Rekor Systems Inc (REKR) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to today's Rekor Systems Inc. conference call.

女士們、先生們，下午好，歡迎參加今天的 Rekor Systems Inc. 電話會議。

My name is Paul and I will be your coordinator for today.

我叫保羅，我將擔任你們今天的協調員。

(Operator Instructions)

（操作員說明）

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

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.

在我們開始之前，我想向您宣讀該公司的簡短安全港聲明。

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.

我想提醒您，本次電話會議中所作的有關未來收入、營運業績、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。

Such statements can involve known and unknown risks, and uncertainties, and other factors which may cause actual results to differ materially from those expressed or implied by such date.

此類陳述可能涉及已知和未知的風險、不確定性以及其他可能導致實際結果與該日期明示或暗示的結果有重大差異的因素。

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

我們要求您參閱我們的收益報告中的完整免責聲明。

You should also review a description of the risk factors contained in our annual and quarterly filings with the SEC.

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.

非 GAAP 業績也將在電話會議上討論。

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.

該公司認為，非公認會計準則資訊的呈現提供了有關公司持續營運的有用補充數據，僅供參考。

I would now like to turn the presentation over to Mr. Eyal Hen, CFO of Rekor Systems.

現在我想將演講交給 Rekor Systems 財務長 Eyal Hen 先生。

Hello everyone.

大家好。

Thank you for joining us today.

感謝您今天加入我們。

In the first quarter of 2024, our revenue reached $9.8 million marking at 58.1% increase from $6.2 million in the same period last year.

2024 年第一季度，我們的營收達到 980 萬美元，比去年同期的 620 萬美元成長 58.1%。

Our adjusted gross margin for the first quarter of 2024 was 45.9%, a decline from 53.6% in the first quarter of 2023.

2024 年第一季調整後毛利率為 45.9%，較 2023 年第一季的 53.6% 下降。

This decrease was primarily due to lower margin projects and adverse weather conditions in January.

這一下降主要是由於利潤率較低的項目和一月份的惡劣天氣條件造成的。

Adjusted EBITDA for the first quarter of 2024 remained steady with the $9.4 million loss consistent with the previous years first quarter.

2024 年第一季調整後 EBITDA 維持穩定，虧損 940 萬美元，與去年第一季一致。

Significant developments in January, 2024 included the completion of the acquisition of All Traffic Data or ATD for $19 million in the mix of cash and stock.

2024 年 1 月的重大進展包括以 1,900 萬美元的現金和股票混合方式完成對 All Traffic Data 或 ATD 的收購。

In February, 2024, the successfully completed a follow-on offering with William Blair, raising a net amount of $26.5 million.

2024年2月，與威廉布萊爾成功完成後續發行，籌集淨額2650萬美元。

We utilized part of this fund to redeem the senior secure notes issued in January, 2023, part of the redemption price paid in common stock at a conversion rate of $2.50 per share.

我們利用該基金的一部分贖回了 2023 年 1 月發行的高級安全票據，部分贖回價以普通股支付，兌換率為每股 2.50 美元。

In connection with our review of the ATD acquisitions, we did not have adequate internal controls in place with respect to the tax accounting treatment of intangible assets related to this acquisition.

在我們對 ATD 收購的審查中，我們對於與此次收購相關的無形資產的稅務會計處理沒有適當的內部控制。

As a result of failing to correctly identify the tax impact of the transaction, we determined that a material weakness exists as of March 31, 2024.

由於未能正確識別交易的稅務影響，我們確定截至 2024 年 3 月 31 日有重大缺陷。

We are committed to improving our control processes to ensure stakeholders can continue to remain confident in the information provided by management.

我們致力於改善我們的控制流程，以確保利害關係人能夠繼續對管理層提供的資訊保持信心。

We have enacted a remediation plan that involves using external tax experts to review all future significant and unusual transactions.

我們制定了一項補救計劃，其中涉及使用外部稅務專家來審查所有未來的重大和異常交易。

We anticipate that this initiatives will be implemented within fiscal year 2024.

我們預計此措施將在 2024 財政年度實施。

Recurring revenue increased by 18% from $4.2 million in the first quarter of 2023, to approximately $5 million in the same quarter of 2024, mainly driven by additional contracts in our urban mobility and public safety segment.

經常性收入從 2023 年第一季的 420 萬美元增加到 2024 年同一季度的約 500 萬美元，增長了 18%，這主要是由我們的城市交通和公共安全領域的額外合約推動的。

However, the total contract value signed during the quarter decreased by 35.1%, to $7.8 million, and the remaining performance obligation as of March 31, 2024, decreased by 13.2% to $22.9 million.

然而，本季簽署的合約總價值下降了 35.1%，至 780 萬美元，截至 2024 年 3 月 31 日的剩餘履約義務下降了 13.2%，至 2,290 萬美元。

Despite some challenges, our financial and operational strategies are positions to capitalize on future growth opportunities.

儘管存在一些挑戰，我們的財務和營運策略仍能充分利用未來的成長機會。

The acquisition of All Traffic Data and the successful capital raise are pivotal developments that enhance our operations, operational capabilities, and financial flexibility.

收購 All Traffic Data 和成功融資是增強我們營運、營運能力和財務靈活性的關鍵發展。

These steps are instrumental in securing a leadership position in our industry sector.

這些步驟有助於確保我們在產業領域的領導地位。

Now, I'll pass over the mic to David.

現在，我將把麥克風交給大衛。

David?

大衛？

Thank you Eyal.

謝謝埃亞爾。

Good afternoon, ladies and gentlemen, and thank you for joining us today.

下午好，女士們先生們，感謝你們今天加入我們。

First of all, I'd like to start off by saying that I am deeply humbled and honored to step into the role of CEO at Rekor Systems.

首先，我想說，能夠擔任 Rekor Systems 首席執行官，我深感謙卑和榮幸。

It's a privilege to lead this exceptional team as we advance our mission of pioneering state-of-the-art Roadway Intelligence technology.

我們很榮幸能夠領導這個傑出的團隊，推動我們開拓最先進的道路智慧技術的使命。

I also want to extend my gratitude to our former CEO and Founder Robert Berman.

我還要向我們的前執行長兼創辦人羅伯特·伯曼表示感謝。

Robert's vision and leadership have been instrumental in shaping Rekor's growth.

Robert 的遠見和領導力對 Rekor 的成長發揮了重要作用。

I also want to take the opportunity to welcome Viraj Mehta to the Board as an Executive Director.

我也想藉此機會歡迎 Viraj Mehta 加入董事會擔任執行董事。

I look forward to collaborating with both Robert and Viraj and our Board on our financial and strategic goals as we move forward.

我期待與 Robert 和 Viraj 以及我們的董事會在我們前進的過程中就我們的財務和策略目標進行合作。

Let's discuss our current position.

讓我們討論一下我們目前的立場。

As highlighted in our last investor call, there are millions of obsolete sensors and devices scattered across US roadways today.

正如我們上次投資者電話會議所強調的那樣，如今美國道路上散佈著數百萬個過時的感測器和設備。

Astonishingly, transportation agencies tell us that most of these legacy devices are non-functioning or completely inaccurate, depriving them of necessary and accurate data they need to do their jobs effectively, and to gain access to federal funding.

令人驚訝的是，交通運輸機構告訴我們，這些遺留設備大多數都無法運作或完全不準確，從而剝奪了它們有效完成工作和獲得聯邦資金所需的必要且準確的數據。

There's clearly an opportunity to use new tools and approaches to gather data and insights, which is where Rekor is well positioned to win.

顯然有機會使用新的工具和方法來收集數據和見解，而這正是 Rekor 能夠獲勝的地方。

As I assume the role of CEO, I want to first begin with a frank and transparent discussion about what you are buying into as shareholders.

當我擔任執行長時，我想先就您作為股東所購買的產品進行坦率和透明的討論。

We introduced two new products, Discover, and Command, which entered the market less than a year ago.

我們推出了兩款新產品：Discover 和 Command，它們進入市場不到一年。

The B2G sales cycle is notoriously long, with three distinct phases.

B2G 銷售週期非常長，分為三個不同的階段。

First, there is an introductory meeting to explain the technology with a data demonstration.

首先，有一個介紹性會議，透過數據演示來解釋該技術。

Second, this is followed by a proof of capability where we install devices at a few sites for DOTs to monitor and validate over a period of time and against a grade criteria.

其次，接下來是能力證明，我們在幾個地點安裝設備，供 DOT 在一段時間內根據等級標準進行監控和驗證。

And third, assuming a positive outcome of this proof of capability, of which we have been 100% successful in achieving, there is then a procurement and deployment phase, typically starting with some installations on roadways that cannot be done any other way, followed by replacements of existing old tech that is failing or coming up for maintenance.

第三，假設這種能力證明取得了積極的結果，我們已經 100% 成功地實現了這一點，然後是採購和部署階段，通常從在道路上安裝一些無法通過其他方式完成的裝置開始，然後是更換故障或需要維護的現有舊技術。

Each phase in this cycle can take between three to six months depending on the response times for each state.

此週期中的每個階段可能需要三到六個月，具體取決於每個州的回應時間。

Despite our technology being proven to be significantly cheaper, faster, more accurate, and reliable, and massively safer for roadway workers to deploy, this process is challenging and complex for DOTs, as it disrupts longstanding sometimes 30 to 40 year practices, of the way it's always been done.

儘管我們的技術被證明明顯更便宜、更快、更準確、更可靠，並且對於道路工人來說部署起來更加安全，但這個過程對於DOT 來說是具有挑戰性和複雜性的，因為它破壞了有時30 到40 年的長期實踐。

We have anticipated that the initial slow drip of adoption will ultimately lead to a deluge of widespread acceptance.

我們預計，最初的緩慢採用將最終導致廣泛接受的洪流。

As the superior economics, operational efficiency, and data quality of our solutions, becomes undeniable.

我們的解決方案卓越的經濟性、營運效率和數據品質變得不可否認。

And as our early adopters begin to publicly endorse our technology, we anticipate the hesitation that often accompanies new innovations will diminish significantly.

隨著我們的早期採用者開始公開認可我們的技術，我們預計經常伴隨新創新而來的猶豫將大大減少。

Since our visibility into the decision making process that dots is limited, we will refrain from making prognostications about the likelihood and timing of contract announcements going forward.

由於我們對決策過程的了解有限，因此我們將避免對未來合約公告的可能性和時間做出預測。

However, what I can tell you is that we are already operating under contracts in six states where we can deploy thousands of devices simply based on task orders.

然而，我可以告訴你的是，我們已經在六個州根據合約進行運營，我們可以僅根據任務訂單部署數千台設備。

Just in our current footprint alone, there is the opportunity to deploy 6,000 to 8,000 Discover and Edge units, which would equate to an estimated $200 million to $300 million of cash flows to the company.

僅就我們目前的足跡而言，就有機會部署 6,000 至 8,000 個 Discover 和 Edge 設備，這相當於為公司帶來估計 2 億至 3 億美元的現金流。

As the old legacy tech continues to fill in these roadways and about 20% of it comes up for repair or replacement every year, we will be able to put in place our own devices without any new contracts.

隨著舊的遺留技術繼續填充這些道路，並且每年約有 20% 的技術需要維修或更換，我們將能夠在沒有任何新合約的情況下安裝我們自己的設備。

Beyond our existing customers, we have engaged in extensive outreach to large state DOTs across the US, and have executed on numerous proof of capability studies with constant success.

除了現有客戶之外，我們還廣泛接觸美國各地的大型州交通部，並進行了大量的能力證明研究，並不斷取得成功。

And through this, we have had multiple states commit to adopting our technology, at which point they find themselves navigating through many months of internal bureaucracy and red tape, complex procurement processes, and extended funding cycles, before being able to put pen to paper.

透過這種方式，我們已經讓多個州承諾採用我們的技術，此時他們發現自己要經歷數月的內部官僚主義和繁文縟節、複雜的採購流程和延長的融資週期，然後才能付諸實踐。

This reflects the inherent challenges of the business to government model, particularly when it intersects with a once in a generation technology refresh cycle that has not happened for multiple decades.

這反映了企業對政府模式的固有挑戰，特別是當它與幾十年來從未發生過的一代技術更新周期交叉時。

Along this line, I wanna highlight some new developments that have occurred in recent months that has further elongated the sales process.

沿著這條線，我想強調近幾個月發生的一些新進展，這些進展進一步延長了銷售流程。

This relates to a growing federal focus on cybersecurity, specifically for AI based infrastructure products and roadside devices that are connected to the cloud.

這與聯邦政府對網路安全的日益關注有關，特別是基於人工智慧的基礎設施產品和連接到雲端的路邊設備。

Both the federal government as well as state DOTs are now rushing to craft data and AI policies for the first time, and these will govern the cyber and AI protocols for all such technology.

聯邦政府和州交通部現在都在首次急於制定數據和人工智慧政策，這些政策將管理所有此類技術的網路和人工智慧協議。

Let me cite just one real world example that underscores the reason for government concerns regarding cyber and AI.

讓我舉一個現實世界的例子來強調政府對網路和人工智慧擔憂的原因。

On April 25, 2024, just a few weeks ago, there was a cyber attack impacting a midwestern department of transportation that targeted key elements of their existing legacy traffic management system.

2024 年 4 月 25 日，即幾週前，中西部交通部門遭受了一次網路攻擊，攻擊目標是其現有遺留交通管理系統的關鍵要素。

This incident is still ongoing as of today, and it's affecting nearly all critical operational functions and dramatically impairing the ability for them to monitor and respond to public safety incidents.

截至今天，這一事件仍在繼續，它影響了幾乎所有關鍵的營運職能，並極大地削弱了它們監控和回應公共安全事件的能力。

It also is impacting their critical traffic management, and emergency communication systems used to provide essential alerts and updates to the public.

它還影響了他們的關鍵交通管理以及用於向公眾提供基本警報和更新的緊急通訊系統。

A joint statement for relevant transportation entities acknowledged the sweeping impact experienced by stakeholders and the public.

相關運輸實體的聯合聲明承認利害關係人和公眾所經歷的廣泛影響。

While efforts are still underway to restore essential services, exact timelines are uncertain, and the experts anticipate that a full service restoration may take several months.

雖然恢復基本服務的努力仍在進行中，但確切的時間表尚不確定，專家預計全面服務恢復可能需要幾個月的時間。

This is a wake up call for DOTs and state agencies.

這給交通部和國家機構敲響了警鐘。

Incidences like these are growing in number and severity and underscores why states are rushing to implement policies to safeguard their transportation infrastructure.

此類事件的數量和嚴重性都在增加，這凸顯了為什麼各國急於實施政策來保護其交通基礎設施。

Legacy systems will simply not cut it here.

遺留系統根本無法解決這個問題。

Rekor has invested heavily here and ahead of the curve to support this need.

Rekor 在此領域進行了大量投資，並領先於此領域來支持這一需求。

Rekor's commitment to cutting edge cybersecurity and AI aligns with emerging government policies and sets a new standard for protecting public infrastructure in an increasingly connected world.

Rekor 對尖端網路安全和人工智慧的承諾與新興政府政策一致，並為在日益互聯的世界中保護公共基礎設施制定了新標準。

We employ a unique and comprehensive suite of end-to-end security measures to help our customers proactively protect their transportation infrastructure, including continuous monitoring, real-time detection and incident response plans to counter existing threats and to predict new threats.

我們採用一套獨特且全面的端到端安全措施來幫助客戶主動保護其交通基礎設施，包括持續監控、即時偵測和事件回應計劃，以應對現有威脅並預測新威脅。

Our commitment to compliance, particularly with NIST ISO and SOC 2 standards, as well as aligning to presidential directives, the National Defense Authorization Act and the 2023 Build America and Buy America Act, ensures that Rekor's products meet the stringent requirements that explicitly prohibits federal entities, states, or municipal recipients of federal grants or loans from using equipment or products banned in the United States.

我們致力於遵守（特別是 NIST ISO 和 SOC 2 標準）以及總統指令、《國防授權法案》和《2023 年建設美國和購買美國法案》，確保 Rekor 的產品滿足明確禁止聯邦實體的嚴格要求、州或市因使用美國禁止的設備或產品而獲得聯邦撥款或貸款的人。

It also ensures our technology meets the utmost technology and security standards, providing peace of mind to our public sector customers to competently choose Rekor.

它還確保我們的技術符合最高的技術和安全標準，讓我們的公共部門客戶放心選擇 Rekor。

Given our strengths in this area, Rekor is in a leading position when it comes to being able to work to implement these policies with states.

鑑於我們在這一領域的優勢，Rekor 在與各州合作實施這些政策方面處於領先地位。

In a lot of ways, we are helping our customers shape and inform the dialogue for such policies that are becoming a precursor to wide system deployments across state roadways.

我們在許多方面幫助客戶制定此類政策並為對話提供信息，這些政策正在成為跨州公路廣泛系統部署的先驅。

The need for DOTs to draft and finalize policies like this has caused a delay in the rollout of our devices across states.

交通部需要起草和最終確定此類政策，導致我們的設備在各州的推出延遲。

For example, one of the largest states in the US where we are engaged has delayed the procurement process by six months to finalize its AI policy.

例如，我們參與的美國最大的州之一將採購流程推遲了六個月，以最終確定其人工智慧政策。

This is impacting our revenue outlook for 2024.

這影響了我們 2024 年的營收前景。

Based on their commitment, we had modeled over 1000 Rekor Discover and Edge systems to be purchased by the state, resulting in cash flows of approximately $35 million for the full year.

根據他們的承諾，我們對國家購買的 1000 多個 Rekor Discover 和 Edge 系統進行了建模，全年現金流約為 3500 萬美元。

In preparation to meet this significant ramp in demand, we scaled up our operations, especially making sure we were staffed adequately to fulfill a large monthly cadence of deployments.

為了準備滿足需求的大幅成長，我們擴大了營運規模，特別是確保我們有足夠的人員來完成每月的大量部署。

We anticipate that our teams will still be able to meet an aggressive yet condensed second half rollout to get to the 1000 units.

我們預計我們的團隊仍將能夠在下半年積極且緊湊地推出，以達到 1000 台。

However, the exact cadence has not yet been communicated to us.

然而，確切的節奏尚未傳達給我們。

We expect to be able to provide an update on this deployment on our second quarter call.

我們希望能夠在第二季的電話會議上提供有關此部署的最新資訊。

While this delay materially affected our Q1 results, we think that having such policies in place not only shows how serious the state DOTs are committing to getting this right, but can also be an advantage as it clears the deck for mass adoption of our technology moving forward.

雖然這種延遲對我們第一季的業績產生了重大影響，但我們認為，制定此類政策不僅表明州交通部致力於實現這一目標有多認真，而且也可能是一個優勢，因為它為大規模採用我們的技術掃清了障礙向前。

This is a significant change in how states think about roadway operations and how they must safeguard their transportation infrastructure, and they're rising to the task with strong actions.

這是各州如何看待道路運作以及如何保護其交通基礎設施的重大變化，他們正在採取強有力的行動來完成這項任務。

Now, let me address the company's cash burn rate.

現在，讓我談談公司的現金消耗率。

The company right sized the organization last year, but it's had to subsequently scale up its data product sales engineering operations in preparation for near term demand.

該公司去年調整了組織規模，但隨後不得不擴大其數據產品銷售工程業務，為近期需求做好準備。

We think the timing differential will resolve itself as the deployments proceed in the second half of the year.

我們認為，隨著下半年部署的進行，時間差異將自行解決。

One last point I want to highlight is why I'm personally excited about Rekor and our opportunity.

我想強調的最後一點是，為什麼我個人對 Rekor 和我們的機會感到興奮。

My background is in technology and data.

我的背景是技術和數據。

If software was the new oil over the past two decades, then I believe that data is the new software, the volume variety, velocity, and veracity, of data and the ability to extract high quality and unique insights from this data will ultimately determine its value.

如果軟體是過去二十年的新石油，那麼我相信數據就是新軟體，數據的數量、速度和準確性以及從這些數據中提取高品質和獨特見解的能力將最終決定其價值。

Let's take a broader view for a moment.

讓我們來看看更廣闊的視野。

Why is Rekor so committed to deploying its edge AI and IoT devices nationwide and offering a diverse array of solutions to departments of transportation?

為什麼 Rekor 如此致力於在全國範圍內部署其邊緣人工智慧和物聯網設備，並為交通部門提供多樣化的解決方案？

These solutions are intrinsically valuable in their own rights, generating strong recurring revenue and offering very high internal rates of return, and that's what we will be focused on for the next 10 years at least.

這些解決方案本身就具有內在價值，可以產生強勁的經常性收入並提供非常高的內部報酬率，這就是我們至少在未來 10 年裡將重點關注的內容。

Looking back to the traffic technology boom from the 1960s to the 1990s, while over 1 million units like piezo sensors, induction loops, and side firing radars, were installed across the United States over that period.

回顧 1960 年代到 1990 年代的交通技術熱潮，同期美國各地安裝了超過 100 萬個壓電感測器、感應環和側射雷達等裝置。

States spent an estimated cumulative of $35 billion on these deployments with billions more in ongoing maintenance and replacement costs to date.

迄今為止，各州在這些部署上的花費估計累計達 350 億美元，另外還有數十億美元用於持續維護和更換成本。

Today we are just in the early stages of replacing all of that legacy infrastructure and obsolete devices, and this massive technology refresh cycle will be a two decade growth opportunity for disruptors like Rekor.

如今，我們正處於更換所有遺留基礎設施和過時設備的早期階段，這一大規模的技術更新周期對於像 Rekor 這樣的顛覆者來說將是一個二十年的成長機會。

That's exciting, but that's just the rainbow.

這很令人興奮，但這只是彩虹。

There's a pot of gold at the end of that rainbow, which is the data that we collect along the way across the vast majority of roadways in the country.

彩虹的盡頭有一桶金，這是我們在全國絕大多數道路上收集的數據。

Exciting as this is, it's merely the beginning of the story.

儘管這令人興奮，但這只是故事的開始。

Rekor is at the early stages of one of the largest edge IoT deployments in the Western hemisphere.

Rekor 正處於西半球最大的邊緣物聯網部署之一的早期階段。

Our devices are like supercomputers that are plugged into a roadway and purpose built to be secure, connected, and modular, making them adaptable and scalable for new technologies without having to replace them in the future.

我們的設備就像插入道路的超級計算機，專為安全、連接和模組化而設計，使其能夠適應新技術並可擴展，而無需在未來更換它們。

This makes them not only useful for today, but also future-proofed for tomorrow.

這使得它們不僅對今天有用，而且也能適應未來。

As a critical byproduct of our device deployments, we gain the ability to also aggregate, connect, and index data from other existing roadway infrastructure that is out there.

作為設備部署的重要副產品，我們也能夠聚合、連接和索引來自其他現有道路基礎設施的資料。

This creates a unique and comprehensive picture of everything in motion on or around roadways in real time historically and predictably for our customers.

這為我們的客戶即時歷史地和可預測地創建了道路上或周圍運動的一切的獨特且全面的圖片。

This is truly unique.

這確實是獨一無二的。

Today we are already aggregating more than 20 trillion data points in our system, and we are just getting started.

今天，我們的系統中已經聚合了超過 20 兆個數據點，而我們才剛開始。

We believe this approach puts Rekor on a path to create the world's largest and most comprehensive transportation data exchange and hub that will serve as the foundation of a transcontinental standardized operating system for roadways.

我們相信，這種方法使 Rekor 走上了創建世界上最大、最全面的交通資料交換和中心的道路，該資料交換和中心將成為跨大陸標準化道路操作系統的基礎。

We call this roadway intelligence, and the insights we derive from this massive volume and variety of data as enormous and durable value.

我們稱之為道路智能，我們從海量和多樣化的數據中獲得的見解具有巨大而持久的價值。

This is core to our strategy.

這是我們策略的核心。

Longer term, we will refine this vision and make it more accessible to investors, but as my first conference call as CEO, I want to highlight that the mobility data and roadway intelligence that we are already collecting and connecting across roadways has multi-billion dollar potential across multiple markets, segments, and industries over time.

從長遠來看，我們將完善這個願景，讓投資者更容易理解，但作為我作為執行長的第一次電話會議，我想強調的是，我們已經在道路上收集和連接的行動數據和道路情報價值數十億美元隨著時間的推移，跨多個市場、細分市場和行業的潛力。

The innovation and uniqueness of our approach is underscored by the 18 technology patents we have filed, and there are many more in the works.

我們已經申請了 18 項技術專利，還有更多技術專利正在申請中，這凸顯了我們方法的創新性和獨特性。

I look forward to expanding more on our longer term vision at another time, but for now know that we are thoughtfully building for today and for the future.

我期待在其他時候進一步擴展我們的長期願景，但現在知道我們正在為今天和未來深思熟慮地建立。

In closing, I would also like to reinforce that we are committed to having an ongoing and transparent dialogue with our shareholders and investors and believe it will be constructive and mutually beneficial.

最後，我還想強調，我們致力於與股東和投資者進行持續、透明的對話，並相信這將是建設性的、互利的。

As part of this, we are in the process of appointing a full-time investor relations person.

作為其中的一部分，我們正在任命一名全職投資者關係人員。

All we ask is that investors be respectful of our inability to speak regarding specific contracts and conversations with DOTs due to the competitive and business reasons.

我們所要求的只是投資者尊重我們由於競爭和商業原因而無法就具體合約和與 DOT 的對話進行討論。

Thank you for joining us today, and thank you all for your continued support interest in Rekor your trust.

感謝您今天加入我們，並感謝大家對 Rekor 的持續支持與信任。

Support, and belief in our vision and opportunity have been the foundation of our achievements.

對我們願景和機會的支持和信念是我們成就的基礎。

We're not just navigating the future, we are shaping it together.

我們不僅要引領未來，還要共同塑造未來。

At this point, I'll turn it over to the operator to answer any questions you might have.

此時，我會將其轉交給接線員來回答您可能有的任何問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Noah Levitz, William Blair.

諾亞·萊維茨，威廉·布萊爾。

Thanks.

謝謝。

Good afternoon, David, Eyal.

下午好，大衛，埃亞爾。

David congrats on the promotion.

大衛祝賀你升職。

And Robert's best wishes as Chairman.

羅伯特作為主席致以最良好的祝愿。

This is Noah.

這是諾亞。

I am on for Louis de Palmer this afternoon.

今天下午我要去路易斯·德·帕爾默。

To start, David, just as CEO, should we expect any particular significant changes in your strategy going forward?

首先，大衛，身為首席執行官，我們是否應該期待你們未來的策略發生任何特別重大的變化？

Hi there, Noah. hey, thanks for the question.

你好，諾亞。嘿，謝謝你的提問。

No, at this moment, I would say that we're pretty locked and loaded.

不，此時此刻，我想說我們已經鎖定並準備好了。

We've been very thoughtful in developing the strategy up till now had been very much part of that with the rest of the team in developing and executing against it.

我們在製定策略時經過了深思熟慮，到目前為止，我們已經成為團隊其他成員制定和執行該策略的重要組成部分。

So the short answer is no, we believe in our path, and we believe that we're making good progress against our objectives.

所以簡短的答案是否定的，我們相信我們的道路，我們相信我們正在朝著我們的目標取得良好進展。

Awesome.

驚人的。

And then just to follow up at its America's in Phoenix.

然後就去鳳凰城的美國公司跟進。

We watch the demo for Rekor command and the technology is very impressive.

我們觀看了 Rekor 命令的演示，該技術令人印象深刻。

Rekor demand is successfully deployed with at least one major Tier 1 West Coast city.

Rekor 需求已成功部署到至少一個西海岸主要一級城市。

What does the pipeline look like for both Rekor Command and Rekor Discover?

Rekor Command 和 Rekor Discover 的管道是什麼樣的？

We have a very robust pipeline across both of those platforms.

我們在這兩個平台上都有非常強大的管道。

And you're right the command platform is a fantastic solution, and it's really well loved by the customers that use it today.

您說得對，命令平台是一個出色的解決方案，並且深受當今使用它的客戶的喜愛。

From a pipeline perspective, we're engaged in, my gosh, probably a third of the states today.

從管道的角度來看，天哪，我們今天可能參與了三分之一的州。

And in addition to that, from a Discover perspective, we're currently that's pretty new for us, but we're engaged already in over a dozen states as well as a significant pipeline beyond that, too.

除此之外，從發現的角度來看，目前這對我們來說是相當新的，但我們已經在十幾個州以及除此之外的重要管道中開展業務。

So we feel like the path ahead and the adoption of our technology there is well positioned.

因此，我們認為未來的道路和我們的技術的採用已經處於有利位置。

Awesome.

驚人的。

And then just one last quick one on keeping it broad.

然後是最後一篇關於保持廣泛性的快速文章。

Can you describe what you've been seeing as it relates to the competitive environment?

您能描述一下您所看到的與競爭環境相關的情況嗎？

Thanks.

謝謝。

Yeah, you know, in every business and industry, there's going to be a host of competitors what we find is that when we engage with the customer, our solutions are quite different.

是的，你知道，在每個企業和產業中，都會有很多競爭對手，我們發現，當我們與客戶互動時，我們的解決方案是非常不同的。

What you might view as a competitive situation.

您可能將其視為競爭情況。

We actually partner with the majority of other players in the ecosystem today.

實際上，我們與當今生態系統中的大多數其他參與者合作。

For example, in the context of Command, which you mentioned, which is really targeting transportation and traffic management centers across states, there's probably 3000, 4000 different connection points of other ecosystem players that must surface through.

例如，在您提到的 Command 環境中，它實際上針對的是跨州的交通和交通管理中心，可能有 3000、4000 個其他生態系統參與者的不同連接點必須通過。

And then at that an environment that environments as often as ATMS system offers automated automated traffic management system and or it's through the committed platform.

然後，與 ATMS 系統一樣頻繁的環境提供自動化的自動化交通管理系統和/或透過專用平台。

We partner with pretty much every one of the ATMS partners today or excuse me, providers today.

今天，我們幾乎與每一位 ATMS 合作夥伴合作，或者對不起，現在與供應商合作。

So from a competitive landscape, we are providing something truly unique, which is why the ATMS providers like to work with us.

因此，從競爭格局來看，我們正在提供真正獨特的東西，這就是 ATMS 供應商喜歡與我們合作的原因。

So that's one dimension.

所以這是一個維度。

On the Discover side, Discover's has actually really got a clear path forward.

在Discover方面，Discover其實已經有了明確的前進道路。

There's little to no competition in that when it comes to AI based roadside units that do that, the class count and speed collection that we do with the ability to extend into multiple other types of traffic studies.

當涉及到基於人工智慧的路邊單元時，幾乎沒有競爭，我們所做的班級計數和速度收集以及擴展到多種其他類型的交通研究的能力。

And when you think about the existing roadside devices out there, which is -- which really would be the competition, it is really legacy technology from 30 40, 50 sometimes 60 years ago, that look a lot like a rubber tube or big construction project.

當你想到現有的路邊設備時，這確實是競爭，它實際上是 30、40、50、有時 60 年前的遺留技術，看起來很像橡膠管或大型建築項目。

So the competition there is really not direct that I think the competition there is the way that they've always done things and this is the modernization of that legacy technology.

因此，那裡的競爭實際上並不是直接的，我認為那裡的競爭是他們一直以來做事的方式，這就是傳統技術的現代化。

Awesome thank you very much.

太棒了非常感謝。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本市場。

Yeah.

是的。

Great.

偉大的。

Thanks.

謝謝。

And yeah congrats Dave on the new role here.

是的，祝賀戴夫在這裡擔任新角色。

So I think on that you referenced one deal that where procurement was delayed six months.

因此，我認為您提到了一項採購延遲六個月的交易。

Did you, do you think you'll be able to, kind of, did you say you, you think you'll be able to recognize that revenue this year or what, what's your thought on kind of how that deal plays out this year?

你是否，你是否認為你能夠，你是否說過，你是否認為你今年能夠確認該收入或什麼，你對今年這筆交易的進展有何看法？

Yeah, we believe so.

是的，我們相信是這樣。

We believe very strongly.

我們非常堅信。

So in fact, every every day as we're learning more on that.

事實上，我們每天都在了解更多這方面的知識。

But I think in short, yes, I can't predict exactly the day of the week that's going to happen given my remarks there, but I definitely will look forward to updating you in the next quarter.

但我認為簡而言之，是的，鑑於我在那裡的言論，我無法準確預測一周中的哪一天會發生這種情況，但我肯定會期待在下個季度向您提供最新情況。

And I think we'll have some good solid news there.

我想我們會在那裡得到一些可靠的好消息。

Got it.

知道了。

And then just in terms of the year, should we think about , year revenue being maybe taking the first quarter as a baseline number and then you know, adding that deal to it, and that's kind of a way to think about the full year?

然後就年度而言，我們是否應該考慮一下，年度收入可能以第一季作為基準數字，然後你知道，將這筆交易添加到其中，這是考慮全年的一種方式？

Or can you give us a little more perspective on it?

或者您能給我們更多的看法嗎？

Yeah.

是的。

So we in our model, if you look at that one deal in particular that I mentioned, we model $35 million in our business plan for 2024.

因此，在我們的模型中，如果你特別關注我提到的交易，我們會在 2024 年的業務計劃中模擬 3500 萬美元。

In addition to that, we believe that that will do at an additional$50 million on top of that.

除此之外，我們相信這還需要另外 5,000 萬美元。

So I think the path that we set forth for 2024, we still believe that we're going to land again with the caveat that there some timing things that we're working through with the states on their policy development and such.

因此，我認為我們為 2024 年設定的道路，我們仍然相信我們將再次著陸，但需要注意的是，我們正在與各州就政策制定等問題進行一些時間安排。

But yes, we're confident in our approach and the path forward here.

但是，是的，我們對我們的方法和前進的道路充滿信心。

Got it.

知道了。

Okay.

好的。

And then the sequential decline in recurring revenue in the first quarter, is that just tied to kind of the mobile site variability?

然後，第一季經常性收入連續下降，這是否與行動網站的變化有關？

Yes, you know, that's it's actually a really good question.

是的，你知道，這實際上是一個非常好的問題。

So yes, we do both portable and fixed studies.

所以，是的，我們同時進行便攜式和固定研究。

And in the portable business, this is actively happening day-to-day versus a fixed system that would be in the ground.

在便攜式業務中，與埋在地下的固定係統相比，這種情況每天都在積極發生。

And there all the time.

而且一直都在。

So the ability to go service a portable study, we're not allowed to do that in states with inclement weather, and that's just something that's mandated by state.

因此，為便攜式研究提供服務的能力，在天氣惡劣的州我們不允許這樣做，而這只是州政府強制執行的事情。

So weather plays a big role in our portables business, and that's what we saw impacting us in Q1.

因此，天氣在我們的便攜式業務中發揮著重要作用，這就是我們在第一季看到的對我們的影響。

So we like the summer like the summertime.

所以我們喜歡夏天就像夏天一樣。

For sure, for sure.

肯定的，肯定的。

And just last the the RPO number, that includes ATD now, right?

最後是 RPO 數字，現在包括 ATD，對嗎？

Yeah, it, so a ATD actually, a lot of their revenues are on call, so they, don't have a long-term contract as we discussed in previous earnings calls so that they're not part of the RPO or so from an accounting perspective.

是的，所以 ATD 實際上，他們的許多收入都是隨叫隨到的，所以他們沒有長期合同，正如我們在之前的財報電話會議中討論的那樣，因此他們不屬於 RPO 的一部分。

Yes.

是的。

Thank you.

謝謝。

Thanks, Mike.

謝謝，麥克。

Appreciate it.

欣賞它。

Yes, thank you.

是的，謝謝。

Roger Hawkins, RAH Capital.

羅傑霍金斯，RAH 資本。

Yes.

是的。

Hi, guys.

嗨，大家好。

David, I want to congratulate you as well as your new roles with the company, excited about your leadership going forward.

大衛，我要祝賀你以及你在公司的新角色，對你未來的領導能力感到興奮。

We know one matrix for success, and this may apply or not is the stockprice.

我們知道成功的一個矩陣，這可能適用也可能不適用，那就是股價。

I've been patient with this company for several years.

我對這家公司已經有好幾年的耐心了。

I come from the days when stock price was about $25 plus a share.

我來自於股價約為每股 25 美元的時代。

And a year ago, we were about for 415 somewhere, and now we've eroded today at a high 183 after hrs is 148.

一年前，我們的價格約為 415 小時，而今天在 148 小時後，我們已經跌至 183 小時的高點。

So and I see continuing quarter after quarter losses.

因此，我看到季度持續虧損。

So I guess the question would be when let me complement first, I was glad to hear you, David say you're working on an investor relations person.

所以我想問題是什麼時候讓我先補充一下，我很高興聽到你，大衛說你正在為投資者關係人員工作。

So it's not about just being on these call's quarterly, but we can we can call in and ask questions.

因此，這不僅僅是每季參加一次電話會議，而是我們可以打電話詢問問題。

So with continuing losses at some point as we deal with a turnaround address the paychecks I just mentioned.

因此，在我們處理扭虧為盈的過程中，在某些時候持續虧損，解決了我剛才提到的薪水問題。

As far as stock prices, that's not everything, but when are we going to see and up climb at, out of this situation we're in right now?

就股價而言，這還不是全部，但我們什麼時候才能看到並上漲，擺脫我們現在所處的這種情況？

Yes, that's a that is the $60 million, $600 million question.

是的，這是一個價值 6000 萬美元、6 億美元的問題。

We see that we see that every day as well, as you can imagine, right there, and we don't control the stock price obviously.

我們看到我們每天也看到這種情況，正如你可以想像的那樣，就在那裡，我們顯然不控制股價。

But I would say that we're very, very committed to the path forward here and we do believe the opportunity ahead is undeniable.

但我想說的是，我們非常非常致力於這裡的前進道路，我們確實相信前面的機會是不可否認的。

When we look at where we are today in 2024 and whatever what we're modeling in our business plan for 2024.

當我們看看 2024 年我們今天所處的位置以及我們在 2024 年業務計劃中建模的內容時。

We're confident we're on track for that.

我們有信心我們正在朝著這個目標邁進。

We do have the Q1 material impact, as I mentioned.

正如我所提到的，我們確實對第一季產生了實質影響。

So that kind of put us in a difficult position there as it was committed verbally.

因此，這讓我們陷入了困境，因為它是口頭承諾的。

But again, putting pen to paper is a different matter there.

但同樣，用筆寫在紙上又是另一回事。

But that is moving along actually quite well, I will say so this is really about being able to to meet and exceed expectations.

但這實際上進展得很好，我想說，這實際上是為了能夠滿足並超越預期。

We've got a very strong pipeline.

我們有非常強大的管道。

The technology is very solid to what I guess, what you'd have to believe in.

我猜這項技術非常可靠，你必須相信這一點。

And certainly what I believe is that the opportunity is large that Rekor technology is well-positioned and we do have strong relationships and credibility with our customers today.

當然，我相信，Rekor 技術處於有利位置，而且我們今天確實與客戶建立了牢固的關係和信譽，因此機會很大。

So it's really a matter of time and the time is not that long.

所以這確實是一個時間問題，而且時間並沒有那麼長。

This is going to be, I think, a solid year ahead.

我認為，今年將是堅實的一年。

I think that we'll see that rewarded in the stock price and also moving forward.

我認為我們會看到這一點在股價中得到回報，並繼續向前發展。

But again, we don't control the stock price, but we're going to be sure to work as diligently and aggressively to make sure that we're meeting and exceeding those expectations.

但同樣，我們無法控制股價，但我們一定會勤奮、積極地工作，以確保我們達到並超越這些預期。

But I do understand, right.

但我確實明白，對吧。

Thank you.

謝謝。

We look forward to next quarter of a very positive uptick report.

我們期待下一季的非常積極的成長報告。

Yes sir.

是的先生。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

There are no further questions at this time.

目前沒有其他問題。

I would like to hand the floor back over to David Desharnais for any closing comments.

我想將發言權交還給 David Desharnais，讓其發表最後評論。

All right.

好的。

Thank you very much, Paul.

非常感謝你，保羅。

I appreciate that.

我很感激。

Thanks again, everybody for joining us today.

再次感謝大家今天加入我們。

I'm thrilled about the opportunity to lead Rekor into the next chapter here, we have a lot of a tremendous opportunity ahead.

我很高興有機會帶領 Rekor 進入下一個篇章，我們前面有很多巨大的機會。

And again, thanks for your time today.

再次感謝您今天抽出時間。

And I definitely look forward to updating you and everyone on our Q2 call.

我非常期待在第二季電話會議上向您和所有人通報最新情況。

Until then, we'll speak to you soon.

在那之前，我們會盡快與您聯繫。

Thank you.

謝謝。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。