Rekor Systems Inc (REKR) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to today's Rekor Systems, Inc. conference call. My name is John, and I'll 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，下午好，歡迎參加今天的 Rekor Systems, Inc. 電話會議。我叫約翰，我將擔任你們今天的協調員。 （操作員說明）謹此提醒，本次電話會議正在錄音以供重播之用。

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 position, 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，我想向您宣讀該公司的簡短安全港聲明。我想提醒您，本次電話會議中所作的有關未來收入、運營業績、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業績的預測的陳述。事件均為前瞻性陳述。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，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。我們要求您參閱我們的收益報告中的完整免責聲明。您還應該查看我們向 SEC 提交的年度和季度文件中包含的風險因素的描述。

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

非 GAAP 業績也將在電話會議上討論。該公司認為，非公認會計準則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。現在我想把演講交給 Rekor Systems 首席財務官 Eyal Hen 先生。請繼續。

Hi, everyone. Thank you for joining us to discuss our results for the first three months ending March 31, 2023. We are excited to share our continuing progress with you. Our President and COO, David Desharnais, is on the call with me today, together with our CEO, Robert Berman. David will brief you on recent developments in our business, and Robert will provide a summary and closing remarks. But first, I will go over some relevant metrics.

大家好。感謝您與我們一起討論我們截至 2023 年 3 月 31 日的前三個月的業績。我們很高興與您分享我們的持續進展。我們的總裁兼首席運營官 David Desharnais 今天與我通話，還有我們的首席執行官羅伯特·伯曼 (Robert Berman)。 David 將向您介紹我們業務的最新進展，Robert 將提供總結和結束語。但首先，我將回顧一些相關指標。

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

正如我們上季度的評論所指出的，鑑於當前的市場狀況，我們繼續優先考慮短期執行的努力和投資，而不是長期發展，並繼續努力加速經常性收入的增長。這導致非經常性收入和經常性收入持續增長，同時，我們的經常性收入佔總收入的百分比也在增加。我們相信，隨著我們專注於當前關注的重大近期機遇，這一趨勢將持續下去。

The percentage of recurring revenue reflected in total revenue was 68% for the three months ended March 31, 2023, compared to 57% for the three months ended March 31, 2022. This provides us with a solid foundation for strength and stability over the long-term and is being achieved despite the streamlining measures we made during the last few months of 2022 and into this year.

截至2023年3月31日止三個月，經常性收入佔總收入的百分比為68%，而截至2022年3月31日止三個月為57%。這為我們長期的實力和穩定性奠定了堅實的基礎。儘管我們在 2022 年最後幾個月和今年採取了精簡措施，但仍正在實現這一目標。

In the first quarter of 2023, we saw significant reduction in our cash used for operations from $12.3 million in the first three months of 2022 to $9.5 million in the first three months of 2023. Furthermore, in the first quarter of 2023, the company made one-time payments for accrued accounts payable from 2022 and professional fees, which resulted a true cash burn of approximately $7 million.

2023 年第一季度，我們用於運營的現金大幅減少，從 2022 年前三個月的 1230 萬美元減少到 2023 年前三個月的 950 萬美元。此外，在 2023 年第一季度，該公司一次性支付 2022 年起的應計應付賬款和專業費用，這導致真正的現金消耗約為 700 萬美元。

In addition, the full effect of the additional reductions we made in the first three months of the year will be reflected in the second quarter of 2023. We also incurred a high level of research and development expenses in the period as we completed and began production deployment of our count, class, and speed offerings for departments of transportation, as David will discuss later.

此外，我們在今年前三個月進行的額外削減的全部影響將在 2023 年第二季度得到體現。在我們完成並開始生產的期間，我們還產生了高額的研發費用為交通運輸部門部署我們的計數、等級和速度產品，正如大衛稍後將討論的那樣。

Now, let me highlight some other details in the financial results for the three months ending March 31, 2023, and some more recent developments. Revenue for the three months ending March 31, 2023, was $6.2 million compared to $3 million in the same period last year, a significant increase of 108%. In January 2023, we finalized a $15 million senior secured note transaction led by our CEO Robert Berman. In March 2023, we finalized a $10 million registered direct offering priced at the market under Nasdaq rules.

現在，讓我重點介紹截至 2023 年 3 月 31 日的三個月財務業績中的一些其他細節以及一些最新進展。截至 2023 年 3 月 31 日的三個月收入為 620 萬美元，較去年同期的 300 萬美元大幅增長 108%。 2023 年 1 月，我們完成了由首席執行官 Robert Berman 牽頭的 1500 萬美元高級擔保票據交易。 2023 年 3 月，我們根據納斯達克規則完成了 1000 萬美元的註冊直接發行，並按市場定價。

As I mentioned earlier, our percentage of recurring revenue continues to increase. Recurring revenue for the three months ending March 31, 2023, increased by $2.5 million compared to the same period last year. This represents an increase in recurring revenues of 148%. Performance obligations increased to $24.3 million as of March 31, 2023, compared to $21.4 million as of December 31, 2022.

正如我之前提到的，我們的經常性收入百分比持續增加。截至 2023 年 3 月 31 日的三個月經常性收入與去年同期相比增加了 250 萬美元。這意味著經常性收入增加了 148%。截至 2023 年 3 月 31 日，履約義務增至 2,430 萬美元，而截至 2022 年 12 月 31 日為 2,140 萬美元。

Our adjusted EBITDA for the three months ended March 31, 2023, and 2022, was steady at $2.4 million. We continue to take a disciplined approach on operating expenses and are evaluating our results carefully. The first quarter of 2023 has an increase in operating expenses compared to the first quarter of 2022 due to higher depreciation expenses and the addition of key employees as part of our STS acquisition.

截至 2023 年 3 月 31 日和 2022 年 3 月 31 日止的三個月，我們的調整後 EBITDA 穩定在 240 萬美元。我們繼續對運營費用採取嚴格的方法，並仔細評估我們的業績。與 2022 年第一季度相比，2023 年第一季度的運營費用有所增加，原因是折舊費用增加以及作為我們收購 STS 的一部分而增加了關鍵員工。

However, adjusted gross margin for the comparable periods improved and increased to 53.6% from 48.3%. We also experienced one-time expenses associated with professional fees and we're making significant investments in the completion, deployment, and implementation of our new urban mobility offerings. We'll continue to manage our expenses and cash while investing in our growth and expect to see continuing effects for our streamlining efforts.

然而，可比期間調整後毛利率有所改善，從 48.3% 增至 53.6%。我們還經歷了與專業費用相關的一次性費用，並且我們正在對新的城市出行產品的完成、部署和實施進行大量投資。我們將繼續管理我們的開支和現金，同時投資於我們的增長，並期望看到我們的精簡工作持續產生效果。

The increase in our adjusted gross margin was primarily attributable to a higher mix of software revenue. We are continually working to improve our margin by implementing new technology to further drive down cost and increase our margin.

調整後毛利率的增長主要歸因於軟件收入組合的提高。我們不斷努力通過實施新技術來提高利潤，以進一步降低成本並提高利潤。

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

我還一直為您提供增強的關鍵績效指標，以便您更詳細地了解進展情況並更好地了解我們的業務隨著時間的推移。我們希望您不僅能夠衡量我們贏得新合同的成功程度，還能根據這些合同對我們履約義務的貢獻來評估這些合同的長期價值。

During the three months ended March 31, 2023, we won $12.1 million of new contracts, compared to only $1.5 million in total new contract value won during the same period in 2022. This represents an increase of $10.6 million or 692% compared to the three-month period ended March 31, 2022.

截至 2023 年 3 月 31 日的三個月內，我們贏得了 1,210 萬美元的新合同，而 2022 年同期贏得的新合同總價值僅為 150 萬美元。這意味著與前三個季度相比增加了 1,060 萬美元，即 692%。 -截至 2022 年 3 月 31 日的月份。

As of March 31, 2023, our remaining performance obligation amounted to $24.3 million. This represents an increase of $2.9 million or 13.6% compared to $21.4 million of remaining performance obligation as of December 31, 2022. We expect to recognize approximately 67% of the remaining performance obligations as of March 31, 2023, over the succeeding 12 months.

截至 2023 年 3 月 31 日，我們的剩餘履約義務為 2,430 萬美元。與截至 2022 年 12 月 31 日的剩餘履約義務 2140 萬美元相比，這增加了 290 萬美元，即 13.6%。我們預計在接下來的 12 個月內確認截至 2023 年 3 月 31 日的剩餘履約義務的約 67%。

Moving to our financial condition and liquidity, as discussed above, in January, we completed the closing of senior secured 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.

至於我們的財務狀況和流動性，如上所述，1 月份，我們在首席執行官羅伯特·伯曼 (Robert Berman) 的帶領下，在其他新投資者和現有投資者的參與下，完成了總金額高達 1500 萬美元的高級擔保票據的交割。交易結束時，已籌集 1,250 萬美元資金。

In March 2023, we also completed a registered direct offering for $10 million. These transactions gave us the liquidity we needed to continue and execute our strategy.

2023 年 3 月，我們還完成了 1000 萬美元的註冊直接發行。這些交易為我們提供了繼續和執行我們的戰略所需的流動性。

Our cash balance on March 31, 2023, was $12.1 million, an increase from $1.9 million as of December 31, 2022. Our working capital as of March 31, 2023, was $7 million, up from a deficit in working capital of $6.2 million as of December 31, 2022. The increase in working capital was primarily due to an increase in cash and cash equivalents and accounts receivable.

截至 2023 年 3 月 31 日，我們的現金餘額為 1,210 萬美元，高於截至 2022 年 12 月 31 日的 190 萬美元。截至 2023 年 3 月 31 日，我們的營運資本為 700 萬美元，高於 2023 年 12 月 31 日的營運資本赤字 620 萬美元。截至2022年12月31日。營運資金增加主要是由於現金及現金等價物和應收賬款增加所致。

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

總而言之，我們對 Rekor 的增長前景充滿信心，因為我們在所有主要市場都經歷了強勁的勢頭。我們一直在尋找最審慎的方法來利用這些前景，包括繼續籌集資金、削減管理費用以及將產品投資重點放在短期創收機會上。

As you will hear from David in just a moment, we are taking a strategic approach to our technology investments, focusing on rapidly increasing our margins to maximize profitability. Our revenue continues to grow, and our efforts to concentrate on sales with recurring revenue continue to be rewarded.

正如您稍後將聽到 David 所說，我們正在對技術投資採取戰略方法，專注於快速提高利潤率，以實現利潤最大化。我們的收入持續增長，我們專注於經常性收入銷售的努力繼續得到回報。

Recurring revenue in the first quarter of 2023 was more than double the level in 2022. Much of this was due to our acquisition of STS, and the synergies of this acquisition are becoming apparent.

2023年第一季度的經常性收入是2022年水平的兩倍多。這很大程度上歸功於我們對STS的收購，此次收購的協同效應正在變得越來越明顯。

The first quarter of 2023 also marks the completion and initial customer deployments of a new set of offerings designed to meet the pressing need of large departments of transportation for roadway data that is more advanced and safer to collect. With proven success in this area, we are now well positioned to secure additional long-term contracts from large DOTs and expect to see sustained growth in recurring revenue during 2023.

2023 年第一季度還標誌著一組新產品的完成和初步客戶部署，這些新產品旨在滿足大型交通運輸部門對更先進、更安全的道路數據收集的迫切需求。憑藉在這一領域取得的成功，我們現在處於有利地位，可以從大型 DOT 獲得更多長期合同，並預計 2023 年經常性收入將持續增長。

With this focus, we also fully expect to see significant improvements in our margins in the future. As such, we maintain our revenue guidance for the fiscal year 2023 to be in the range of $45 million to $55 million in revenue, with EBITDA loss of $26 million to $28 million this year, and for stability by the end of 2023.

有了這一重點，我們也完全期望未來我們的利潤率將顯著提高。因此，我們將 2023 財年的收入指引維持在 4500 萬至 5500 萬美元的範圍內，今年 EBITDA 損失為 2600 萬至 2800 萬美元，並在 2023 年底前保持穩定。

Rekor 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 opportunity that lies ahead. Thank you for your continued support as we work toward achieving our goals together.

Rekor 仍然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。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。

With that, I will now turn the call over to David. David?

現在，我將把電話轉給大衛。大衛？

Thank you, Eyal. Good afternoon, everybody. Rekor continues to make progress and build momentum across all three of our primary business segments. Specifically, number one is our urban mobility segment. This segment of our business includes our leading AI-based vehicle classification, count, and speed technology for departments of transportation, as well as our ability to uniquely monitor and measure transportation, greenhouse gas emissions, roadway volume, electric vehicle recognition, and multiple other real-time mobility analytics.

謝謝你，埃亞爾。大家下午好。 Rekor 繼續在我們的所有三個主要業務領域取得進展並建立動力。具體來說，第一是我們的城市交通領域。我們的這一部分業務包括為交通運輸部門提供領先的基於人工智能的車輛分類、計數和速度技術，以及我們獨特地監控和測量交通、溫室氣體排放、道路容積、電動汽車識別和其他多種技術的能力。實時移動分析。

Number two is our transportation management segment. This segment includes our AI-powered incident detection and traffic management capabilities, targeting departments of transportation, traffic management centers, and metropolitan planning organizations.

第二是我們的運輸管理部門。該部分包括我們的人工智能事件檢測和交通管理功能，針對交通部門、交通管理中心和大都市規劃組織。

And third, our public safety and licensing segment. This is where we first began our foundational and advanced work in AI, machine learning, and computer vision, and where we licensed our vehicle recognition technology to public safety, tolling, transit, and commercial customers.

第三，我們的公共安全和許可部門。這是我們首先開始人工智能、機器學習和計算機視覺方面的基礎和高級工作的地方，也是我們向公共安全、收費、交通和商業客戶授權我們的車輛識別技術的地方。

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

在第一季度，我們實現了許多重要的里程碑，包括推進基於人工智能的技術的最先進水平、推出新的突破性產品、深化我們在整個生態系統中的關係和合作夥伴關係，以及在每個業務部門增加重要的新客戶。

First, starting with the urban mobility segment. In Q1, we rolled out our new Rekor Discover platform. Using our artificial intelligence, Rekor Discover fully automates the state capture of Federal Highway Administration 13 vehicle classifications, vehicle counts, and speed, utilizing high-resolution video streams to deliver ground-truth traffic studies.

首先，從城市交通領域開始。在第一季度，我們推出了新的 Rekor Discover 平台。利用我們的人工智能，Rekor Discover 可以完全自動捕獲聯邦公路管理局 13 種車輛分類、車輛數量和速度，並利用高分辨率視頻流提供真實的交通研究。

Our edge-based IoT network devices are deployed at the roadside, where they utilize AI and machine learning to automatically analyze live video streams of active traffic to provide powerful roadway intelligence. This is a big deal. Why? Because it's Rekor's immediate path to driving massive scale, revenue growth, and profitability.

我們基於邊緣的物聯網網絡設備部署在路邊，利用人工智能和機器學習自動分析活躍交通的實時視頻流，以提供強大的道路智能。這是一個大問題。為什麼？因為這是 Rekor 推動大規模規模、收入增長和盈利能力的直接途徑。

Already in Q1, we were awarded multiple and multi-year DOT statewide traffic count and classification contracts with South Carolina, Florida, Pennsylvania, Mississippi, Alabama, and Ohio Departments of Transportation. With strong forward momentum and a significant pipeline ahead.

早在第一季度，我們就獲得了交通部與南卡羅來納州、佛羅里達州、賓夕法尼亞州、密西西比州、阿拉巴馬州和俄亥俄州交通部的多項、多年的全州交通統計和分類合同。具有強勁的前進動力和重要的管道。

Switching gears to our transportation management segment, in Q1, we delivered and announced our new Rekor Command platform, setting a new standard for the future of roadway management with a breakthrough AI-driven roadway intelligence platform that provides Departments of Transportation and Traffic Management Centers with real-time and holistic view of what is happening on their roadways.

轉向我們的交通管理領域，在第一季度，我們交付並宣布了新的 Rekor Command 平台，通過突破性的人工智能驅動的道路智能平台為未來道路管理樹立了新標準，該平台為交通部門和交通管理中心提供實時、全面地了解道路上發生的情況。

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

為了推出我們的新平台，我們很榮幸能與 AWS 作為基礎技術合作夥伴以及德克薩斯州交通部（美國發展最快的州）一起加入，他們表示我們的新 Rekor Command 平台是其核心是幫助他們吸收和適應人口和駕駛員的大幅增長，更快地識別和應對事故，加強交通事故管理，改善交通流量，最大限度地減少二次事故的風險，並提高道路使用者和駕駛員的安全。應急響應人員遍布美國迄今為止最大的道路網絡。

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

此外，本季度，北卡羅來納州交通部還獲得了一筆重要的 SMART 撥款，用於實施我們新的 Rekor Command 平台，以及我們獨特的聯網車輛生態系統，用於其自動化、可操作的道路異常項目。

And finally, when it comes to our public safety and vehicle recognition licensing business segment, we continue to see new and significant progress here as well. Some highlights from Q1 include deploying our technology with a large US federal agency for public safety, securing the largest-scale statewide vehicle recognition and roadway intelligence system deployment in Mexico's history, winning Six Flags, one of the world's largest theme and water park operators, as a customer across its properties.

最後，在我們的公共安全和車輛識別許可業務領域，我們也繼續看到新的重大進展。第一季度的一些亮點包括與美國大型聯邦公共安全機構合作部署我們的技術、確保墨西哥歷史上最大規模的全州車輛識別和道路智能係統部署、贏得世界上最大的主題和水上樂園運營商之一的六旗主題公園、作為其財產的客戶。

Stunning Las Vegas Palm Resort Casino as our eighth major resort casino customer, strengthening our position as the leader in gaming and hospitality segments. Licensing our vehicle recognition solution to one of the largest parking operators with over 15,000 customer locations across all major US cities and Canada.

令人驚嘆的拉斯維加斯棕櫚度假村賭場成為我們的第八個主要度假村賭場客戶，鞏固了我們作為博彩和酒店領域領導者的地位。將我們的車輛識別解決方案授權給最大的停車運營商之一，該運營商在美國所有主要城市和加拿大擁有超過 15,000 個客戶點。

And entering into a multi-year licensing agreement with Safe Fleet for our AI-based vehicle identification and license plate recognition technology at the core of its next-generation violation detection platform for transit, law enforcement, as well as school bus arm violation detection. Working with Safe Fleet, we are already being deployed in two of the largest metro areas in the United States.

並與 Safe Fleet 就我們基於人工智能的車輛識別和車牌識別技術簽訂了多年許可協議，該技術是其下一代違規檢測平台的核心，用於交通、執法以及校車手臂違規檢測。我們已與 Safe Fleet 合作，在美國兩個最大的都市區進行部署。

Thank you all for the opportunity to discuss Rekor's progress and potential. As you can see from my remarks, our Q1 achievements demonstrate the significant momentum and progress we are making in delivering new cutting-edge innovation and providing value to a diverse set of customers across each of our business segments. Thank you for your continued support. I look forward to updating you on our continued future progress.

感謝大家給我機會討論 Rekor 的進展和潛力。正如您從我的講話中看到的，我們第一季度的成就證明了我們在提供新的尖端創新以及為每個業務部門的不同客戶提供價值方面所取得的巨大動力和進展。感謝您一如既往的支持。我期待向您通報我們未來持續進展的最新情況。

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

此時，我將把電話轉給 Rekor 首席執行官兼董事長 Robert Berman 先生，讓其進行最後發言和問答。羅伯特？

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

謝謝你，大衛，歡迎大家。感謝您加入我們的通話。在開始提問之前，讓我強調一下大衛之前所說的內容並添加一些背景信息。正如 David 所說，Rekor Discover 是我們實現大規模規模和收入的道路。未來十年對新的永久數據收集站點的需求估計將達到數十萬個，其中包括替換數万個已有數十年曆史的現有遺留系統，提供過時的、有限的和不充分的數據。在許多情況下，它們甚至不再運行。一旦部署我們的人工智能，除了提供高度準確、始終運行的計數、等級和速度之外，我們還成為構建道路操作系統和網絡所需的物聯網節點。

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

現在，我想回答大家可能提出的任何問題。請隨時詢問。我們在這裡提供透明度和清晰度，並且我們渴望解決您可能有的任何疑慮或詢問。操作員？

(Operator Instructions)

（操作員說明）

Zach Cummins, B. Riley Securities.

扎克·康明斯 (Zach Cummins)，B. 萊利證券 (Riley Securities)。

Thanks. Hi. Good afternoon. Congrats on the solid results, and thanks for taking my questions. First question I have is really how should we be thinking about the revenue ramp in terms of getting to your guidance for this year in terms of just the overall mix of recurring versus kind of one-time-in-nature transactional revenue?

謝謝。你好。下午好。祝賀取得了紮實的成果，並感謝您提出我的問題。我的第一個問題是，就經常性交易收入與一次性交易收入的整體組合而言，我們應該如何考慮收入增長，以獲得今年的指導？

Zach, it's Robert. I'll take the first part of that. We are, in all three segments, moving towards hopefully 100% recurring revenue. That's what the products that we've launched do, and that's the way we price them. With respect to urban mobility, we have two pricing models. We have a pay-for-data model, which is where the DOTs pay for the data, and we install and maintain the equipment that's roadside.

扎克，這是羅伯特。我將採取第一部分。我們在所有三個領域都有望實現 100% 的經常性收入。這就是我們推出的產品的用途，也是我們為其定價的方式。對於城市交通，我們有兩種定價模式。我們有一個按數據付費的模式，即交通部為數據付費，我們安裝和維護路邊的設備。

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

另一種方式是可以——有些州必須購買，他們的採購只允許他們購買硬件，然後他們支付維護軟件費用。我們還不知道付費數據與購買硬件然後支付維護軟件費用的組合是什麼。我們有一種感覺，它將更多地偏向於按數據付費。

So on the hardware sales side, the revenue would be higher up front because they're paying approximately $18,900 for the system, and then they're paying a few hundred dollars a month for maintenance and software. On pay-for-data, they're paying north of $800 a month over a long-term contract. So that can have an ebb and flow of what the time looked like, but both have recurring revenue components to it.

因此，在硬件銷售方面，前期收入會更高，因為他們為系統支付了大約 18,900 美元，然後每月為維護和軟件支付幾百美元。在數據付費方面，他們每月為長期合同支付 800 美元以上的費用。因此，時間可能會有起起落落，但兩者都有經常性收入成分。

With respect to Rekor Command, as David has repackaged, what many of you on this call formally know as Waycare, that is a SaaS product now. We've backed the data out of it. We include the data. We charge a management fee, but the software is a SaaS product. And with respect to our licensing and product, which is primarily public safety and other, is all SaaS. So I think the trend that you see this quarter will continue, and each quarter going forward, the percentage of recurring revenue at every quarter we have moving forward will increase from where it is today, and along with the margins.

至於 Rekor Command，正如 David 重新包裝的那樣，這次電話會議中的許多人正式稱為 Waycare，現在它是一款 SaaS 產品。我們已經備份了其中的數據。我們包括數據。我們收取管理費，但該軟件是SaaS產品。至於我們的許可和產品，主要是公共安全和其他，都是 SaaS。因此，我認為您在本季度看到的趨勢將持續下去，並且在未來的每個季度，我們前進的每個季度的經常性收入百分比都將比現在的水平有所增加，利潤率也會增加。

Eyal, is there anything you'd like to add to that?

Eyal，您還有什麼要補充的嗎？

No, you hit all the points of it. So our recurring revenues moving forward, we anticipate this to increase. Again, it depends on the mix of pay-for-data. We always have a part of non-recurring by nature from other segments in the business, like licensing and other, where we do it a little bit differently. But the urban mobility, the pay-for-data, regardless of what that DOT decides, will have a significant recurring revenue component into it. So we anticipate this to continue, the growth in the recurring revenue to continue.

不，你已經抓住了它的所有要點。因此，我們的經常性收入預計會增加。同樣，這取決於數據付費的組合。我們總是有一部分來自業務其他領域的非經常性業務，例如許可和其他業務，我們的做法略有不同。但無論交通部做出什麼決定，城市交通、數據付費都將產生重要的經常性收入。因此，我們預計這種情況將持續下去，經常性收入將繼續增長。

And I think, Zach, to be frank, of the three segments, and they will not change, so everybody that's been following Rekor for time now over the last few years, this is what we are, this is who we are, there's no more evolution. These are the three segments. We expect that urban mobility will scale, probably, and outpace the other two segments. Although, traffic management, likely in a year, year and a half's time, will start to keep pace, and licensing and product has been scaling well, which you can see from some of the contracts we signed in Q1 of this year.

我認為，扎克，坦率地說，這三個部分，它們不會改變，所以過去幾年裡一直關注 Rekor 的每個人，這就是我們，這就是我們，沒有更多的進化。這是三個部分。我們預計城市交通可能會擴大規模，並超過其他兩個領域。儘管如此，流量管理可能在一年、一年半的時間內，將開始跟上步伐，並且許可和產品一直在很好地擴展，這一點從我們今年第一季度簽署的一些合同中可以看出。

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

明白了。這很有幫助。就你們的盈利之路而言，我的意思是，你們似乎在繼續減少現金支出並簡化運營。我們應該如何考慮潛在的現金需求？我知道您曾經考慮過戰略投資。這是仍在討論中的事情嗎？還是您覺得您的資產負債表上現在有足夠的現金來實現盈利和現金生成？

We think that we're on a good path here. I mean, you can see the true cash burn in Q1 was a little bit under $7 million, and as Eyal said, the full results of some of the other cost-saving measures we had in Q1 were not going to be filled until Q2. So the delta between the cash we have and profitability is not all that great. It's shrinking. So we have a number of options that we're looking at, but we're very confident that we're going to be able to get there.

我們認為我們現在正走在一條良好的道路上。我的意思是，你可以看到第一季度的真實現金消耗略低於 700 萬美元，正如 Eyal 所說，我們在第一季度採取的其他一些成本節約措施的全部結果要到第二季度才會得到填補。因此，我們擁有的現金和盈利能力之間的差距並不是那麼大。它正在縮小。因此，我們正在考慮多種選擇，但我們非常有信心能夠實現這一目標。

I do want to say that we spent a lot of time talking to a lot of different companies, and we came to the conclusion that we need to maintain our independency. And we work with over a dozen different, very large, large multinational companies right now, primarily in traffic management, and we didn't want to foreclose the ability to work with others by choosing to work with one. So look, we've made it this far. We think we'll make it the rest of the way. It's trending the right direction, and we're going to get there.

我確實想說，我們花了很多時間與很多不同的公司交談，我們得出的結論是我們需要保持獨立性。我們現在與十幾家不同的、非常大的跨國公司合作，主要是在交通管理方面，我們不想因為選擇與一家公司合作而喪失與其他公司合作的能力。所以看，我們已經做到了這一點。我們認為我們會完成剩下的工作。它正在朝著正確的方向發展，我們將會到達那裡。

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

明白了。最後，羅伯特，您提到了一些遺留交通數據收集站點的位移。您是否認為近期最大的機會就是用您的新平台替換其中一些舊的收集站點，或者只是再多談談這一點？

Zach, I'm glad you asked, right? So this is kind of like one of these Warren Buffett type of businesses. I mean, unless you're watching Rekor, listening to this call, who the hell thinks about collecting traffic data? So the federal government for more than six decades now has been mandating the collection of what we call count, class, and speed. And as David mentioned earlier, that's the FHW-13. There's a bent.

扎克，我很高興你問這個問題，對吧？所以這有點像沃倫·巴菲特類型的企業之一。我的意思是，除非你在看 Rekor，在聽這個電話，否則誰會想到收集流量數據呢？因此，聯邦政府六十多年來一直強制要求收集我們所說的計數、類別和速度。正如 David 之前提到的，這就是 FHW-13。有一個彎曲。

And they have to do it year in and year out. And that's the way the federal government redistributes gasoline excise taxes and appropriates highway funding based on where the traffic is. It must be done. It has to be done.

他們必須年復一年地這樣做。這就是聯邦政府根據交通狀況重新分配汽油消費稅和分配高速公路資金的方式。必須這樣做。這是必須要做的。

And the way it's been done for decades is using mechanical counters, which are dangerous and inaccurate, and then induction loops, which require digging up the roads and creating congestion and traffic in their own right. And they're very expensive, right? So this is an industry that is out there. The funding's there.

幾十年來的做法是使用機械計數器，這是危險且不准確的，然後是感應迴路，這需要挖掘道路並自行造成擁堵和交通。而且它們非常昂貴，對嗎？所以這是一個現有的行業。資金就在那裡。

It's not like we have to go convince somebody to buy a better mousetrap. This is something they're doing day in and day out. We're not asking them to pay any more for it. We're actually giving them a more efficient business model. And they must do it, right?

我們不必去說服某人購買更好的捕鼠器。這是他們日復一日地做的事情。我們不會要求他們為此支付更多費用。我們實際上為他們提供了更高效的商業模式。他們必須這樣做，對嗎？

And I think that that's the most important thing here. And there are literally hundreds of thousands of sites across the US in every state, okay, that are not functional right now, that aren't being used. There are other places where the states have done portable counts, but because of the traffic on the road, it's no longer safe to do portable counts. So they'd have to put in a permanent site.

我認為這是最重要的事情。實際上，美國每個州都有數十萬個網站，好吧，這些網站目前無法運行，沒有被使用。各州還有其他地方進行了便攜式計數，但由於道路上的交通擁堵，進行便攜式計數不再安全。所以他們必須建立一個永久站點。

And what we're really competing with is not other technology. We're competing with a 60-year-old induction loop system, right, which requires digging up the road and putting in this legacy system that's been around for ages. So this is a massive, massive opportunity. And we said earlier that there's demand for hundreds of thousands of these.

我們真正競爭的不是其他技術。我們正在與一個已有 60 年曆史的感應迴路系統競爭，這需要挖掘道路並安裝這個已經存在多年的遺留系統。所以這是一個巨大的機會。我們之前說過，有數十萬個這樣的需求。

And look, it's not just the US. I mean countries around the world do some form of count, class, and speed. There's enough business in our backyard. We're not thinking about that. But that's the way it's done. And it has to be done. And now with the transportation bill, the federal government is looking for even more information out of the states than they get from count, class, and speed.

瞧，這不僅僅是美國。我的意思是世界各國都會進行某種形式的計數、級別和速度。我們後院有足夠的生意。我們沒有考慮這個。但事情就是這樣完成的。這是必須要做的。現在，通過交通法案，聯邦政府正在從各州尋找比從數量、類別和速度中獲得的更多信息。

And that's the beauty. And for those of you that are familiar with Rekor, we've always said single system multiple missions. Well, we can do count, class, and speed. We can tell you what the emissions are on that roadway. We can tell you what the weight in motion is on that roadway. We can tell you where the electric vehicles are. And a hundred other things without going back out to the site, right.

這就是美麗之處。對於那些熟悉 Rekor 的人來說，我們總是說單系統多任務。好吧，我們可以做計數、類別和速度。我們可以告訴您該道路上的排放量。我們可以告訴您該道路上的運動重量是多少。我們可以告訴您電動汽車在哪裡。還有一百個其他事情，無需返回網站，對吧。

So those of you that know our UVED program in Oklahoma, if states want to move towards contactless compliance or congestion pricing, we just turn it on. If they want something else, we just turn it off. And that's the beauty of it. And then if you think about the traffic management component of our business, it's the ground truth data that we pull into the Rekor One platform that adds the value to all the third-party data, which is what makes it all that much more accurate with regard to being an operating system for the roadways.

因此，如果您了解我們在俄克拉荷馬州的 UVED 計劃，如果各州想要實現非接觸式合規或擁堵定價，我們只需將其打開即可。如果他們想要別的東西，我們就把它關掉。這就是它的美妙之處。然後，如果您考慮我們業務的流量管理部分，就會發現我們將地面實況數據引入 Rekor One 平台，為所有第三方數據增加了價值，這使得它更加準確考慮成為道路操作系統。

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

所以，扎克，我們已經花了好幾年的時間尋找如何讓這些物聯網節點上路。我們去了執法部門。我們推出了系統，我們正在以任何可能的方式推出系統。我們最終意識到，為 DOT 收集交通數據的市場就在那裡。這只是大多數人不思考、不了解、不關心的事情之一。但這是日復一日地進行的。 DOT 年復一年地花費了數億甚至數十億美元的資金。所以這是一件大事。

And we're not competing against any other technology. This is pure disruption. This is pure disrupt. You're using AI, and edge processing roadside, and solar, and a combination cloud hybrid edge, cloud device transmitting metadata. And you're giving the DOTs more.

我們不與任何其他技術競爭。這是純粹的破壞。這是純粹的破壞。您正在使用人工智能、路邊邊緣處理、太陽能以及雲混合邊緣、傳輸元數據的雲設備的組合。而且你給了 DOT 更多。

We can set a system up in two to three hours roadside where an induction loop takes maybe two to three months. And if you think about the cost, an induction loop, which was done by the company we acquired, STS, have put in hundreds of those through the years, they're $40,000, $50,000. Same thing with weigh-in-motion, okay, because our technology does that. A weigh-in-motion site per lane on a roadway is $100,000, okay, and takes a long time to install and creates a lot of havoc when you do it.

我們可以在路邊兩到三個小時內建立一個系統，而感應迴路可能需要兩到三個月的時間。如果你考慮一下成本，感應迴路是由我們收購的公司 STS 完成的，多年來已經安裝了數百個感應迴路，價格為 40,000 美元、50,000 美元。動態稱重也是如此，因為我們的技術可以做到這一點。道路上每條車道的動態稱重站點要花費 10 萬美元，好吧，安裝起來需要很長時間，而且安裝時會造成很大的破壞。

So this is really a big deal, and it ties the pieces of our other business together, and that's what creates the operating system that's going to be necessary to deal with the advancement of how smart these cars are getting, right? So when you hear people talking about connected vehicle corridors, autonomous vehicles, and all these other things, the infrastructure has to play a part in that. It has to be able to communicate, okay, with the vehicle, and the DOTs have to be in the middle of that so that they can make sure everybody's safe.

所以這確實是一件大事，它將我們其他業務的各個部分聯繫在一起，這就是創建操作系統的原因，該操作系統對於處理這些汽車的智能程度的進步是必要的，對嗎？因此，當你聽到人們談論互聯車輛走廊、自動駕駛汽車以及所有其他事物時，基礎設施必須在其中發揮作用。它必須能夠與車輛進行通信，而交通部必須處於其中，這樣他們才能確保每個人的安全。

So this is a big deal. We figured it out. We got there. We saw STS. We found them. They gave us the credibility to go into the DOTs, and we have adoption, okay? So we're installing units in South Carolina. We're installing units in other STS states. We're talking to over 40 DOTs right now. We can't even get to them, okay?

所以這是一件大事。我們想通了。我們到了那裡。我們看到了STS。我們找到了他們。他們給了我們進入 DOT 的可信度，我們也得到了採用，好嗎？所以我們正在南卡羅來納州安裝設備。我們正在其他 STS 州安裝設備。我們目前正在與 40 多個 DOT 進行洽談。我們甚至無法接近他們，好嗎？

So this is really a big deal for us. And Zach, that's what's going to scale, and everything else that comes along with it is going to follow up behind, but it'll have even more value a couple years out when those things tie in.

所以這對我們來說確實是一件大事。扎克，這就是規模化的東西，隨之而來的其他一切都將隨之而來，但幾年後，當這些東西結合起來時，它將具有更大的價值。

And because this is such an important question, I want David to add and fill in here. David, would you?

因為這是一個如此重要的問題，我希望大衛在這裡添加並填寫。大衛，你願意嗎？

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

是的，一點沒錯。是的，我們看到它具有破壞性。對技術的需求，因為它安裝安全，安裝速度快，因為與進行類別、計數和速度研究相關的經濟效益遠遠低於傳統方法。需求確實沒有受到阻礙。

And so when we look at our pipeline, when we look at the technology's ability to adapt and support what the DOTs are needing for today, so the here and now, but also the future proof for where they're going over the next year, two years, three years, as now they're being mandated to look at greenhouse gases, and now they're being mandated to look at total tonnage on a roadway, and that the systems that are being deployed are already capable and can extend to meet the needs, again, for today and also tomorrow.

因此，當我們審視我們的管道時，當我們審視該技術適應和支持 DOT 當今所需的能力時，即此時此地，同時也是他們明年的發展方向的未來證明，兩年，三年，現在他們被要求檢查溫室氣體，現在他們被要求檢查道路上的總噸位，並且正在部署的系統已經有能力並且可以擴展到再次滿足今天和明天的需求。

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

正如羅伯特所說，這是相當具有顛覆性的，我們覺得我們擁有巨大的權利來利用過去幾年精心設計和磨練的技術來獲勝，所以這是一個很好的選擇。

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

是的，扎克，我想補充的最後一件事是因為我在這裡看到了多年來一直關注該公司的人們的名字。如果不是為了熟練地學習識別車輛，然後製作模型顏色，以及準確性，並給車輛簽名，並弄清楚如何將該算法與處理器結合在一起並在路邊工作，我們就不會在這裡低功率，這樣它就可以是太陽能，這樣你就不會因為沒有光纖或其他類型的電力而受到限制。

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

所以這一切都導致了這一切。那就是我們當時開車的地方，我們正在朝這個方向努力，但這就是讓我們能夠熟練地做我們所做的事情的原因。這不是一件容易複製的事情，坦率地說，實際上沒有其他人考慮過這一點。希望這能回答您的問題。

No, that was great. Thank you so much for all the incremental color, and best of luck with the rest of the quarter.

不，那太好了。非常感謝您提供的所有增量色彩，祝本季度剩下的時間一切順利。

Thank you. Appreciate it, Zach.

謝謝。欣賞它，扎克。

Mike Latimore, Northland Capital.

邁克·拉蒂摩爾 (Mike Latimore)，北國資本 (Northland Capital)。

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

大家好，我是 Aditya，代表 Mike Latimore。您能否詳細說明一下本季度預訂背後的主要驅動因素是什麼？

David, you want to take a shot at that?

大衛，你想嘗試一下嗎？

For the bookings in the quarter, yes. I mean, so it's a combination of multiple things. And across our lines of business, we have a going concern and growing business in our public safety and licensing. So where we've seen continued growth is the bookings and multi-year deals and licensing agreements with large US-based companies that are ranging from theme parks that are looking to put a safety component and a customer experience component on their parking lots and roadways going in and out of their sites.

對於本季度的預訂來說，是的。我的意思是，這是多種因素的結合。在我們的業務範圍內，我們在公共安全和許可方面的業務持續增長且不斷增長。因此，我們看到持續增長的是與美國大型公司的預訂、多年交易和許可協議，這些公司包括希望在停車場和道路上安裝安全組件和客戶體驗組件的主題公園進出他們的網站。

We've looked also, we were able to lock and load on additional gaming companies. So where we've had, I'd say, very good success from a gaming and casino market segment or retail or hospitality segment, we've seen continued growth of that segment as well. Our multi-year bookings there.

我們還研究過，我們能夠鎖定並加載其他遊戲公司。因此，我想說，我們在遊戲和賭場細分市場或零售或酒店細分市場取得了非常好的成功，我們也看到了該細分市場的持續增長。我們在那裡進行了多年的預訂。

For our traffic management, the traffic management vertical or market segment for us, continued growth there as well and expansions of contracts. And then last but not least is in our urban mobility space with the addition of multiple states that have come on with multi-year contracts that, again, three- and four- and five-year contracts in the millions of dollars of performance obligation bookings, as you call it. And so, I mean, it's really a combination of all of those factors. So each one of our business segments has seen significant growth in the quarter and, again, continue to see that moving forward as well.

對於我們的交通管理，我們的交通管理垂直或細分市場，持續增長以及合同的擴展。最後但並非最不重要的是在我們的城市交通領域，增加了多個州簽訂了多年期合同，這些合同又是三年、四年和五年的合同，價值數百萬美元的履約義務預訂，正如你所說的那樣。所以，我的意思是，這實際上是所有這些因素的結合。因此，我們的每個業務部門在本季度都出現了顯著增長，並且同樣會繼續向前發展。

I think your colleague, Mike Latimore, met David out at ITS recently and had the opportunity to speak to one of the DOT officials from Texas. So he might be able to give you some insight to that. But one thing David didn't mention, and I just want to congratulate David for this because one of the things we were able to do in the last, I would really say it's more like nine months to a year since David's been here, but our software has been embedded in hardware being made by, like, companies like Safe Fleet and Hayden AI.

我想你的同事 Mike Latimore 最近在 ITS 遇見了 David，並有機會與來自德克薩斯州的一位交通部官員進行了交談。所以他也許能給你一些關於這方面的見解。但大衛沒有提到一件事，我只是想為此祝賀大衛，因為我們過去能夠做的一件事，我真的想說，自從大衛來到這里以來，這更像是九個月到一年，但是我們的軟件已嵌入由 Safe Fleet 和 Hayden AI 等公司製造的硬件中。

But if you look at Safe Fleet, they're fairly large, US-based, maybe Canadian-based. But they have over 1,600,000 devices out on the roadway across the US and Canada, primarily public safety, and those are older-generation products. Our software is in the new cameras coming off the assembly line that they're deploying now in places like Chicago and, I think, in some of the cities in San Diego and so on and so forth.

但如果你看看 Safe Fleet，你會發現它們規模相當大，總部位於美國，也許位於加拿大。但他們在美國和加拿大的道路上有超過 1,600,000 台設備，主要用於公共安全，而且這些都是老一代產品。我們的軟件存在於從裝配線上下來的新攝像機中，他們現在正在芝加哥等地部署，我想，在聖地亞哥等地的一些城市也部署了這些攝像機。

In urban mobility, it's the footprint that we have within the existing STS footprint that we acquired that gives us the initial scale, right? And then we've got discussions going on now, I think, with close to 40 DOTs that we're trying to get to.

在城市交通領域，我們獲得的現有 STS 足跡中的足跡為我們提供了初始規模，對吧？我認為我們現在正在進行討論，我們正在努力達成近 40 個 DOT。

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

好的，明白了。另外，您能否介紹一下萬事達卡得來速計劃的最新進展？

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

我們總是被問到有關萬事達卡的問題。我總是收到電子郵件，我的同事也收到來自股東的電子郵件，因為他們看到了這個，QSR 做了這個​​，那個人做了那個。萬事達卡仍在開發他們稱之為“Julia”的產品，Julia 是典型快餐店得來速的全面替代品。

So it includes a lot more than just what we do, which is recognizing vehicle, pay by plate, and so forth. It includes voice recognition, which is done by our colleague SoundHound. But it also, believe it or not, includes mechanical devices inside the kitchen that help move things along in the kitchen.

所以它不僅僅包括我們所做的事情，比如識別車輛、按牌照支付等等。它包括語音識別，由我們的同事 SoundHound 完成。但無論您相信與否，它還包括廚房內的機械設備，幫助移動廚房中的物品。

And we continue to work with Mastercard, and we're deploying pilots for them. They put a lot of time and effort in it, and we hope they're successful with it. And I know a lot of people are very excited about it. But I will say this, all the people a couple years ago that saw Mastercard, that we're doing the math of tens of thousands of drive-throughs, well, you can do the same math, except it's larger when you talk about what we're doing with a very similar device, similar cost structure, similar business model, because it's pay for data. We're actually getting more money out of it, right, with what we're doing now with the states.

我們繼續與萬事達卡合作，並為他們部署試點。他們投入了大量的時間和精力，我們希望他們能夠成功。我知道很多人對此感到非常興奮。但我要說的是，幾年前所有見過萬事達卡的人，我們正在對數以萬計的得來速進行數學計算，好吧，你可以做同樣的數學計算，只不過當你談論什麼時它會更大。我們正在使用非常相似的設備、相似的成本結構、相似的商業模式，因為它是為數據付費的。通過我們現在與各州所做的事情，我們實際上從中獲得了更多的錢，對吧。

So we hope they make it, right? We're there. We're working with them. We support them. They're working hard at it. We have no idea, but it's not something we think about every day because until it turns into revenue, we can't really speak to it.

所以我們希望他們能成功，對嗎？在那裡。我們正在與他們合作。我們支持他們。他們正在努力工作。我們不知道，但這不是我們每天都會思考的事情，因為在它轉化為收入之前，我們無法真正談論它。

All right. Thank you.

好的。謝謝。

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

接線員，我沒有看到更多問題了。我們不想把任何人留在這裡。還有其他問題嗎？有人嗎？

(Operator Instructions)

（操作員說明）

Ask your question now. Okay. Because they're always saying there's people that wanted to ask questions that we didn't give a chance to, so ask now, please.

現在就問你的問題。好的。因為他們總是說有人想問問題，但我們沒有給他們機會，所以請現在就問。

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

我想將發言權轉回羅伯特·伯曼以徵求結束語。

Yeah. So look, first of all, thanks, everybody, again, for joining the call. Thanks for your support. Thanks for your continued patience. Again, I see names here that I've seen for years. Thanks for staying with us. We're not going to let you down. Rekor is here. Rekor has developed its business segments. Our products now have been productized thanks to the work that the team has done here. And we see a clear path to substantial scale and profitability and tremendous growth and just a really amazing future. And this is probably, since my being involved with the company, this is the most exciting time that I've ever seen for this company, and it's around the corner. So thanks again for joining the call, and we look forward to talking to you soon.

是的。首先，再次感謝大家加入這次電話會議。感謝您的支持。感謝您一直以來的耐心等待。我再次在這裡看到了我多年來見過的名字。感謝您和我們在一起。我們不會讓你失望的。雷克爾來了。 Rekor 已發展其業務部門。感謝團隊在這裡所做的工作，我們的產品現在已經產品化。我們看到了一條通往大規模規模、盈利能力和巨大增長的清晰道路，以及一個真正令人驚嘆的未來。這可能是我加入這家公司以來，我所見過的這家公司最激動人心的時刻，而且它即將到來。再次感謝您加入通話，我們期待很快與您交談。

Thank you, everyone. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝大家。今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。