營業績、財務狀況、市場、經濟狀況、產品和產品發布、合作夥伴關係的陳述，以及任何其他可能被解釋為對未來業績或預測的陳述事件是前瞻性陳述。此類陳述可能涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果與此類陳述明示或暗示的結果存在重大差異。我們要求您參考我們的收益發布中的完整免責聲明。您還應該查看我們向美國證券交易委員會提交的年度和季度文件中對風險因素的描述。

Non-GAAP results will also be discussed on the call. The company believes the presentation of non-GAAP information provides useful supplementary data concerning the company's ongoing operations and is provided for informational purposes only.

非 GAAP 結果也將在電話會議上進行討論。公司認為，非 GAAP 信息的呈現提供了有關公司持續運營的有用補充數據，僅供參考。

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

我想將演示文稿轉交給 Rekor Systems 的首席財務官 Eyal Hen 先生。

Hi, everyone. Thank you for taking the time to join us for Rekor's year-end results. We are excited to share our key progress over the year that ended December 31, 2022, and update you on key business topics. On the call with me today, our CEO, Robert Berman, and our President and COO, David Desharnais. David will provide additional color on our business, and Robert will have remarks on recent offerings and provide a summary.

大家好。感謝您抽出寶貴時間與我們一起了解 Rekor 的年終業績。我們很高興與您分享我們截至 2022 年 12 月 31 日的一年中的主要進展，並向您介紹關鍵業務主題的最新動態。今天，我們的首席執行官羅伯特伯曼和我們的總裁兼首席運營官大衛德沙奈斯與我通了電話。 David 將為我們的業務提供額外的顏色，Robert 將對最近的產品發表評論並提供摘要。

But first, I'll review our relevant metrics. With the revenue from Southern Traffic Services in the last six months of 2022, we have accelerated growth in return revenue under our sales model. As you may recall, in the third quarter of 2021, we made a strategic shift in our business model to emphasize recurring revenue more than point-in-time revenue.

但首先，我將回顧一下我們的相關指標。憑藉 2022 年最後六個月來自南方交通服務的收入，我們在銷售模式下加速了回報收入的增長。您可能還記得，在 2021 年第三季度，我們對業務模式進行了戰略轉變，以強調經常性收入而不是時間點收入。

Our goal is to provide more value and flexibility to our customers through subscription-based data services and software offerings. As consequences, we saw strong growth in recurring revenue in 2022. The percentage of recurring revenue reflected in total revenue was 66% of the 12 months ended December 31, 2022, compared to 40% for the 12 months ended December 31, 2021. This has provided us with a solid foundation for strength and stability in our revenue for the long term.

我們的目標是通過基於訂閱的數據服務和軟件產品為我們的客戶提供更多價值和靈活性。因此，我們看到 2022 年的經常性收入強勁增長。在截至 2022 年 12 月 31 日的 12 個月中，經常性收入佔總收入的百分比為 66%，而截至 2021 年 12 月 31 日的 12 個月為 40%。這為我們的長期收入實力和穩定性奠定了堅實的基礎。

In the third quarter of 2022, we also undertook significant streamlining measures to achieve a notable reduction in operating expenses. During the fourth quarter, we saw the full impact of these activities.

在 2022 年第三季度，我們還採取了重大的精簡措施，以實現運營支出的顯著減少。在第四季度，我們看到了這些活動的全部影響。

Operating expenses across our general and administrative, sales and marketing, and research and development expenses decreased by $4 million during the fourth quarter of 2022, compared to the third quarter of 2022. These reductions were designed to scale back longer-range projects as we concentrate on near-term infrastructure spending opportunities in North America.

與 2022 年第三季度相比，2022 年第四季度我們的一般和行政、銷售和營銷以及研發費用的運營費用減少了 400 萬美元。這些削減旨在縮減長期項目，因為我們集中精力關於北美近期的基礎設施支出機會。

Now, let me highlight some other details in the financial results for the 12 months ending December 31, 2022, and some more recent developments. As a result of significant change in market capitalization, we recognized a goodwill impairment of $34.8 million in the third quarter of 2022.

現在，讓我重點介紹截至 2022 年 12 月 31 日的 12 個月財務業績的其他一些細節，以及最近的一些發展。由於市值發生重大變化，我們在 2022 年第三季度確認了 3480 萬美元的商譽減值。

In December 2022, we sold our low-margin legacy automated traffic safety enforcement business unit for $3.4 million, and its results are categorized as discontinued operation on our P&L. In January 2023, we finalized a $15 million senior secure note transaction led by our CEO, Robert Berman. On Friday, we also finalized a $10 million registered direct offering, which was priced at the market under Nasdaq rules.

2022 年 12 月，我們以 340 萬美元的價格出售了我們的低利潤遺留自動交通安全執法業務部門，其結果在我們的損益表中被歸類為已停止運營。 2023 年 1 月，我們完成了由我們的首席執行官羅伯特伯曼領導的 1500 萬美元的高級安全票據交易。週五，我們還完成了 1000 萬美元的註冊直接發售，該發售根據納斯達克規則在市場上定價。

Revenue for the year ended December 31, 2022, was $19.9 million, compared to $11.6 million in the same period last year, an increase of 72%. Total revenue with discontinued operations was $22.3 million for the year ended December 31, 2022, compared to $14.3 million for the year ended December 31, 2021.

截至 2022 年 12 月 31 日止年度的收入為 1990 萬美元，與去年同期的 1160 萬美元相比增長 72%。截至 2022 年 12 月 31 日止年度，終止經營的總收入為 2230 萬美元，而截至 2021 年 12 月 31 日止年度為 1430 萬美元。

Recurring revenue for the 12 months ended December 31, 2022, increased by $8.5 million, compared to the same period last year. This represents an increase in recurring revenue of 182% for the 12 months period ended December 31, 2022, compared to the same period the previous year.

與去年同期相比，截至 2022 年 12 月 31 日的 12 個月的經常性收入增加了 850 萬美元。與去年同期相比，截至 2022 年 12 月 31 日止的 12 個月期間，經常性收入增長了 182%。

Performance obligation increased to $21.1 million (sic - see press release, "$21.4 million") as of December 31, 2022, compared to $14.7 million as of December 31, 2021.

截至 2022 年 12 月 31 日，履約義務增加到 2110 萬美元（原文如此——見新聞稿，“2140 萬美元”），而截至 2021 年 12 月 31 日為 1470 萬美元。

We are particularly pleased to share that our revenue and recurring revenue have continued to climb, with significant improvements in 2022 compared to 2021. In fact, 56% of total revenue for the 12 months ended December 31, 2022, was recurring revenue, compared to only 40% of the same period in the previous year.

我們特別高興地告訴大家，我們的收入和經常性收入持續攀升，與 2021 年相比，2022 年有顯著改善。事實上，截至 2022 年 12 月 31 日止的 12 個月，經常性收入佔總收入的 56%，相比之下僅為上年同期的40%。

As I mentioned before, we've been hard at work streamlining our business. We invested in our growth by adding new hires to our engineering, sales and marketing teams in the first half of 2022, as we integrated the latest technology into our suite of product and service offerings.

正如我之前提到的，我們一直在努力精簡我們的業務。我們通過在 2022 年上半年為我們的工程、銷售和營銷團隊增加新員工來投資於我們的增長，因為我們將最新技術集成到我們的產品和服務套件中。

We also experienced increases in payroll and payroll-related expenses relating to our STS acquisition. Total operating expenses for the year ended December 31, 2022, were $60 million, not including the goodwill impairment, compared to $38.9 million during the year ended December 31, 2021.

我們還經歷了與 STS 收購相關的工資單和工資單相關費用的增加。截至 2022 年 12 月 31 日止年度的總運營費用為 6000 萬美元，不包括商譽減值，而截至 2021 年 12 月 31 日止年度為 3890 萬美元。

But we have been keeping a watchful eye on our expenses, evaluated our results carefully, and managed to maintain a firm grip on our operating expenses. These efforts have already paid off, and we are pleased to share that we have managed to reduce our expenses by $3.9 million in the last six months of 2022, compared to the first six months of the year. This despite the inclusion of a full six months of STS expenses.

但我們一直在密切關注我們的支出，仔細評估我們的結果，並設法牢牢控制我們的運營費用。這些努力已經取得成效，我們很高興地宣布，與今年前六個月相比，我們在 2022 年最後六個月的開支減少了 390 萬美元。儘管包括了整整六個月的 STS 費用。

While we are excited about the future, we continue to manage our expenses while investing in our growth and delivering the best possible value to our stakeholders. With these remarkable results, we are enthusiastic about the future and look forward to continuing to drive growth and profitability.

在我們對未來感到興奮的同時，我們將繼續管理我們的開支，同時投資於我們的增長並為我們的利益相關者提供盡可能好的價值。憑藉這些顯著的成果，我們對未來充滿熱情，並期待繼續推動增長和盈利。

During the third quarter of 2022, we experienced a significant decline in our market capitalization, which we deem a triggering event related to goodwill. As a result, we made an impairment assessment as of September 30, 2022, and determined that we had an impairment related to goodwill in the amount of $34.8 million.

2022 年第三季度，我們的市值大幅下降，我們認為這是與商譽相關的觸發事件。因此，我們進行了截至 2022 年 9 月 30 日的減值評估，並確定我們有 3480 萬美元的商譽減值。

Our adjusted gross margin for the year ended December 31, 2022, decreased to 45% from 61% in the same period last year. The decline in margins for the year ended December 31, 2022, is primarily attributable to lower margin on STS revenue, which we are working to improve with new technology. With the expansion of our customer footprint and installed technology base, we expect to see improvements in our adjusted gross margin in the future.

我們截至 2022 年 12 月 31 日止年度的調整後毛利率從去年同期的 61% 降至 45%。截至 2022 年 12 月 31 日止年度的利潤率下降主要是由於 STS 收入的利潤率較低，我們正在努力通過新技術改善這一點。隨著我們的客戶足跡和已安裝技術基礎的擴大，我們預計未來調整後的毛利率會有所改善。

Adjusted EBITDA for the year ended December 31, 2022, and 2021, increased to a loss of $37.4 million from a loss of $22.8 million, respectively. This increase in loss was due to the investment I've discussed previously to position us for future growth. However, as a result of the more recent streamlining activities, we have seen a decrease in loss from the second quarter of 2022.

截至 2022 年 12 月 31 日和 2021 年 12 月 31 日止年度的調整後 EBITDA 分別從虧損 2280 萬美元增至虧損 3740 萬美元。虧損的增加是由於我之前討論過的為未來增長定位的投資。然而，由於最近的精簡活動，我們看到虧損比 2022 年第二季度有所減少。

Rekor has released enhanced key performance indicators to provide better visibility and a more detailed view of our success and progress, and we've changed our revenue model in September 2021. We believe these KPIs give our shareholders a better insight into our business over time.

Rekor 發布了增強的關鍵績效指標，以提供更好的可見性和更詳細的成功和進展視圖，並且我們在 2021 年 9 月改變了我們的收入模式。我們相信，隨著時間的推移，這些 KPI 可以讓我們的股東更好地了解我們的業務。

During the year ended December 31, 2022, we won $22 million of new contracts, compared to only $8.9 million in total contract value won during the same period in 2021. As of December 31, 2022, our remaining contract performance obligation amounted to $21.1 million. We expect to recognize approximately 59% (sic - see press release, "45%") of this amount over the succeeding 12 months. This represents a remarkable increase of $6.7 million, or 45%, compared to $14.7 million of performance obligation, as of December 31, 2021. We believe that our KPIs will continue to improve as we continue to build relationships and expand our presence.

在截至 2022 年 12 月 31 日的年度中，我們贏得了 2200 萬美元的新合同，而 2021 年同期贏得的合同總價值僅為 890 萬美元。截至 2022 年 12 月 31 日，我們剩餘的合同履約義務為 2110 萬美元.我們預計在接下來的 12 個月內將確認該金額的大約 59%（原文如此 - 請參閱新聞稿，“45%”）。與截至 2021 年 12 月 31 日的 1,470 萬美元的履約義務相比，這顯著增加了 670 萬美元，即 45%。我們相信，隨著我們繼續建立關係和擴大我們的影響力，我們的 KPI 將繼續改善。

Moving to our financial condition and liquidity. On Friday, we announced a registered direct offering for $10 million. The transaction provides us with the liquidity we need to continue and execute our strategy. Robert will elaborate on the transaction later. As a result of the transaction, we will file our 10-K shortly.

轉向我們的財務狀況和流動性。週五，我們宣布了 1000 萬美元的註冊直接發售。該交易為我們提供了繼續和執行戰略所需的流動性。羅伯特將在稍後詳細說明這筆交易。作為交易的結果，我們將很快提交我們的 10-K。

Our cash balance on December 31, 2022, was $2.5 million, a decrease from $24.1 million, as of December 31, 2021. We had a working capital deficit, as of December 31, 2022, of $6 million, down from working capital of $16.9 million, as of December 31, 2021. The decrease in working capital was primarily due to a decrease in cash and cash equivalents.

截至 2022 年 12 月 31 日，我們的現金餘額為 250 萬美元，低於 2021 年 12 月 31 日的 2410 萬美元。截至 2022 年 12 月 31 日，我們的營運資金赤字為 600 萬美元，低於營運資金 16.9 美元百萬，截至2021年12月31日。營運資金減少主要是由於現金及現金等價物減少。

This decline was primarily due to the increase in our loss from operations, as we positioned the company for future growth and reflect the cash required to acquire STS. The reduction in cash was partially offset by a net cash inflow of $22.8 million, as part of our 2022 as the market sales agreement, which was terminated in December of this year.

這一下降主要是由於我們的運營虧損增加，因為我們將公司定位為未來增長並反映收購 STS 所需的現金。現金減少部分被 2280 萬美元的淨現金流入所抵消，這是我們 2022 年市場銷售協議的一部分，該協議已於今年 12 月終止。

In January, we announced the closing of senior secure notes in the aggregate amount of up to $15 million, led by our CEO, Robert Berman, with participation from other new and existing investors. At closing, $12.5 million was funded.

1 月，我們宣布關閉總額高達 1500 萬美元的高級安全票據，由我們的首席執行官羅伯特伯曼牽頭，其他新投資者和現有投資者也參與其中。交易結束時，融資額為 1250 萬美元。

We are confident regarding Rekor's growth prospects, because we are experiencing strong momentum in our market. As you'll hear from David in just a moment, we are taking a strategic approach to our investment, focusing on rapidly increasing our margins to maximize profitability. With this approach, we fully expect to see significant improvement in our margins in the near future.

我們對 Rekor 的增長前景充滿信心，因為我們的市場發展勢頭強勁。正如您稍後會聽到 David 所說的那樣，我們正在對我們的投資採取戰略方法，專注於快速提高我們的利潤率以最大限度地提高盈利能力。通過這種方法，我們完全希望在不久的將來看到我們的利潤率顯著提高。

Our company remains firmly committed to creating shareholder value and making decisions that will benefit our long-term shareholders. We are dedicated to delivering consistent growth and are excited about the opportunities that lie ahead.

我們公司始終堅定地致力於創造股東價值並做出有利於我們長期股東的決策。我們致力於實現持續增長，並對未來的機遇感到興奮。

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

感謝您在我們共同努力實現目標的過程中一直以來的支持。有了這個，我現在將把電話轉給大衛。大衛？

Thank you, Eyal. Good afternoon, everyone, and thank you for joining us today. I'm David Desharnais, the President and COO of Rekor. I've just recently passed the one-year mark as part of the leadership team here, and I must say it's been an incredible privilege and honor to shape the future of our company and to have the opportunity to change the course of an entire industry.

謝謝你，埃亞爾。大家下午好，感謝您今天加入我們。我是 Rekor 的總裁兼首席運營官 David Desharnais。作為領導團隊的一員，我最近剛滿一年，我必須說，能夠塑造我們公司的未來，並有機會改變整個行業的進程，是一種莫大的榮幸和榮幸.

Though it has been quite a challenging year, given the geopolitical, macroeconomic, and overall market volatility and uncertainty, it has also been a remarkable year of transformation, growth, and opportunity for Rekor. I'm looking forward to sharing some highlights of what we've accomplished in the past year and our plans for future growth.

考慮到地緣政治、宏觀經濟和整體市場的波動性和不確定性，儘管這是充滿挑戰的一年，但對於 Rekor 來說，這也是轉型、增長和機遇非凡的一年。我期待與大家分享我們在過去一年中取得的成就以及我們未來發展的計劃。

Rekor stands at the forefront of innovation, leading the charge as the premier provider of roadway intelligence and data-driven mobility insights on a global scale. As a technology company, we are changing the course of the public safety, urban mobility, and transportation market segments with our cutting-edge AI-driven solutions, enabling smarter, safer, and more sustainable streets for all communities.

Rekor 站在創新的最前沿，作為全球範圍內道路智能和數據驅動移動洞察力的主要供應商引領潮流。作為一家科技公司，我們正在通過我們尖端的人工智能驅動解決方案改變公共安全、城市交通和交通細分市場的進程，為所有社區打造更智能、更安全、更可持續的街道。

Over the past year, as you've just heard from Eyal, we have prioritized driving key performance indicators such as revenue, annual recurring revenue, performance obligations, and operational efficiencies across people, processes, and technology. And as Eyal also highlighted in his remarks, we have achieved significant progress on all of these metrics in 2022, both quarter over quarter and year over year.

在過去的一年裡，正如您剛剛從 Eyal 那裡聽到的那樣，我們優先考慮推動關鍵績效指標，例如收入、年度經常性收入、績效義務以及跨人員、流程和技術的運營效率。正如 Eyal 在他的講話中也強調的那樣，我們在 2022 年的所有這些指標上都取得了重大進展，無論是季度環比還是同比。

Starting with operational efficiencies, like many tech companies, we continue to make tough but important choices to help rightsize our business and instill financial and operational disciplines across people, processes, and technologies. As part of our operational efficiencies, in late 2022, we divested our automated traffic safety enforcement business, commonly known as the red light and speed camera ticket business. This move was a strategic shift towards prioritizing our core data services businesses as the ATSE business was labor-intensive and had low profit margins and was entering into a heavy technology refresh cycle, which would serve as a distraction from our core focus.

與許多科技公司一樣，我們從運營效率開始，繼續做出艱難但重要的選擇，以幫助調整我們的業務規模，並在人員、流程和技術方面灌輸財務和運營紀律。作為我們運營效率的一部分，我們在 2022 年底剝離了我們的自動交通安全執法業務，通常稱為紅燈和超速攝像頭罰單業務。此舉是一項戰略轉變，旨在優先考慮我們的核心數據服務業務，因為 ATSE 業務是勞動密集型且利潤率低，並且正在進入繁重的技術更新周期，這會分散我們的核心注意力。

While we divested our ATSE interests, at the same time, we focused on completing the integration of Rekor's two strategic acquisitions, Waycare and Southern Traffic Services, or STS. This has resulted in significant advantages and synergies on the technology and business front for Rekor as we enter 2023, allowing us to advance our leading technology and vertical expertise in the transportation markets and expand our footprint, while simultaneously increasing our visibility and momentum with major industry influencers, such as the US Department of Transportation, Federal Highways Administration, Intelligent Transportation Systems, or ITS, and the American Association of State Highways, or AASHTO, as well as forge new partnerships with dozens of transportation data and technology leaders, including Safe Fleet, Drakewell, Cintra, Wejo, Blyncsy, Predict iQ, Tomorrow.io, Waze, Amazon Web Services, and many others.

在我們剝離 ATSE 權益的同時，我們專注於完成 Rekor 的兩項戰略收購 Waycare 和 Southern Traffic Services (STS) 的整合。隨著我們進入 2023 年，這為 Rekor 在技術和業務方面帶來了顯著優勢和協同效應，使我們能夠推進我們在運輸市場的領先技術和垂直專業知識並擴大我們的足跡，同時提高我們在主要行業的知名度和勢頭美國交通部、聯邦公路管理局、智能交通系統 (ITS) 和美國國家公路協會 (AASHTO) 等影響者，並與包括 Safe Fleet 在內的數十家交通數據和技術領導者建立新的合作夥伴關係、Drakewell、Cintra、Wejo、Blyncsy、Predict iQ、Tomorrow.io、Waze、亞馬遜網絡服務等。

An example of significant advantages and synergies from our acquisitions, we recently announced the formation of the Rekor Partner Network, which extends the work that Waycare started with third-party data providers several years ago, and now has been expanded and considered to be one of the most comprehensive hubs for mobility data and transportation information in the industry.

作為我們收購的顯著優勢和協同效應的一個例子，我們最近宣布成立 Rekor 合作夥伴網絡，它擴展了 Waycare 幾年前與第三方數據提供商開始的工作，現在已經擴展並被認為是其中之一業內最全面的移動數據和交通信息中心。

Today, Rekor Partner Network boasts 40 partners connecting data from various sources that cover 95% of US roadways, 28 auto OEMs, close to 14 million connected and electric vehicles, and 20 trillion data points globally. Why does this matter? With 65% of US roadways rated in poor condition, traffic congestion and greenhouse gas emissions measuring the highest ever recorded, and a tragic 43,000 fatalities and millions more seriously injured every year on our roadways, there has never been more demand and call for states, municipalities, city, and roadway managers to understand exactly what is moving on their streets and in their communities in real time and predictably, and to take proactive and immediate informed decisions.

如今，Rekor Partner Network 擁有 40 個合作夥伴，連接來自各種來源的數據，覆蓋美國 95% 的道路、28 家汽車原始設備製造商、近 1400 萬輛互聯和電動汽車以及全球 20 萬億個數據點。為什麼這很重要？美國 65% 的道路狀況不佳，交通擁堵和溫室氣體排放量創歷史新高，每年有 43,000 人死亡和數百萬人在我們的道路上受重傷，對各州的需求和呼聲從未如此強烈，市政當局、城市和道路管理人員可以實時和可預測地準確了解街道和社區中正在移動的東西，並做出主動和即時的明智決策。

Rekor is uniquely positioned to answer that call with our growing, expanding Rekor Partner Network. Another example of where our acquisitions have brought significant advantages and synergies is with STS's 30 years of traffic engineering and data collection expertise, coupled with the deep relationships they have forged across multiple state departments of transportation and commercial entities.

Rekor 具有獨特的優勢，可以通過我們不斷壯大的 Rekor 合作夥伴網絡來響應這一號召。我們的收購帶來顯著優勢和協同效應的另一個例子是 STS 30 年的交通工程和數據收集專業知識，以及他們在多個州運輸部門和商業實體之間建立的深厚關係。

In the second half of 2022, we successfully integrated STS's traffic and data collection expertise with Rekor's next-generation AI and machine learning technologies and IoT edge devices, always on, always connected, always learning, forming a connected digital infrastructure and a new operating system for the roadways.

2022年下半年，我們成功將STS的流量和數據採集專業知識與Rekor的下一代人工智能和機器學習技術以及物聯網邊緣設備相結合，永遠在線、永遠連接、永遠學習，形成一個連接的數字基礎設施和一個新的操作系統對於道路。

It is important to note that every public and private roadway or intersection project always starts with planning, and planning always starts with collecting data from the roadway. This is where Rekor's strength and differentiation really shines. And there are literally millions of these traffic studies conducted across the US annually, and every state and municipality in the country is required to provide traffic, class, count, and speed reports to the Federal Highways Administration to receive federal transportation funds.

重要的是要注意，每個公共和私人道路或交叉路口項目總是從規劃開始，而規劃總是從收集道路數據開始。這就是 Rekor 的實力和差異化真正閃耀的地方。美國每年實際上進行了數百萬次此類交通研究，並且該國的每個州和直轄市都需要向聯邦公路管理局提供交通、等級、計數和速度報告，以獲得聯邦交通資金。

This integration of STS and Rekor has positioned us to be the leading provider of non-intrusive, AI-driven, real-time traffic data collection and analytic services in the industry. With over 30,000 data collection sites, more than 60,000 lanes, and hundreds of thousands of miles of roadway already under management, we are now expanding this footprint across the US with our recently announced breakthrough Edge Max and Edge Flex solutions for both permanent and short-term traffic studies. We see these solutions as significant growth drivers for revenue and pipeline into 2023.

STS 和 Rekor 的這種整合使我們成為業內領先的非侵入式、AI 驅動的實時交通數據收集和分析服務提供商。憑藉超過 30,000 個數據收集點、超過 60,000 條車道和數十萬英里的道路已經在管理中，我們現在正在通過我們最近宣布的突破性 Edge Max 和 Edge Flex 永久和短期解決方案在美國擴大這一足跡。術語交通研究。我們將這些解決方案視為收入和管道到 2023 年的重要增長動力。

Now I would like to provide some key highlights in each of our business segments coming into the year, including urban mobility, transportation management, and the licensing of our vehicle identification software and license plate recognition technology across public agencies and commercial entities around the world.

現在，我想介紹今年我們每個業務部門的一些主要亮點，包括城市交通、交通管理，以及我們在全球公共機構和商業實體中的車輛識別軟件和車牌識別技術的許可。

First, let's talk about our progress in urban mobility. Traditional approaches to capturing roadway and infrastructure analytics for planning and engineering employ expensive, manual processes that use antiquated technology to capture a fraction of the information needed for a fraction of the time. This market segment is ripe for disruption, and we are well-positioned to benefit from this industry transformation.

首先，讓我們談談我們在城市交通方面的進展。為規劃和工程捕獲道路和基礎設施分析的傳統方法採用昂貴的手動流程，這些流程使用過時的技術來捕獲一小部分時間所需的一小部分信息。這個細分市場的顛覆時機已經成熟，我們有能力從這一行業轉型中受益。

Seeing this opportunity emerging, in the fall of 2022, we preannounced our new AI-based Edge Max and Edge Flex roadway data collection systems designed to help our customers capture high-resolution roadway data using AI and transform it into holistic traffic insights for vehicle classification, counts, and speed, according to the exacting standards of the Federal Highways Administration and US Department of Transportation. Whether it be passenger vehicles, or mixed-axle commercial trucks, or any of the 13 specific DOT vehicle classes present on our roadways, Rekor pulls ground-truth insights both in real time and historically, allowing agencies to better organize and execute roadway planning and city-building initiatives in a smart, safe, and future-proof way.

看到這個機會的出現，我們在 2022 年秋天預先宣布了我們新的基於 AI 的 Edge Max 和 Edge Flex 道路數據收集系統，旨在幫助我們的客戶使用 AI 捕獲高分辨率道路數據並將其轉化為車輛分類的整體交通洞察力、數量和速度，均符合聯邦公路管理局和美國交通部的嚴格標準。無論是乘用車、混合軸商用卡車，還是我們道路上出現的 13 種特定 DOT 車輛類別中的任何一種，Rekor 都可以實時和歷史地提取地面實況洞察力，使機構能夠更好地組織和執行道路規劃和以智能、安全和麵向未來的方式開展城市建設計劃。

In addition to government agencies, many businesses also need to understand and manage the vehicle flow, patterns, types, and other important analytics regarding vehicles in their geographies. Whether it is an engineering firm collecting roadway data for their customers, a corporation monitoring traffic across campuses, or a real estate developer planning a specific area, the capture of accurate, holistic roadway data is valuable for each of these unique use cases.

除了政府機構之外，許多企業還需要了解和管理車輛流量、模式、類型以及有關其所在地區車輛的其他重要分析。無論是為客戶收集道路數據的工程公司、監控校園交通的公司，還是規劃特定區域的房地產開發商，捕獲准確、全面的道路數據對於這些獨特的用例中的每一個都是有價值的。

Since announcing our new Edge Max and Edge Flex solutions, we are encouraged by the multiple reverse inquiries and strong engagement from more than 40% of the US states so far and it confirms interest to deploy our non-intrusive, AI-driven data collection systems across their states. This is all new pipeline for us, and it is growing rapidly.

自從宣布我們新的 Edge Max 和 Edge Flex 解決方案以來，我們對迄今為止來自美國 40% 以上的州的多次反向查詢和強烈參與感到鼓舞，這證實了我們有興趣部署我們的非侵入式、人工智能驅動的數據收集系統在他們的州。這對我們來說是全新的管道，並且正在快速增長。

I'm pleased to highlight several significant customer wins as examples, including a seven-year contract to provide AI-based traffic data collection to the Florida Department of Transportation and the City of Tallahassee, including 18 counties in the Panhandle region of Florida. We're also proud to have secured new and extended contracts and task orders with state departments of transportation across the US, such as Pennsylvania, Mississippi, Alabama, and Ohio. Our advanced, non-intrusive, edge-based data collection technology is being used to support the digitization of transportation infrastructure and the shift to ubiquitous, AI-based traffic studies across these states.

我很高興強調幾個重要的客戶勝利作為例子，包括一份為期七年的合同，向佛羅里達州交通部和塔拉哈西市提供基於人工智能的交通數據收集，包括佛羅里達州狹長地帶地區的 18 個縣。我們也很自豪能夠與賓夕法尼亞州、密西西比州、阿拉巴馬州和俄亥俄州等美國各州的交通部門簽訂新的和延長的合同和任務訂單。我們先進的、非侵入式的、基於邊緣的數據收集技術正被用於支持交通基礎設施的數字化，以及在這些州向無處不在的、基於人工智能的交通研究的轉變。

I'm also pleased to highlight that our project with the Philadelphia Navy Yard and the City of Brotherly Love as a real-world, large-scale laboratory site to push the boundaries of our traffic analytics capabilities and solutions in a one-of-a-kind public-private partnership with Amazon Web Services. Rekor's technology is analyzing traffic patterns across the full scope of the metro area, providing critical insights into traffic flow, visitors, volume, types of vehicles, and the impact of those visitors and vehicles, including environmental insights such as electric vehicle volumes, electric vehicle charge station placement, and greenhouse gas emission analytics.

我還很高興地強調，我們與費城海軍造船廠和兄弟之愛之城的項目是一個真實世界的大型實驗室站點，旨在突破我們交通分析能力和解決方案的界限- 與 Amazon Web Services 建立良好的公私合作夥伴關係。 Rekor 的技術正在分析整個都市區的交通模式，提供有關交通流量、訪客、數量、車輛類型以及這些訪客和車輛的影響的重要見解，包括電動汽車數量、電動汽車等環境見解充電站佈置和溫室氣體排放分析。

The work that we've done with Philadelphia is a shining example of practical, here-and-now, AI-based smart city applications. The icing on the cake here is that this project also earned us the AWS Smart City Competency for smart urban transportation, which is a distinction held by only a handful of companies worldwide.

我們在費城所做的工作是實用的、此時此地的、基於 AI 的智慧城市應用的光輝典範。錦上添花的是，該項目還為我們贏得了智能城市交通的 AWS 智能城市能力，這是全球只有少數公司獲得的殊榮。

Another key milestone to highlight is our recently announced partnership with Drakewell, the newest Rekor Partner Network partner. Drakewell is providing fast, accurate, and easily shareable traffic data analytics for transportation agencies and corporations, and private firms worldwide. Drakewell seamlessly integrates with our Edge Max and Edge Flex data collection systems, covering all aspects of the Department of Transportation's traffic data programs.

另一個值得強調的重要里程碑是我們最近宣布與最新的 Rekor 合作夥伴網絡合作夥伴 Drakewell 建立合作夥伴關係。 Drakewell 正在為全球的運輸機構和公司以及私營公司提供快速、準確且易於共享的交通數據分析。 Drakewell 與我們的 Edge Max 和 Edge Flex 數據收集系統無縫集成，涵蓋交通部交通數據計劃的所有方面。

Drakewell customers include eight US and two international departments of transportation. And our partnership is a launching pad for multiple expansion opportunities, making it simple for departments of transportation everywhere to adopt and access our next-generation AI-based approach for real-time traffic analytics.

Drakewell 的客戶包括八個美國和兩個國際運輸部門。我們的合作夥伴關係是多個擴展機會的跳板，使各地的交通部門都能輕鬆採用和訪問我們下一代基於 AI 的實時交通分析方法。

Now, let me shift gears to another one of our segments called transportation management. In this business segment, our mission is to help traffic management centers and agencies shift from being siloed and reactive to being integrated, interoperable, and proactive in their approach to managing roadways, providing the necessary modern tools to help them save lives, improve traffic flow, and reduce pollution in their cities.

現在，讓我將話題轉到我們的另一個細分市場，即運輸管理。在這個業務領域，我們的使命是幫助交通管理中心和機構從孤立和被動轉變為集成、互操作和主動的道路管理方法，提供必要的現代工具來幫助他們挽救生命、改善交通流量，並減少他們城市的污染。

Rekor's Traffic Management Platform revolutionizes the way traffic operations and management centers operate, providing an unparalleled set of real-time and predictive tools and most complete and holistic view of their roadways. With this insight, the platform empowers decision-makers to take swift and effective action to enhance safety, sustainability, and efficiency for citizens across their communities, setting a new standard for intelligent traffic management. Our traffic management solutions have consistently proven to identify more incidents faster than conventional methods, to enable proactive traffic management through advanced crash risk predictions, and to do this in a collaborative way, connecting agencies and stakeholders, including notifications and alerts to citizens and the public.

Rekor 的交通管理平台徹底改變了交通運營和管理中心的運作方式，提供了一套無與倫比的實時和預測工具以及最完整和全面的道路視圖。有了這種洞察力，該平台使決策者能夠採取迅速有效的行動來提高社區公民的安全性、可持續性和效率，從而為智能交通管理樹立新標準。我們的交通管理解決方案一直被證明可以比傳統方法更快地識別更多事件，通過先進的碰撞風險預測實現主動交通管理，並以協作的方式做到這一點，連接機構和利益相關者，包括向公民和公眾發出通知和警報.

As a comprehensive cross-agency platform, Rekor offers specific applications for traffic management, freeway service patrol, first responders, and maintenance crews, aligning all to better address traffic challenges while arming them with the vital information needed to identify, manage, and recover from incidents, events, and irregularities on their roadways.

作為一個全面的跨機構平台，Rekor 為交通管理、高速公路服務巡邏、急救人員和維修人員提供特定的應用程序，使所有人都能更好地應對交通挑戰，同時為他們提供識別、管理和恢復所需的重要信息他們道路上的事故、事件和違規行為。

Now, as funds from the $1.2 trillion bilateral infrastructure law continue to be unlocked in 2023, we are seeing an increase in our opportunities and pipeline growth as well. Along this line, I'm excited to highlight some of the recent customer wins and milestones in our transportation management business segment.

現在，隨著 1.2 萬億美元雙邊基礎設施法的資金在 2023 年繼續釋放，我們看到我們的機會和管道增長也在增加。沿著這條線，我很高興強調我們的運輸管理業務部門最近贏得的一些客戶和里程碑。

One example is our recent multi-year contract win with Texas, the second-largest state in the US. Using Rekor, the Texas Department of Transportation, or TxDOT, is building a first-ever comprehensive, real-time source of roadway intelligence for the state. Our Rekor traffic management platform will serve as the hub for TxDOT, providing accurate insights for predictive, high-potential crash hotspots, leveraging real-time connected vehicle data, and multiple third-party data sources.

一個例子是我們最近與美國第二大州得克薩斯州簽訂的多年合同。使用 Rekor，德克薩斯州交通部 (TxDOT) 正在為該州構建有史以來第一個全面、實時的道路情報來源。我們的 Rekor 交通管理平台將作為 TxDOT 的樞紐，為預測性、高潛在碰撞熱點提供準確的見解，利用實時連接的車輛數據和多個第三方數據源。

This means traffic management in TxDOT will be able to receive alerts for incidents like crashes, abandoned vehicles, and roadway debris in real time and from a single source of truth. This will enable the agency to collaborate and respond quickly and proactively to high-risk areas and enhance safety of its vast network of roadways. Our program with TxDOT is a significant achievement for Rekor as it expands our value and presence across one of the largest and most extensive traffic management centers in the nation.

這意味著 TxDOT 中的交通管理將能夠實時接收來自單一真實來源的事故警報，例如碰撞、廢棄車輛和道路碎片。這將使該機構能夠協作并快速主動地響應高風險區域，並增強其龐大的道路網絡的安全性。我們與 TxDOT 的計劃是 Rekor 的一項重大成就，因為它擴大了我們在全國最大和最廣泛的交通管理中心之一的價值和影響力。

As another example of progress in this segment is Rekor being chosen by the Central Ohio Transit Authority, or COTA, for their Integrated Mobility Innovation Transit Program, an initiative designed to improve roadway safety and transit services across 13 Ohio counties.

作為該領域取得進展的另一個例子，Rekor 被俄亥俄中央交通管理局 (COTA) 選擇用於其綜合交通創新交通計劃，該計劃旨在改善俄亥俄州 13 個縣的道路安全和交通服務。

In addition, we have also been selected by the Missouri Department of Transportation for their new strategic highway safety plan called Show-Me Zero, as they aim to reverse rising traffic fatalities on their roadways. Tapping into the new infrastructure-built funding with Missouri, we are combining our traffic management expertise, integration of multiple data sets across multiple ecosystem players, as well as bringing our deep expertise in marrying our Rekor Edge IoT devices to connect the dots across software, data, and hardware systems, providing the most comprehensive and complete view of Missouri's highways for the state's traffic management center.

此外，我們還被密蘇里州交通部選中參與其新的戰略公路安全計劃，名為 Show-Me Zero，因為他們旨在扭轉其道路上不斷上升的交通死亡人數。利用與密蘇里州的新基礎設施建設資金，我們正在結合我們的流量管理專業知識、跨多個生態系統參與者的多個數據集的集成，以及將我們的深厚專業知識與我們的 Rekor Edge 物聯網設備結合起來，以跨軟件連接點，數據和硬件系統，為密蘇里州的交通管理中心提供最全面和完整的密蘇里州高速公路視圖。

Other bellwether successes in 2022 include a partnership with Cintra, one of the largest private developers of transportation infrastructure in the world, where together, we secured a multi-year contract to serve as the technology platform for Oregon's connected vehicle and data ecosystem. This program supports the Oregon statewide Road Usage Charge initiative, and our selection was the result of being down-selected from a pool of 14 major competitors. This is an important achievement, given that electric vehicle ownership is rapidly replacing federal and state gas tax revenues, and the work we are doing with Oregon is being monitored closely by multiple other states.

2022 年的其他領頭羊成功包括與世界上最大的交通基礎設施私營開發商之一辛特拉 (Cintra) 建立合作夥伴關係，我們共同獲得了一份多年期合同，作為俄勒岡州互聯汽車和數據生態系統的技術平台。該計劃支持俄勒岡州全州道路使用費計劃，我們的選擇是從 14 個主要競爭對手中被淘汰的結果。這是一項重要的成就，因為電動汽車的擁有量正在迅速取代聯邦和州的汽油稅收入，而且我們在俄勒岡州所做的工作正受到其他多個州的密切監控。

In addition to our partnership with Oregon and Cintra, we also expanded our solutions in other departments of transportation across the US in 2022, including California's Metropolitan Transportation Commission, as well as Colorado, Kansas, and Alabama State, all representing new multi-year contracts to Rekor. And in addition, we achieved a significant contract extension with Ayalon Highways in Israel, highlighting our reputation for excellence and our global scale. These successes are tangible evidence of the differentiation we deliver to our customers every day and the ability to serve the evolving needs of the transportation industry.

除了我們與俄勒岡州和辛特拉的合作夥伴關係外，我們還在 2022 年擴大了我們在美國其他交通部門的解決方案，包括加利福尼亞州的大都會交通委員會，以及科羅拉多州、堪薩斯州和阿拉巴馬州，所有這些都代表了新的多年期合同到 Rekor。此外，我們與以色列的 Ayalon Highways 達成了重要的合同延期，凸顯了我們卓越的聲譽和我們的全球規模。這些成功是我們每天為客戶提供差異化服務以及滿足運輸行業不斷變化的需求的能力的切實證據。

While our urban mobility and transportation management business segments have gained significant traction and growth in the past year, I'm also pleased to highlight our momentum in the direct sale and licensing of our software and technology across public safety, law enforcement, security industries, and various commercial use cases. In the past year, we've secured multiple new major contracts and partnerships and continue to extend our leadership in AI-driven vehicle identification, license plate recognition, and comprehensive roadway intelligence solutions in the public safety business segment.

雖然我們的城市交通和交通管理業務部門在過去一年中獲得了顯著的牽引力和增長，但我也很高興強調我們在公共安全、執法、安全行業的軟件和技術的直接銷售和許可方面的勢頭，以及各種商業用例。在過去的一年裡，我們獲得了多項新的重大合同和合作夥伴關係，並繼續擴大我們在公共安全業務領域在 AI 驅動車輛識別、車牌識別和綜合道路智能解決方案方面的領先地位。

For example, we've made significant inroads in the commercial market over the past year with our vehicle identification and LPR software and systems being chosen by a major American amusement park corporation to improve traffic management and security capabilities. A household name you would know, this corporation owns the most theme parks and water parks combined of any amusement park company, hosts over 30 million guests annually, and ranks seventh in the world in terms of attendance.

例如，在過去的一年裡，我們在商業市場取得了重大進展，美國一家大型遊樂園公司選擇了我們的車輛識別和 LPR 軟件和系統來改善交通管理和安全能力。這家公司是家喻戶曉的名字，擁有所有遊樂園公司中最多的主題公園和水上樂園，每年接待超過 3000 萬遊客，在遊客人數方面排名世界第七。

In addition to this, Rekor also added the Las Vegas Palms Casino Resort as its eighth major casino customer, cementing our vehicle identification and LPR solutions as a new gold standard for the gaming industry, with leading casino operators in Nevada, New York, and California selecting Rekor for their security across properties.

除此之外，Rekor 還將 Las Vegas Palms Casino Resort 作為其第八大賭場客戶，鞏固了我們的車輛識別和 LPR 解決方案作為博彩業的新黃金標準，與內華達州、紐約州和加利福尼亞州的領先賭場運營商合作選擇 Rekor 是為了確保跨屬性的安全性。

Our partnership with Safe Fleet is another prime example of traction and growth in the past year across our public safety business segment. As a renowned provider of safety solutions for fleet vehicles nationally, Safe Fleet leads the market in a wide range of industries, including law enforcement, transit, and the school bus market nationwide. We recently announced a multi-year licensing agreement with Safe Fleet, deploying our advanced technology in their next-generation violation detection platforms for transit, for law enforcement, and for school bus stop arm violation detection platforms.

我們與 Safe Fleet 的合作夥伴關係是過去一年我們公共安全業務部門的牽引力和增長的另一個主要例子。作為全國知名的車隊車輛安全解決方案提供商，Safe Fleet 在全國范圍內的執法、交通和校車市場等眾多行業中處於領先地位。我們最近宣布了與 Safe Fleet 的一項多年期許可協議，將我們的先進技術部署在他們用於交通、執法和校車停車臂違規檢測平台的下一代違規檢測平台中。

All three platforms are focused growth pillars for Safe Fleet's business, and we are pleased to play a role in helping them achieve their objectives. This also presents a significant growth opportunity for Rekor, with the potential to be inside and connected to thousands of fleet vehicles across states and nationally with our advanced vehicle recognition and enforcement technologies.

這三個平台都是 Safe Fleet 業務的重點增長支柱，我們很高興在幫助他們實現目標方面發揮作用。這也為 Rekor 帶來了重要的增長機會，利用我們先進的車輛識別和執法技術，Rekor 有可能在各州和全國范圍內進入並連接到數千輛車隊車輛。

In addition, Rekor is also playing a mission-critical role in safeguarding the security of our nation. Our vehicle recognition technology meets the exacting standards of the federal agencies and being utilized at key locations worldwide. We are proud to serve the federal government across multiple agencies already, and they have received yet another significant purchase order extension for our technology and software for deployment domestically and internationally.

此外，Rekor 在維護我們國家的安全方面也發揮著關鍵任務的作用。我們的車輛識別技術符合聯邦機構的嚴格標準，並在全球主要地點使用。我們很自豪已經為多個機構的聯邦政府服務，他們已經收到了我們的技術和軟件在國內和國際部署的另一個重要採購訂單延期。

And speaking of international growth, I'm pleased to also highlight that one of the largest states in Mexico has selected and is now deploying our vehicle recognition software and hardware across 1,800 locations across the region, representing the largest vehicle recognition and roadway intelligence deployment in Mexico's history, as they aim to improve the public safety and security of millions of Mexican citizens.

談到國際增長，我還很高興地強調墨西哥最大的州之一已經選擇並正在該地區的 1,800 個地點部署我們的車輛識別軟件和硬件，這是該地區最大的車輛識別和道路智能部署墨西哥的歷史，因為他們旨在改善數百萬墨西哥公民的公共安全和保障。

There's one more area that I wanted to highlight with you as part of my business update. This is regarding our Rekor e-commerce platform, the channel that deserves recognition. Our e-commerce platform offers a secure and seamless shopping experience for vehicle identification and LPR technology licensing, serving customers worldwide in over 90 countries around the world, highlighting the expanding demand for our products and services globally.

作為我的業務更新的一部分，我還想與您強調一個領域。這是關於我們的Rekor電子商務平台，值得肯定的渠道。我們的電子商務平台為車輛識別和 LPR 技術許可提供安全無縫的購物體驗，為全球 90 多個國家/地區的全球客戶提供服務，凸顯了全球對我們產品和服務不斷擴大的需求。

The growth of our software as a service or SaaS licensing business has been remarkable over the past years, with revenue increasing from $0.4 million in 2019 to $1.7 million in 2022, representing an astounding 280% growth over the period and surpassing 1,200 active monthly subscribers in 2022, all with little investment in marketing. As we look ahead in 2023, we expect continued and accelerated growth of our e-commerce channel and, of course, across each of our business segments as well. For Rekor, we are moving into scale now and truly believe the best is yet to come.

我們的軟件即服務或 SaaS 許可業務在過去幾年中增長顯著，收入從 2019 年的 40 萬美元增加到 2022 年的 170 萬美元，在此期間增長了驚人的 280%，月活躍用戶超過 1,200 名2022年，營銷投資很少。展望 2023 年，我們預計我們的電子商務渠道將持續加速增長，當然，我們的每個業務部門也是如此。對於 Rekor，我們現在正在擴大規模，並且堅信最好的還在後頭。

To conclude my remarks today, once again, it has been an honor and a privilege to help guide the transformation of Rekor over this past year as President and COO. It has been a remarkable year of transformation, growth, and opportunity, and we are reshaping the industry. Our progress and advancements in 2022 were significant and made possible by our leading-edge technology and strategic partnerships and by the dedicated and committed employees who work tirelessly to navigate the challenging business climate and deliver against our growth objectives and financial results.

在結束我今天的發言時，我再次感到榮幸和榮幸，在過去的一年裡作為總裁兼首席運營官幫助指導 Rekor 的轉型。這是充滿轉型、增長和機遇的非凡一年，我們正在重塑這個行業。我們在 2022 年的進步和進步意義重大，這得益於我們領先的技術和戰略合作夥伴關係，以及敬業敬業的員工，他們孜孜不倦地努力應對充滿挑戰的商業環境，並實現我們的增長目標和財務業績。

Looking forward, Rekor is well-positioned for growth and scale. We have technical differentiation in each of our business lines, a first-mover advantage, massive market tailwinds, strong partnerships and clients that hold us to the highest standards, and a growth flywheel, all contributing to our continued success. We're excited about our path forward as a company and grateful to our shareholders' continued support and trust in the company and leadership.

展望未來，Rekor 在增長和規模方面處於有利地位。我們的每條業務線都有技術差異化、先發優勢、巨大的市場順風、強大的合作夥伴關係和使我們達到最高標準的客戶，以及增長飛輪，所有這些都為我們的持續成功做出了貢獻。我們對公司的前進道路感到興奮，並感謝股東對公司和領導層的持續支持和信任。

I'd like to thank you all for joining me today, and I look forward to speaking with you soon. I'm pleased now to hand the call over to Robert Berman, our CEO, for final remarks and for Q&A. Robert?

我要感謝大家今天加入我的行列，我期待著很快與您交談。我現在很高興將電話轉交給我們的首席執行官羅伯特伯曼，以進行最後的評論和問答。羅伯特？

Thank you, David. As Eyal mentioned earlier in the call, on Friday, we announced a registered direct offering for $10 million. Given the turmoil in the world and banking sector creating severe market headwinds, a decision was made to access the shelf overnight before this earnings call. For those of you that are not aware, a company's shelf is remeasured with the filing of its 10-K. At our present market cap, our shelf would have fallen to baby shelf rules, allowing for the company to access less than a couple million dollars, at best, if needed.

謝謝你，大衛。正如 Eyal 早些時候在電話會議中提到的那樣，週五，我們宣布了一項 1000 萬美元的註冊直接發售。鑑於世界動盪和銀行業造成嚴重的市場逆風，我們決定在本次財報電話會議前一夜上架。對於那些不知道的人，公司的貨架是通過提交其 10-K 重新衡量的。以我們目前的市值計算，我們的貨架將符合嬰兒貨架規則，允許公司最多獲得不到幾百萬美元，如果需要的話。

Our conversations with strategic investors continue, and we have had offers. However, to date, those have come with way too many strings and conditions where Rekor's independence would be impaired. The overnight offering strengthened Rekor's hand and put cash on the balance sheet to continue funding our growth. Mind you, we do business with almost all of the companies we were talking to about a broader relationship in capital. So we need to be careful about tossing the baby out with the bathwater.

我們與戰略投資者的對話仍在繼續，我們已經收到了報價。然而，迄今為止，這些條款和條件過多，會損害 Rekor 的獨立性。隔夜發售加強了 Rekor 的實力，並在資產負債表上增加了現金，以繼續為我們的增長提供資金。請注意，我們與幾乎所有我們正在談論更廣泛的資本關係的公司都有業務往來。因此，我們需要小心地將嬰兒與洗澡水一起倒掉。

As David stated, as we look ahead in 2023, we expect continued and accelerated growth across all of our business segments. Consequently, and for the first time, we are pleased to be providing revenue guidance for the fiscal year 2023. In the range of $45 million to $55 million in revenue, with EBITDA of negative $26 million to negative $28 million this year, and profitable by the end of 2023.

正如 David 所說，展望 2023 年，我們預計所有業務部門都將持續加速增長。因此，我們很高興首次為 2023 財年提供收入指導。今年收入在 4500 萬至 5500 萬美元之間，EBITDA 為負 2600 萬至負 2800 萬美元，盈利為2023 年底。

Furthermore, we are forecasting 2024's revenue in the range of $120 million to $130 million with $8.5 million to $15 million in positive EBITDA. This growth is achievable because our technology is replacing legacy technology, which is at the end of life, which has not changed in more than 60 years.

此外，我們預測 2024 年的收入在 1.2 億美元至 1.3 億美元之間，其中 EBITDA 為 850 萬至 1500 萬美元。這種增長是可以實現的，因為我們的技術正在取代已經過時且 60 多年來未曾改變的傳統技術。

For those of you that are concerned about Rekor's share count, I will say that we have been extremely judicious with our stock over the past years. We have invested more than $100 million in our technology, in addition to making two significant and important acquisitions with less than 78 million shares on a fully diluted basis.

對於那些關心 Rekor 股票數量的人，我要說的是，過去幾年我們對我們的股票非常審慎。我們在技術上投資了超過 1 億美元，此外還進行了兩次重大且重要的收購，在完全稀釋的基礎上持有不到 7800 萬股。

We were able to accomplish this because we did access the equity markets at various pricing at various times from $1.40 to $12 per share. We funded the R&D and productization of our solutions when we had the resources to prudently maintain a first-mover advantage. And now we are focused on prudently maintaining a first mover advantage, but efficiencies and scale. The time will come when this technology will be monetized and reflected in our share price. And given the size of this market opportunity, our share count is less than what one might think.

我們之所以能夠做到這一點，是因為我們確實在不同時間以每股 1.40 美元到 12 美元的不同價格進入股票市場。當我們有資源審慎地保持先發優勢時，我們會資助我們解決方案的研發和產品化。現在我們專注於謹慎地保持先發優勢，但效率和規模。這項技術將貨幣化並反映在我們的股價中的時刻將會到來。考慮到這個市場機會的規模，我們的股票數量比人們想像的要少。

Rekor started as a startup in a public company attire. And I believe we are now a seasoned entity with the credibility, customer trust, technology, and resources to see this through.

Rekor 最初是一家穿著上市公司服裝的初創公司。我相信我們現在是一個經驗豐富的實體，擁有信譽、客戶信任、技術和資源來實現這一目標。

Now, I would like to open the floor for any questions you may have. Please don't hesitate to ask. We're here to provide transparency and clarify. And we're eager to address any and all concerns or inquiries you may have. Operator?

現在，我想請大家提問。請不要猶豫，問。我們在這裡提供透明度和澄清。我們渴望解決您可能遇到的任何和所有問題或查詢。操作員？

Thank you. And at this time, we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。 （操作員說明）

Zach Cummins, B. Riley Securities.

Zach Cummins，B. Riley Securities。

Yeah. Hi. Good afternoon. Thanks for taking my questions. Robert, I appreciate you giving some more insight into potential for this business going forward here. Just to that point, can you speak to some of the underlying assumptions that are driving confidence in not only providing guidance for the next couple of years, but pretty robust growth versus where we ended at in 2022. So any additional insight on that front would be very helpful.

是的。你好。下午好。感謝您回答我的問題。羅伯特，我很感激你能更深入地了解這項業務在未來的發展潛力。就這一點而言，您能否談談一些潛在的假設，這些假設不僅可以為未來幾年提供指導，而且與我們在 2022 年結束時相比，增長相當強勁。因此，在這方面的任何額外見解都會很有幫助。

Yeah. Sure, Zach. Thank you. Look we've spent several years positioning ourselves for just this. There's not that many people on this call. And that means there's not that many people paying attention to it. And I think that's the same with infrastructure and the infrastructure bill and the whole concept of infrastructure moving to a new world, which is putting a digital layer over it.

是的。當然，扎克。謝謝。看，我們已經花了幾年時間為自己定位。沒有那麼多人接聽這個電話。這意味著沒有那麼多人關注它。我認為這與基礎設施和基礎設施法案以及基礎設施向新世界的整體概念相同，即在其上放置一個數字層。

And I believe that we've positioned ourselves exactly there when we introduced the technology back at ITS World Congress in the fall of '22 to do what's mandated, which is count, class, and speed by every state. Every state does the same thing for 60 or 70 years. How does the federal government distribute gasoline excise taxes? So inductive loops, mechanical counters, buggy whips and carriages, and so on and so forth. This is not that interesting to a lot of people. So therefore, they don't pay attention to it.

而且我相信，當我們在 22 年秋季的 ITS 世界大會上引入這項技術來執行每個州規定的任務時，我們就已經把自己定位在了那裡。每個州在 60 或 70 年裡都在做同樣的事情。聯邦政府如何分配汽油消費稅？所以感應環路、機械計數器、馬車鞭子和馬車等等。這對很多人來說並不那麼有趣。因此，他們不注意它。

And the confidence and the growth, Zach, comes from the fact that we've introduced technology that traffic engineers that work at DOTs want. They want a way to do this without intruding in the roadways and digging the roadways up and having people get harmed and creating congestion and so on and so forth. And that's where it comes from. And we see it by the reverse inquiries David mentioned from almost 40% of the states saying, okay, can you really do this? Come show us.

扎克，信心和成長來自於我們引入了在 DOT 工作的交通工程師想要的技術。他們想要一種方法來做到這一點，而不會侵入道路、挖掘道路、讓人們受到傷害、造成擁堵等等。這就是它的來源。我們從 David 提到的反向查詢中看到，幾乎 40% 的州說，好吧，你真的能做到嗎？來給我們看看。

So it's being out there working with the states and seeing the demand for the technology and it's there. And that's what we've been working towards for all these years. So that's what gives us the confidence and we know it's there. And we're out there deploying this technology now. So it's not about aspirational or developing and making it happen. It's something we're doing today. And that's what gives us the confidence that we can do this and beyond.

所以它正在與各州合作，看到對技術的需求，它就在那裡。這就是我們多年來一直努力的方向。所以這就是給我們信心的原因，我們知道它就在那裡。我們現在正在部署這項技術。因此，這與抱負或發展和實現它無關。這是我們今天正在做的事情。這就是讓我們相信我們可以做到這一點並超越的信心。

Got it. That's helpful. And I think David might have mentioned it in some of his commentary, but are some of your end customers starting to get access to infrastructure funding at this point to where it's able to accelerate some of these deployments? Just carry some on what you're saying on that.

知道了。這很有幫助。我認為 David 可能在他的一些評論中提到了這一點，但是您的一些最終客戶此時是否開始獲得基礎設施資金以加速其中一些部署？只是繼續你所說的話。

Zach, that's a really interesting question, but I want to separate the transportation bill from what funding is already there. So what we're talking about is funding that's there and has been there for the past decades. Okay, David can go into the new stuff coming and that has to do with the things that we're doing with the weight care acquisition. But what we're talking about is stuff that they're doing year in and year out for the last 50 or 60 years. So they have that funding. They're doing it anyway. It's just a better way of doing it.

扎克，這是一個非常有趣的問題，但我想將運輸賬單與已有的資金分開。所以我們談論的是過去幾十年一直存在的資金。好的，大衛可以談談即將到來的新事物，這與我們在體重護理收購方面所做的事情有關。但我們談論的是他們在過去 50 或 60 年裡年復一年地做的事情。所以他們有這筆資金。無論如何，他們正在這樣做。這只是一種更好的方法。

So, David, maybe you can talk to some of the stuff that's going on that's outside of that. But the stuff we're talking about, Zach, is already funded.

所以，大衛，也許你可以談談一些正在發生的事情，但這些事情是在外面發生的。但是我們正在談論的東西，扎克，已經得到了資助。

Yeah, Robert, I can complement on that. In regards to the Departments of Transportation gaining access to the Infrastructure Bill or Bilateral Infrastructure Law, as it's now called. Those are accessible through grants. And states are already submitting applications for these grants. And we are working with states to help them in the submission process to help to be able to put the technology layer, the digital layer that's required in some of these grants that we're submitting. That require technology and digitization.

是的，羅伯特，我可以補充這一點。關於交通部獲得基礎設施法案或雙邊基礎設施法的訪問權限，正如現在所說的那樣。這些可以通過贈款獲得。各州已經提交了這些補助金的申請。我們正在與各州合作，在提交過程中幫助他們，以幫助能夠放置技術層，即我們正在提交的其中一些贈款所需的數字層。這需要技術和數字化。

And so, we are starting to see that now open up. And states are aggressively moving to be able to capture their fair share or unfair share, as it may be, in some cases, to capture those funds. So yes, we are starting to see that now happen. It is what is driving a significant uptick in our pipeline, in our transportation management business in particular.

因此，我們開始看到它現在開放了。各州正在積極採取行動以獲取其公平份額或不公平份額，因為在某些情況下可能會獲取這些資金。所以是的，我們現在開始看到這種情況發生了。這是推動我們的管道顯著上升的原因，尤其是在我們的運輸管理業務中。

But going back to Robert's point, when we look at urban mobility and the classification, count, and speed opportunity ahead of us, these are funds that are available now. It's not tied to the Infrastructure Bill funds at all. This is money that's there to access today. So we have the ability to monetize today as well as into the future using both of those sources.

但回到羅伯特的觀點，當我們審視城市交通以及擺在我們面前的分類、計數和速度機會時，這些都是現在可用的資金。它與基礎設施法案基金完全無關。這是今天可以使用的錢。因此，我們有能力利用這兩種來源在今天和未來實現貨幣化。

Got it. That's helpful. And final question for me, Robert. I appreciate the guidance into the adjusted EBITDA side as well. Obviously, we did the recent direct capital raising here overnight. But can you talk about potential cash needs as you continue to ramp up pretty significantly into the second half of this year?

知道了。這很有幫助。最後一個問題是羅伯特。我也很欣賞對調整後的 EBITDA 方面的指導。顯然，我們最近在這裡一夜之間進行了直接融資。但是，隨著您在今年下半年繼續大幅增加，您能否談談潛在的現金需求？

Yeah. I think, look, Zach, between the note offering and registered direct, I think we feel very confident that we can drive the company to profitability in 2023. So I think we feel good about where we are. And, again, a lot of it comes from something that -- when we acquired STS, they had already pioneered the concept of pay for data? So the difference is installing inductive loop for $40,000 and dig up the road and spend 30 or 40 days to do it, or put up a system that can do it as easily for a fraction of the cost in real time without all the damage that goes along with digging up the road and so on and so forth.

是的。我認為，扎克，在票據發行和直接註冊之間，我認為我們非常有信心能夠在 2023 年推動公司盈利。所以我認為我們對自己的處境感到滿意。而且，很多它來自於——當我們收購 STS 時，他們已經率先提出了數據付費的概念？所以不同之處在於安裝感應迴路需要 40,000 美元，然後挖路並花費 30 或 40 天來完成，或者建立一個系統可以輕鬆地實時完成它，而成本只是實時成本的一小部分，而不會造成所有損壞以及挖掘道路等等。

So that's where we see the growth coming from. It's primarily in urban mobility. And it's truly -- I think it's important to break this out because I think there's so, look, there's so few -- there's several hundred people on this call, and frankly, you're all the fortunate ones. Because someday it'll be several thousand or more.

這就是我們看到增長的來源。它主要是在城市交通方面。確實 - 我認為打破這一點很重要，因為我認為有很多人，看，很少 - 有數百人參加這個電話會議，坦率地說，你們都是幸運的人。因為有一天它會是幾千甚至更多。

The concept of what we're doing is disrupting something that's been done for 60, 70 years, if not more, the same way using technology that has not changed, okay? And that's the point. And they're mandated to do this, and you can now do this with the technology that Rekor has that we've been developing for several years, which is proficiency of edge processing, roadside, machine vision, and so forth. And it starts with vehicle ID and vehicle recognition, and then you transfer that to vehicle classifications, and here you are.

我們正在做的事情的概念是顛覆已經做了 60 年、70 年甚至更多的事情，就像使用沒有改變的技術一樣，好嗎？這就是重點。他們被授權這樣做，你現在可以使用我們多年來一直在開發的 Rekor 技術來做到這一點，這是邊緣處理、路邊、機器視覺等方面的熟練程度。它從車輛 ID 和車輛識別開始，然後將其轉移到車輛分類，就這樣了。

And this is something that the states have been looking for and hearing about, but nobody's delivered it. So here we are. So that's why we have the confidence level to be able to say that we believe we can do what we're going to do going into '23 and '24.

這是各州一直在尋找和聽到的東西，但沒有人提供。所以我們到了。因此，這就是為什麼我們有信心能夠說我們相信我們可以做進入 23 和 24 年要做的事情。

Understood. Well, thanks for taking my questions and best of luck here in the coming quarters.

明白了。好吧，感謝您在接下來的幾個季度裡提出我的問題並祝您好運。

Yeah. Thanks, Zach.

是的。謝謝，扎克。

(Operator Instructions) [Ray Ago], Private Investor.

（操作員說明）[Ray Ago]，私人投資者。

Yes. Thanks for taking my call. Definitely impressed with the management team and it shows, and it reflects on the PRs. One of my questions is, within the United States, there seems to be a lot of activity with the contracts and technology. But outside the US, overseas, besides Israel, it's been a little quiet. Can we expect that to change?

是的。謝謝你接我的電話。絕對對管理團隊印象深刻，它表明，它反映在 PR 上。我的問題之一是，在美國境內，合同和技術方面似乎有很多活動。但在美國之外，在海外，除了以色列，它有點安靜。我們可以期待這種情況會改變嗎？

Well, that's a really good question. So let me start by saying this, almost every government in the world even in very slowly developing countries, how do they budget the roadways. They look at the tonnage going across the road over a period of time, 5, 10, 15, 20 years, and they extrapolate an idea of what they think it might require to repair, replace, or maintain that roadway. So they do this with very rudimentary ways. They do mechanical counting of vehicles. In some places, they actually put people on the roads and count vehicles.

嗯，這是一個非常好的問題。因此，讓我首先說明這一點，世界上幾乎每個政府，即使是在非常緩慢的發展中國家，他們如何預算道路。他們查看一段時間內（5 年、10 年、15 年、20 年）橫穿馬路的噸位，並推斷他們認為可能需要什麼來修理、更換或維護該道路。所以他們用非常基本的方法來做到這一點。他們對車輛進行機械計數。有的地方居然還派人上路，數車。

So everybody uses the same concept to figure out how to maintain, and repair, replace the roadways. So it starts with that. It all starts with analytics. And as David said earlier, planning, and planning starts with data. So if there's a different way to collect data on roadways, well, then that's where it begins. So everybody across the globe does the same thing. So it starts with the ability to collect data.

所以每個人都使用相同的概念來弄清楚如何維護、修理、更換道路。所以它從那開始。這一切都始於分析。正如大衛之前所說，規劃和規劃始於數據。因此，如果有不同的方式來收集道路數據，那麼，這就是它的開始。所以全球每個人都在做同樣的事情。所以它從收集數據的能力開始。

And the beauty about what Rekor has done is it's created a single system that has multiple capabilities. So not only can we go out and collect the data and then tell you what's crossing your roadways, how much tonnage, the emissions from the tonnage is crossing the road, and so on and so forth. But also it can be used for public safety and a thousand other cases without touching the device. It's just one device that goes out there. Once it's there you can toggle things on, you can toggle things off.

Rekor 所做的美妙之處在於它創建了一個具有多種功能的單一系統。因此，我們不僅可以出去收集數據，然後告訴你什麼東西在穿過你的道路，有多少噸位，噸位的排放量正在過馬路，等等。但它也可以在不接觸設備的情況下用於公共安全和其他一千種情況。這只是一台設備。一旦它在那裡，你就可以打開，你可以關閉。

So I think what you're going to see is that this is going to expand beyond the US, it's going to expand well beyond the US borders. And we can tell you today that we know that there are companies installing inductive loops all around the world. They're doing it in South Korea. They're doing it in Europe. They're installing these things all over the place because the technology is pretty much the same.

所以我認為你將看到的是，它會擴展到美國以外，它會擴展到美國境外。今天我們可以告訴你，我們知道世界各地都有安裝感應環路的公司。他們在韓國這樣做。他們在歐洲這樣做。他們到處安裝這些東西，因為技術幾乎相同。

If you drive through any traffic intersection, if you look when you get to the intersection, you'll see cuts in the road. And what that is, that's an inductive loop. So it feels the weight of your vehicle crossing it. And then there's some magnetic field there that measures the number of axles, and it triggers a timer. Well, this is the 21st century, you don't need to do that.

如果你開車經過任何交通路口，如果你在到達路口時看一眼，你會看到道路上有岔路口。那是什麼，這是一個感應迴路。所以它會感覺到你的車輛穿過它的重量。然後那裡有一些磁場可以測量車軸的數量，它會觸發一個計時器。嗯，這是 21 世紀，你不需要那樣做。

So the answer to your question is yes, the same technology is used outside the US, certainly almost in the majority of the developed world. So hopefully we'll see it expand.

所以你的問題的答案是肯定的，同樣的技術在美國以外使用，當然幾乎在大多數發達國家。所以希望我們會看到它擴大。

And also I believe since I mentioned Israel, I think I read somewhere they plan on implementing the bus transit technology also in the future.

而且我相信自從我提到以色列之後，我想我在某個地方讀到了他們計劃在未來實施公交技術。

Well, that's the same thing. What we're doing with COTA in Ohio is we're helping them route their buses because they're able to schedule in real time where the buses are so that somebody can look at their phone, which we're all used to looking at and figure, okay, my bus is three minutes early, it's ten minutes late, I can plan my schedule. So again, this comes from the same technology. And that's the point, it's one piece of technology that does all of this. It does all of it.

好吧，那是一回事。我們在俄亥俄州與 COTA 一起做的是幫助他們安排公交車路線，因為他們能夠實時安排公交車的位置，以便有人可以看他們的手機，而我們都習慣看手機算了，好吧，我的車早三分鐘，晚點十分鐘，我可以計劃我的行程了。同樣，這來自相同的技術。這就是重點，它是完成所有這一切的一項技術。它完成了所有這一切。

And for those of you that have been following Rekor for a few years, you know that we started with vehicle ID. So that's where we got our start, license plate recognition, looking at the vehicle. And from there, machine learning takes over and you just train, and train, and train, and train, and you can look at different things. So that's exactly the point.

對於那些已經關注 Rekor 幾年的人來說，您知道我們是從車輛 ID 開始的。所以這就是我們開始的地方，車牌識別，看車輛。從那裡開始，機器學習接管了，你只需訓練、訓練、訓練、再訓練，你就可以看到不同的東西。這就是重點。

So whether you're looking at bus schedules, train schedules, tractor trailers pulling in and out of ports, it doesn't matter what it is, okay? This system that we built can do all of that. So we're here at the very early stages of it. For whatever reason, roads, bridges, tunnels are not all that exciting for the investment community. They'd rather see TikTok so that you can post a video.

因此，無論您是在查看公共汽車時刻表、火車時刻表、進出港口的拖拉機拖車，它是什麼都沒關係，好嗎？我們構建的這個系統可以完成所有這些。所以我們還處於非常早期的階段。無論出於何種原因，道路、橋樑、隧道對投資界來說並不是那麼令人興奮。他們更願意看到 TikTok，這樣你就可以發布視頻了。

But this is probably the largest segment of the economy that there is when you look around the world. It's infrastructure. So we have to put a layer of digital infrastructure over hard infrastructure. And that's what we're doing. And someday, like I said, there will be thousands and thousands of you on these calls, not just the several hundred that there are. So thank you for the question.

但當你環顧世界時，這可能是最大的經濟部分。這是基礎設施。因此，我們必須在硬基礎設施之上放置一層數字基礎設施。這就是我們正在做的。有一天，就像我說的，會有成千上萬的人參與這些電話會議，而不僅僅是現有的幾百人。謝謝你的提問。

Yeah, also with the Oklahoma PR today and the uninsured motor vehicles, is that drawing interest from any other states also?

是的，還有今天的俄克拉荷馬州 PR 和未投保的機動車，這是否也引起了其他州的興趣？

It hasn't at this point. We started it -- we had a number of states that were interested. Why the states don't want to reduce the number of uninsured motor vehicles on the road? I have no idea. But since we've been, which is only a couple years, running the program in Oklahoma, exactly what we told Oklahoma would happen. We reduced the number of uninsured motor vehicles on that state's roadway by a little over 40% in a self-funded program.

目前還沒有。我們開始了——我們有很多感興趣的州。為什麼各州不想減少路上沒有保險的機動車數量？我不知道。但自從我們在俄克拉荷馬州運行該項目以來，這才短短幾年，我們告訴俄克拉荷馬州的事情就會發生。我們通過自籌資金計劃將該州道路上未投保的機動車數量減少了 40% 多一點。

I do think over time, that given this is the 21st century, that contactless compliance, whether it's registration, or motor vehicle inspections, or uninsureds, whatever it might be, there's better things for our law enforcement officers to be doing than pulling people over for minor traffic infractions. So this is a system that Rekor built that works well.

隨著時間的推移，我確實認為，鑑於現在是 21 世紀，非接觸式合規，無論是登記、機動車檢查，還是未投保，無論是什麼，我們的執法人員要做的事情比把人攔在路邊更好對於輕微的交通違規行為。所以這是 Rekor 構建的一個運行良好的系統。

But again, it's the same system that's out there counting count, class, and speed. So we need everybody on this call to understand when we deploy a system, it does all of this. It's just a matter of toggling it on or turning it off. If you want it on, we'll turn it on. You'll pay for it, but we'll turn it on. So that's the point. We don't need to go back out to the highway and install something else. That's the difference.

但同樣，它與計算計數、等級和速度的系統相同。因此，我們需要參加此次電話會議的每個人都了解，當我們部署系統時，它會完成所有這些工作。這只是打開或關閉它的問題。如果你想要它，我們會打開它。你會為此付出代價，但我們會打開它。這就是重點。我們不需要回到高速公路上安裝其他東西。這就是區別。

And also with the affiliate contract maybe, or is that still in the pilot, or can we expect that to be in the contract PR in the future?

也許還有附屬合同，或者它仍在試點中，或者我們可以期望它在未來出現在合同 PR 中嗎？

Well, it started as a pilot with AWS, and we expect it to evolve into more. And I think that the information that we've given the city has been such that they understand the value of it. And I think we'll see it expand, and it'll go from there.

好吧，它最初是作為 AWS 的試點，我們希望它能發展成更多。而且我認為我們提供給這座城市的信息已經讓他們理解了它的價值。而且我認為我們會看到它擴展，並且會從那裡開始。

And I will tell you that I -- as David said, having AWS as a partner and then vouching for the proficiency of our technology is something that's important. And we're getting there. And it's just early for -- maybe because we're public, it's late. But we've only been around for a few years, so it's still early in this game. But thank you.

我會告訴你，我 - 正如大衛所說，擁有 AWS 作為合作夥伴，然後保證我們技術的熟練程度是很重要的。我們正在到達那裡。現在還為時過早——也許因為我們是公開的，所以來晚了。但我們才成立幾年，所以這場比賽還處於早期階段。但是謝謝你。

And one other question. I believe with the South Carolina, New York, and 14 other states are requesting proof of capability. Two quarters ago, I mentioned a pilot, and how many long ago you mentioned you were steering away from the pilots. What's the difference between, like, a pilot and a proof of capability? (multiple speakers)

還有一個問題。我相信南卡羅來納州、紐約州和其他 14 個州都在要求提供能力證明。兩個季度前，我提到了一名飛行員，很久以前你提到過你正在遠離飛行員。飛行員和能力證明之間有什麼區別？ （多個揚聲器）

Well, these are different. I'll let David address this. David, maybe you can address the proof of capability and start with South Carolina. Go from there. Thank you.

嗯，這些是不同的。我會讓大衛解決這個問題。大衛，也許你可以解決能力證明並從南卡羅來納州開始。從那裡去。謝謝。

Yes. No problem. So the distinction that I guess you could make of a proof of concept versus a proof of capability, the proof of concept, we're not trying to prove the concept, the concept's been proven. It's more of the in that particular environment for that state on those particular roadways, it's more of the capability that we're demonstrating to them, something that works, but it's more of a refinement for their specific needs.

是的。沒問題。所以我猜你可以區分概念證明和能力證明，概念證明，我們不是要證明這個概念，這個概念已經被證明了。它更多的是在那些特定道路上的那個狀態的特定環境中，更多的是我們向他們展示的能力，一些有用的東西，但它更多的是針對他們的特定需求的改進。

They may have a specific type of environment, like heavy dust on a road, or they may have particular or unique vehicles that are there that from a machine learning training perspective, we may not have seen enough of to train in the way that we want. So the proof of capability is really to put the devices on a roadside, on the roadside for them in particular, and train for their particular environmental conditions, which is very fast, actually.

他們可能有特定類型的環境，比如道路上的厚重灰塵，或者他們可能有特殊或獨特的車輛，從機器學習訓練的角度來看，我們可能沒有看到足夠多的東西來按照我們想要的方式進行訓練.因此，能力的證明實際上是將設備放在路邊，特別是在路邊，針對它們特定的環境條件進行訓練，這實際上非常快。

So that's what we mean when we say proof of capability versus a proof of concept. Now, in terms of (multiple speakers)

這就是我們所說的能力證明與概念證明的意思。現在，就（多個揚聲器）而言

And that's less than like six months? I'm sorry.

那還不到六個月？對不起。

Oh, yes, indeed. Yeah, it's literally like four to six weeks, maybe initially or six to eight. But I expect that to come down because there's something called transfer learning on that, Ray. Whereas when you learn it in one environment, it closes the gap in multiple other environments at the same time, as you might imagine.

哦，是的，確實如此。是的，實際上就像四到六週，也許最初是六到八週。但我希望這種情況會下降，因為有一種叫做遷移學習的東西，Ray。而當你在一個環境中學習它時，它會同時縮小在多個其他環境中的差距，正如你想像的那樣。

So a proof of capability might take one or two what is called a sprint in the R&D terms to close on that particular environment. That really captures more and more of all the environments we would expect to see in the envelope. So yeah. Does that answer your question?

因此，能力證明可能需要一兩次研發術語中所謂的衝刺才能在特定環境中結束。這確實捕獲了越來越多我們期望在信封中看到的所有環境。嗯是的。這是否回答你的問題？

Oh, yes, it definitely does. I appreciate it. And also my last question, I did have one more. With Mexico and the technology being spread across 1,800 locations, I don't remember anything being mentioned in the length of the contract with potential revenue. Can we expect something from that in the near future?

哦，是的，它確實如此。我很感激。還有我的最後一個問題，我還有一個問題。由於墨西哥和技術分佈在 1,800 個地點，我不記得合同期限中提到任何與潛在收入相關的內容。我們能在不久的將來從中得到什麼嗎？

Well, it's a good question. We have, now, several thousand devices and operating in multi-cities and parts of Mexico and different states. It started back with Monterey a few years ago, if you look at our announcements. And when it comes to public safety, a lot of these entities, governmental entities that are primarily public safety, law enforcement, they don't like us to talk about it because the people that they're using it to keep an eye on find out about it. So we do the best we can to accommodate that.

嗯，這是個好問題。現在，我們擁有數千台設備，並在墨西哥和不同州的多個城市和部分地區開展業務。如果您查看我們的公告，幾年前它就開始於蒙特雷。當談到公共安全時，很多這些實體，主要是公共安全的政府實體，執法部門，他們不喜歡我們談論它，因為他們用它來關注的人發現出來吧。所以我們盡最大努力適應這一點。

But the good news is that it's grown. It's grown in Mexico from 2019 to today to several thousand from a few hundred devices out there. And we see that happening in other places as well.

但好消息是它已經長大了。從 2019 年到今天，它在墨西哥從幾百台設備發展到幾千台。我們也看到其他地方也發生了這種情況。

Same thing with our business with the US DOD. It's grown significantly. If you go back through the years and you look at the contracts we've had with DOD, they don't -- we can't really talk about where the technology is being used. I don't think they want folks knowing where it's being used, but it's being used. And I think that's what's important. The importance is that it's being used. And these are significant contracts.

我們與美國國防部的業務也是如此。它增長顯著。如果你回顧這些年，看看我們與國防部簽訂的合同，它們並沒有——我們無法真正談論技術的使用地點。我不認為他們想讓人們知道它在哪裡被使用，但它正在被使用。我認為這很重要。重要的是它正在被使用。這些都是重要的合同。

And we have reached the end of the question-and-answer session. I'll now turn the call back over to Robert Berman for closing remarks.

我們已經結束了問答環節。我現在將把電話轉回給羅伯特伯曼，請他作結束語。

Yeah, thank you. Look, thanks, everybody. And I can tell you -- looking at the attendance list here -- Rekor is very fortunate. I feel very fortunate, and I'm sure I speak for the rest of the team. And we've got a really great group of shareholders that have been with us and supported the company and so forth. It's not an easy thing to do.

是的，謝謝。看看，謝謝大家。我可以告訴你——看看這裡的出席名單——Rekor 非常幸運。我感到非常幸運，我相信我代表團隊的其他成員發言。我們有一群非常棒的股東，他們一直和我們在一起並支持公司等等。這不是一件容易的事。

And all I can tell you is that, and I've always said this, we're not -- we're public. But if we were private, you might consider yourself flies on the wall inside of some big VC's office listening to all this stuff. And you might not see the company for a few more years. But that's what creates the opportunity, okay? Rekor has been around for just several years. And I think we've made tremendous progress. It's been like balancing on the head of a pin to try to just work because we're public.

我能告訴你的就是，我一直這麼說，我們不是——我們是公開的。但如果我們是私人的，你可能會認為自己在一些大 VC 辦公室的牆上飛來飛去，聽著所有這些東西。您可能還要再過幾年才能見到這家公司。但這就是創造機會的原因，好嗎？ Rekor 已經存在了幾年。我認為我們已經取得了巨大的進步。這就像在大頭針上保持平衡一樣試圖工作，因為我們是公開的。

But as I said in my remarks earlier, we're no longer a startup, okay? This company is off to the races. And I think in '23 and beyond, you're going to see significant growth. And consider yourselves very fortunate to be part of a very small club that's probably going to grow significantly.

但正如我之前所說，我們不再是一家初創公司，好嗎？這家公司正在參加比賽。而且我認為在 23 世紀及以後，你會看到顯著的增長。並且認為自己非常幸運能夠成為一個可能會顯著增長的非常小的俱樂部的一員。

So with that, I thank everybody for coming to the call. Thank you for all your support.

因此，我感謝大家來參加電話會議。感謝你的支持。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時你們可以掛斷電話。感謝您的參與。