Rekor Systems Inc (REKR) 2024 Q2 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 Diego, and I will be your coordinator for today.

我叫迭戈，我將擔任你們今天的協調員。

(Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.

（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.

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、合作夥伴關係以及任何其他可能被解釋為對未來業績或事件的預測的聲明均為前瞻性陳述。

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 statements.

此類陳述可能涉及已知和未知的風險和不確定性以及其他因素，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有重大差異。

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

我們要求您參考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. David Desharnais, President and CEO of Rekor Systems.

現在我想將演講交給 Rekor Systems 總裁兼執行長 David Desharnais 先生。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

As I conclude my first full quarter as President and CEO of Rekor, I am pleased to share our solid progress in the quarter and strategic vision for the future.

在我擔任 Rekor 總裁兼執行長的第一個完整季度結束之際，我很高興與大家分享我們在本季度取得的堅實進展以及對未來的策略願景。

Over the past 90 days, since stepping into this role, I've delved deeply into every aspect of our business.

自從上任以來的90天裡，我深入研究了我們業務的各個層面。

I've been focusing on refining our financial processes, enhancing the work that we are doing in government relations and driving operational excellence across our sales team and field operations.

我一直專注於完善我們的財務流程，加強我們在政府關係方面所做的工作，並推動我們的銷售團隊和現場營運的卓越營運。

My commitment is to establish and strengthen the governance structures and scaling mechanisms that will help transform Rekor into a more predictable growth engine.

我的承諾是建立和加強治理結構和擴展機制，這將有助於將 Rekor 轉變為更可預測的成長引擎。

And I'm encouraged by the team's positive response to the direction and priorities that have set and the substantial progress we've made so far.

我對團隊對既定方向和優先事項的積極響應以及我們迄今為止的實質進展感到鼓舞。

Also over the past three months, I've had the privilege of engaging with many of our investors and shareholders globally.

同樣在過去的三個月裡，我有幸與全球許多投資者和股東進行了接觸。

Your insights have been invaluable to me, and I want you to know that I'm listening.

您的見解對我來說非常寶貴，我希望您知道我正在傾聽。

Our conversations have reinforced three key themes: strong enthusiasm for our market position and opportunities, concerns about securing necessary capital to continue our significant growth trajectory amidst macroeconomic uncertainty, and slow government contracting cycles, and finally, eagerness for meaningful customer traction.

我們的對話強化了三個關鍵主題：對我們的市場地位和機會的強烈熱情、對在宏觀經濟不確定性下確保必要資本以繼續實現顯著增長軌蹟的擔憂、緩慢的政府合約週期，以及最後對有意義的客戶吸引力的渴望。

Today, I'll address these three areas and provide insight into our path forward.

今天，我將討論這三個領域，並深入探討我們的前進道路。

To begin with, let me stress that navigating the complex procurement processes of federal, state and local government agencies is challenging.

首先，我要強調的是，駕馭聯邦、州和地方政府機構複雜的採購流程具有挑戰性。

But it also provides an opportunity with unparalleled long-range stability and growth potential.

但它也提供了一個具有無與倫比的長期穩定性和成長潛力的機會。

While we've been fielding our AI-based solutions in the transportation and traffic segments for just over a year at this point, namely our Discover and Command platforms, we have moved at a rapid pace, gaining awareness, preference, and adoption across multiple states, including: South Carolina, Georgia, Florida, New Mexico, Texas, Colorado, Ohio, Maryland, Oklahoma, Kansas, Oregon and multiple others in the works.

雖然我們在運輸和交通領域部署基於人工智慧的解決方案（即我們的發現和命令平台）僅一年多時間，但我們的行動速度很快，在多個領域獲得了認知度、偏好和採用州，包括：南卡羅來納州、喬治亞州、佛羅裡達州、新墨西哥州、德克薩斯州、科羅拉多州、俄亥俄州、馬裡蘭州、俄克拉荷馬州、堪薩斯州、俄勒岡州以及其他多個正在開發中的州。

However, it is important that we remain realistic given that the government contracting process is opaque at best and has its own pace and timeline.

然而，鑑於政府簽約流程充其量是不透明的，並且有自己的節奏和時間表，因此我們必須保持現實。

It is something that we will continue to be conservative with in setting expectations as it relates to timing of deals and expansion.

我們在設定預期時將繼續保持保守，因為這與交易和擴張的時機有關。

Along this line, and as an update to our last earnings call, I wanted to update you on the upcoming deployment of up to 1,000 Discover and Edge units equating to a potential upside of approximately $35 million in revenue in one of the largest states in the US as they finalized their AI policy.

沿著這條線，作為我們上次財報電話會議的更新，我想向您通報即將部署多達1,000 個Discover 和Edge 單元的最新情況，這相當於美國最大的州之一的潛在收入增長約3500萬美元美國最終確定了人工智慧政策。

As of today, I'm pleased to share that we've initiated deployments in the region.

截至今天，我很高興地告訴大家，我們已經開始在該地區進行部署。

However, progress has been hampered by continuous interruptions resulting from multiple storms of this hurricane season, most recently by Hurricane Debbie.

然而，本颶風季節的多次風暴（最近一次是颶風黛比）造成的持續中斷阻礙了進展。

We don't control these things, of course, but the state does not permit anybody to work roadside in hazardous weather conditions in the period leading up to the storm, during the storm itself, of course, but also in the immediate aftermath.

當然，我們無法控制這些事情，但國家不允許任何人在風暴來臨之前、風暴期間以及風暴過後的惡劣天氣條件下在路邊工作。

Understandably, this has impacted our expected timeline for deployments, as the state is prioritizing emergency response efforts for its citizens.

可以理解的是，這影響了我們的預期部署時間表，因為該州正在優先考慮為其公民提供緊急應變工作。

But the initial sites we have already activated have performed flawlessly under these extreme conditions and have already proven to be mission-critical, delivering vital insights to the state's emergency operations center to support evacuation routes during these storms.

但我們已經啟動的初始站點在這些極端條件下表現完美，並且已經被證明是關鍵任務，為該州的緊急行動中心提供了重要的見解，以支持這些風暴期間的疏散路線。

This underscores the essential role our technology plays, further cementing Rekor as a trusted and indispensable partner in this state, which will pay dividends.

這凸顯了我們的技術所發揮的重要作用，進一步鞏固了 Rekor 作為該州值得信賴且不可或缺的合作夥伴的地位，這將帶來回報。

As I also highlighted in the previous call, the transportation infrastructure industry is undergoing a massive and generational technology refresh.

正如我在上一次電話會議中所強調的那樣，交通基礎設施產業正在經歷大規模的代際技術更新。

And that within our existing Southeast footprint alone, we see the potential to add 6,000 to 8,000 sites, which could generate an estimated $200 million to $300 million in cash flows over the coming years.

僅在我們現有的東南部足跡中，我們就看到了增加 6,000 至 8,000 個站點的潛力，這可能會在未來幾年產生估計 2 億至 3 億美元的現金流。

Rekor's reputation as a trusted partner in the Southeastern states has never been stronger, and our success is being closely monitored by other states nationwide as we continue to execute our growth strategy.

Rekor 作為東南部各州值得信賴的合作夥伴的聲譽從未如此強大，隨著我們繼續執行我們的成長策略，我們的成功受到全國其他州的密切關注。

Given our recent performance with these states during these crises, it only positions us more strongly for our continued expansion in the region.

鑑於我們最近在這些危機期間與這些國家的表現，這只會使我們在該地區的持續擴張中處於更有利的地位。

Our growing recognition and reputation along with the ongoing infrastructure overhaul that is happening puts us in an ideal spot to capitalize on this transformative period in the industry.

我們的知名度和聲譽不斷提高，加上正在進行的基礎設施改造，使我們處於一個理想的位置，可以利用這個行業的變革時期。

So while we must continue to navigate the complex and often slow-moving procurement processes of state and local governments, it also provides us a unique opportunity for long-term and durable growth that we believe will benefit our investors in the long run.

因此，雖然我們必須繼續應對州和地方政府複雜且往往進展緩慢的採購流程，但它也為我們提供了實現長期持久增長的獨特機會，我們相信從長遠來看這將使我們的投資者受益。

Despite the relatively short time we've been deploying our technology in the market, we're experiencing continuous accelerated growth, and I'm confident in our ability to sustain this momentum.

儘管我們在市場上部署技術的時間相對較短，但我們正在經歷持續的加速成長，我對我們維持這股勢頭的能力充滿信心。

Later in the call, I'll discuss some of the new contracts we've secured during the last quarter and against a meaningful traction we're experiencing.

稍後在電話會議中，我將討論我們在上個季度獲得的一些新合約以及我們正在經歷的有意義的牽引力。

Before diving into these details, I'll now hand the call over to Eyal Hen, Rekor's CFO.

在深入討論這些細節之前，我現在將把電話轉給 Rekor 財務長 Eyal Hen。

He'll review our financial highlights for the quarter and discuss the proactive steps we're taking to solidify our capital position and protect our shareholders as we navigate the uncertainties of the current macroeconomic environment and B2G domain.

他將回顧我們本季的財務亮點，並討論我們在應對當前宏觀經濟環境和 B2G 領域的不確定性時為鞏固資本狀況和保護股東而採取的積極措施。

Eyal?

埃亞爾？

Thank you, David.

謝謝你，大衛。

Hello, everyone, and thanks for joining us today to discuss our results for the six and three months ended June 30, 2024.

大家好，感謝您今天加入我們討論我們截至 2024 年 6 月 30 日的六個月和三個月的業績。

I would like to start with our recent announcement that we have just infused $15 million into the company for a facility that can provide up to another $20 million in capital should we need it.

我想先介紹一下我們最近宣布的一項消息：我們剛剛向該公司注資 1500 萬美元，用於建立一項設施，如果我們需要的話，可以再提供高達 2000 萬美元的資本。

The agreement is designed with strong shareholder protection, including a $2.6 million monthly cap on prepaid balance conversions to equity and a ban on short selling by the counterparty, which minimizes dilution and allows us to draw less capital or repay the notes early once our expected contracts materialize.

該協議的設計具有強有力的股東保護，包括預付餘額轉換為股權的每月上限為260 萬美元，以及交易對手賣空的禁令，這最大限度地減少了股權稀釋，並允許我們在預期合約簽訂後提取更少的資本或提前償還票據實現。

Full details about this agreement have been provided in our 8-K concerning the financing, and I won't delve into them now.

有關該協議的完整細節已在我們有關融資的 8-K 中提供，我現在不再深入探討。

Suffice it to say that this gives us the necessary resources to address the recent government contract delays we've been facing.

可以說，這為我們提供了必要的資源來解決我們最近面臨的政府合約延誤問題。

This injection of funds position us to meet our 2024 growth targets.

此次資金注入使我們能夠實現 2024 年的成長目標。

And as is shown by our Q2 performance, we are making solid progress against this.

正如我們第二季的業績所表明的那樣，我們在這方面正在取得紮實的進展。

We'll continue to drive operational efficiencies and carefully manage our cash flow to ensure it is used effectively, but at the same time, we have improved our metrics year over year and quarter over quarter.

我們將繼續提高營運效率並仔細管理我們的現金流，以確保其有效利用，但同時，我們逐年、逐季改進了我們的指標。

Going forward, some of the larger recurring revenue contracts we are pursuing may involve significant upfront installation expenses.

展望未來，我們正在尋求的一些較大的經常性收入合約可能涉及大量的前期安裝費用。

If additional capital is needed for this implementation, we plan to prioritize non-dilutive financing options, such as issuing an additional series to our revenue sharing notes.

如果此實施需要額外資金，我們計劃優先考慮非稀釋性融資選項，例如在我們的收入分享票據中發行額外系列。

We expect to continue to address our capital needs prudently, expanding our industry leadership and fulfilling our customer commitment as is.

我們期望繼續審慎地滿足我們的資本需求，擴大我們的行業領先地位並履行我們對客戶的承諾。

In this regard, we have engaged B.C. Ziegler and Company, a specialty investment bank, to service as placement agent and market maker in connection with future issuances of our revenue-sharing notes.

在這方面，我們已與 B.C. Ziegler and Company 是一家專業投資銀行，將作為我們未來發行收益分享票據的配售代理和做市商。

Over the past few months, we've been in discussions with them as well as with rating agencies to work on getting these notes rated, which should help reduce overall cost and improve their marketability.

在過去的幾個月裡，我們一直在與他們以及評級機構進行討論，努力對這些票據進行評級，這應該有助於降低整體成本並提高其適銷性。

We anticipate continuing to use this structure, which aligns potential future debt to the growth of fully performing contracts as a primary funding source of additional growth capital.

我們預計將繼續使用這種結構，將潛在的未來債務與完全履約合約的成長相結合，作為額外成長資本的主要資金來源。

Now I'm pleased to talk about our financial highlights for the three and six months ended June 30, 2024.

現在，我很高興談論我們截至 2024 年 6 月 30 日的三個月和六個月的財務亮點。

In the second quarter of 2024, our revenue reached a record revenue of $12.4 million, marking a significant growth of 45% increase from the $8.6 million in the same period last year.

2024年第二季度，我們的營收達到創紀錄的1,240萬美元，較去年同期的860萬美元大幅成長45%。

We also demonstrated a robust revenue growth quarter over quarter at over 27% above Q1 2024.

我們也展示了季度環比強勁的收入成長，比 2024 年第一季成長了 27% 以上。

In the six months ended June 30, 2024, we achieved $22.2 million in revenue, an increase of 51% from the $14.7 million we marked in the same period last year.

截至 2024 年 6 月 30 日的六個月中，我們實現了 2,220 萬美元的收入，比去年同期的 1,470 萬美元成長了 51%。

Recurring revenue also increased by 8.9% from $5.8 million in the same quarter of 2023 compared to $6.3 million in the same quarter of 2024.

經常性收入也從 2023 年同季的 580 萬美元成長了 8.9%，而 2024 年同季為 630 萬美元。

Our adjusted gross margin for the three months ended June 30, 2024, was 53.5%, an increase from 51.8% in the second quarter of 2023.

截至2024年6月30日止三個月的調整後毛利率為53.5%，高於2023年第二季的51.8%。

This increase was primarily due to higher margin mix of sales during this quarter.

這一增長主要是由於本季銷售利潤率的提高。

As previously explained, we expect a primary benefit of our technology refresh efforts to allow us to move from lower margin to higher margin sales over time.

如前所述，我們預計技術更新工作的主要好處是使我們能夠隨著時間的推移從較低的利潤率轉向更高的利潤率銷售。

However, during the early growth phase we are in, this evolution may be choppy, as we saw at the beginning of this year.

然而，在我們所處的早期成長階段，這種演變可能會很不穩定，正如我們在今年年初所看到的那樣。

The adjusted gross margin for the six months ended June 30, 2024 was 50.2%, a decrease from 52.5% for the same period last year.

截至2024年6月30日止六個月的調整後毛利率為50.2%，較去年同期的52.5%有所下降。

The decrease is mainly due to the lower margins we experienced at the beginning of the year.

下降的主要原因是我們年初的利潤率較低。

We also continue to see improvements in our adjusted EBITDA loss.

我們也繼續看到調整後的 EBITDA 損失有所改善。

For our second quarter, it's now set at $5.8 million, an improvement of over 19% from the $7.2 million in the same period last year.

第二季的營收目前定為 580 萬美元，比去年同期的 720 萬美元成長了 19% 以上。

The adjusted EBITDA loss for the 6 months ended June 30, 2024 was down to $15.2 million from $16.5 million in the same period last year.

截至 2024 年 6 月 30 日的 6 個月，調整後 EBITDA 虧損從去年同期的 1,650 萬美元降至 1,520 萬美元。

Lastly, another significant development in the second quarter of 2024 was the exercise of 3,635,000 warrants in June 2024, which resulted in $5.2 million of cash to the company, of which $3.2 million was received in July after the balance sheet date.

最後，2024 年第二季的另一個重大進展是2024 年6 月行使了3,635,000 份認股權證，這為該公司帶來了520 萬美元現金，其中320 萬美元在資產負債表日後的7 月份收到。

Also in July, we sold our remaining 19.9% ownership of Global Public Safety for $1.5 million.

同樣在 7 月，我們以 150 萬美元的價格出售了 Global Public Safety 剩餘的 19.9% 所有權。

And of course, as highlighted earlier, we received $15 million under our prepaid advance agreement, which has been structured to provide up to $35 million under appropriate circumstances.

當然，正如前面所強調的，我們根據預付預付款協議收到了 1500 萬美元，該協議的結構是在適當的情況下提供最多 3500 萬美元。

In summary, we are very pleased with our solid second quarter results and the synergistic and accretive impact of our recent acquisition.

總而言之，我們對第二季的穩健業績以及我們最近收購的協同和增值影響感到非常滿意。

Our capital raise and the engagement with Ziegler are instrumental enablers in continuing to secure our leadership position in the industry.

我們的融資以及與齊格勒的合作有助於繼續確保我們在行業中的領導地位。

Our financial and operational strategies are designed to capitalize on future growth opportunities.

我們的財務和營運策略旨在利用未來的成長機會。

Looking forward, we continue to be confident in the potential of our technological developments, strategic acquisitions and are grateful for continued support of our investors.

展望未來，我們仍然對我們的技術發展和策略收購的潛力充滿信心，並感謝投資者的持續支持。

Now, I will turn the call back to David to cover additional business highlights from the quarter.

現在，我將把電話轉回給大衛，介紹本季的其他業務亮點。

David?

大衛？

Thanks, Eyal.

謝謝，埃亞爾。

As Eyal highlighted, we delivered a solid Q2, performing well against all metrics and achieving the highest top line revenue in our history.

正如 Eyal 所強調的，我們第二季的業績表現強勁，所有指標均表現良好，並實現了史上最高的營收。

And with the capital now in place to support our continued growth, we are laser-focused on executing our customer expansion plans and driving what we expect will be a strong year-over-year growth along with a healthy pipeline dynamic heading into 2025.

現在，隨著支持我們持續成長的資本到位，我們將專注於執行我們的客戶擴張計劃，並推動我們預期的強勁同比增長以及進入 2025 年的健康管道動態。

Now, I'd like to share some important business highlights from the quarter.

現在，我想分享本季的一些重要業務亮點。

As mentioned earlier, a major theme I probed from investors is the strong enthusiasm for our market position and opportunity and eagerness to see customer traction.

如前所述，我從投資者那裡探討的一個主要主題是對我們的市場地位和機會的強烈熱情以及對客戶吸引力的渴望。

I'm pleased to share that the progress we've made in the past quarter across each of our business segments is meaningful and continues to lay a solid foundation for continued growth.

我很高興與大家分享，上個季度我們在每個業務部門的進展都是有意義的，並將繼續為持續成長奠定堅實的基礎。

Rekor's industry reputation as the leader in roadway intelligence is steadily growing, with our brand and AI-based solutions gaining recognition across multiple high-profile forums and institutions.

Rekor 作為道路智慧領域領導者的行業聲譽正在穩步提升，我們的品牌和基於人工智慧的解決方案在多個知名論壇和機構中獲得認可。

We are regularly invited to share insights and success stories in local and national media, underscoring our thought leadership in the future of AI and transportation.

我們定期受邀在當地和全國媒體上分享見解和成功故事，突顯我們在人工智慧和交通未來的思想領導。

We were also proud to recently have the Baltimore Business Journal recognizes as the number one fastest-growing company in the region, as well as highlight our commitment to digitizing critical transportation infrastructure across the nation.

我們也很自豪最近被《巴爾的摩商業雜誌》評為該地區成長最快的公司，並強調了我們對全國關鍵交通基礎設施數位化的承諾。

Additionally, we were honored with a special invitation to join a high-profile panel alongside leaders from TxDOT and Amazon/AWS.

此外，我們也榮幸地受到特別邀請，與來自 TxDOT 和 Amazon/AWS 的領導人一起參加一個備受矚目的小組。

During the event, the CIO of TxDOT highlighted Rekor's industry leadership and the significant impact of our technology in Texas.

活動期間，TxDOT 的 CIO 強調了 Rekor 的行業領導地位以及我們的技術在德克薩斯州的重大影響。

Notably, Rekor Command was credited with helping achieve a 29% reduction in secondary crashes and a 44-minute improvement in incident resolution times, underscoring our vital role in their mission-critical efforts to save lives on their roadways.

值得注意的是，Rekor Command 因幫助減少了 29% 的二次事故以及將事件解決時間縮短了 44 分鐘而受到讚譽，這突顯了我們在他們拯救道路生命的關鍵任務工作中發揮的重要作用。

This quarter, Rekor was prominently featured by ITS America as a leading force in the current and future landscape of AI for digital infrastructure and transportation.

本季度，Rekor 被 ITS America 重點評價為當前和未來數位基礎設施和交通人工智慧領域的主導力量。

They highlighted multiple record use cases where we are proving to improve transportation and citizen safety across state and local roadways.

他們強調了多個創紀錄的用例，證明我們可以改善州和地方道路的交通和公民安全。

This recognition, along with the award of multiple new technology patents we received this year, reflects our team's ongoing commitment to advancing the state-of-the-art roadway intelligence.

這項認可以及我們今年獲得的多項新技術專利，反映了我們團隊對推動最先進的道路智慧的持續承諾。

Our proven technology solutions are centered around our three growth pillars: public safety with our Scout platform, transportation management with Command, and urban mobility with Discover.

我們經過驗證的技術解決方案圍繞著我們的三大成長支柱：利用 Scout 平台實現公共安全、利用 Command 進行交通管理以及利用 Discover 進行城市交通。

I'd like to start with our first growth pillar, public safety and Scout.

我想從我們的第一個成長支柱——公共安全和童子軍開始。

Rekor's reputation as a leader in AI-based vehicle and license plate recognition is well known and continues to grow in what is a noisy and fragmented market.

Rekor 作為基於人工智慧的車輛和車牌識別領域的領導者的聲譽是眾所周知的，並且在這個嘈雜且分散的市場中不斷增長。

We believe that the future of this industry sector will be defined by open platforms and seamless integration into existing public safety infrastructure, principles that are central to our growth strategy.

我們相信，該行業的未來將由開放平台和與現有公共安全基礎設施的無縫整合來定義，這些原則是我們成長策略的核心。

As such, our focus has been and remains on integrating our technology into existing law enforcement and security systems, while expanding our market reach through partnerships with OEMs, resellers, and third-party channels.

因此，我們的重點始終是將我們的技術整合到現有的執法和安全系統中，同時透過與原始設備製造商、經銷商和第三方通路的合作擴大我們的市場範圍。

A key example of this strategy in action is our recently announced partnership with SoundThinking, a leading public safety technology company known for delivering AI and data-driven solutions to law enforcement civic leaders and security professionals.

這項策略付諸實踐的一個重要例子是我們最近宣布與 SoundThinking 合作，SoundThinking 是一家領先的公共安全技術公司，以向執法公民領導人和安全專業人員提供人工智慧和數據驅動的解決方案而聞名。

SoundThinking is already trusted by thousands of public safety agencies across the US.

SoundThinking 已受到美國數千個公共安全機構的信任。

By integrating Scout technology with their ShotSpotter gunshot detection solution, we are providing an end-to-end public safety offering through new go-to-market channels that immediately enhances public safety for major cities and strengthens Rekor's presence in key markets.

透過將 Scout 技術與其 ShotSpotter 槍擊偵測解決方案集成，我們透過新的上市管道提供端到端公共安全產品，立即增強主要城市的公共安全，並加強 Rekor 在主要市場的影響力。

In addition, this quarter, Scout was recognized by Amazon Web Services as the first in the industry to achieve the well-architected stamp of approval, joining the rest of our portfolio in the marketplace.

此外，本季度，Scout 被 Amazon Web Services 認可為業內第一個獲得架構完善的批准印章的產品，加入了我們市場上的其他產品組合。

This achievement is important because, not only does this speak volumes about the strength and differentiation of our technology, but also brings Scout into the highly selective AWS Marketplace.

這項成就非常重要，因為這不僅充分說明了我們技術的優勢和差異化，而且還將 Scout 引入了高度選擇性的 AWS 市場。

It also expands our reach by enabling customers to access Scout through the AWS partner network and Amazon Business distribution and procurement channels.

它還使客戶能夠透過 AWS 合作夥伴網路以及 Amazon Business 分銷和採購管道存取 Scout，從而擴大了我們的覆蓋範圍。

This positions us to integrate more seamlessly with leading technology platforms, ensuring that our offerings are accessible to a wider audience.

這使我們能夠與領先的技術平台更加無縫地集成，確保我們的產品可供更廣泛的受眾使用。

Also, we expanded our relationship with NVIDIA, as well as our participation in their Metropolis partner network, building upon NVIDIA's most advanced Jetpack technology for our customers.

此外，我們還擴大了與 NVIDIA 的關係，並參與其 Metropolis 合作夥伴網絡，為我們的客戶建立了 NVIDIA 最先進的 Jetpack 技術。

Our deep technical collaboration with NVIDIA powers our advanced computer vision and machine learning technologies, accelerating time to market for new features and simplifying customer adoption.

我們與 NVIDIA 的深入技術合作為我們先進的電腦視覺和機器學習技術提供了動力，加快了新功能的上市時間並簡化了客戶的採用。

Looking ahead in the public safety segment, we are focused on licensing our vehicle recognition SDK through third-party e-commerce platforms and developer portals.

展望公共安全領域的未來，我們專注於透過第三方電子商務平台和開發者入口網站授權我們的車輛識別 SDK。

This approach will empower third-party developers to create new innovative market applications that leverage Rekor technology at their core.

這種方法將使第三方開發人員能夠創建以 Rekor 技術為核心的新的創新市場應用程式。

In addition to this, we're developing the next generation of Scout.

除此之外，我們正在開發下一代 Scout。

Our next-gen platform not only promises to strengthen our leadership in the public safety sector, but also pave the way for continued growth and innovation across the industry and with our partners.

我們的下一代平台不僅承諾加強我們在公共安全領域的領導地位，而且為整個行業以及與我們的合作夥伴的持續成長和創新鋪平道路。

Moving on to pillar two, our transportation management segment and the Rekor Command platform.

接下來是第二支柱，我們的運輸管理部門和 Rekor Command 平台。

Departments of Transportation are confronting an increasingly complex and demanding environment in their mission to ensure roadway safety and keep traffic moving.

交通部在履行確保道路安全和保持交通暢通的使命時，面臨著日益複雜和苛刻的環境。

With the increase of sophisticated vehicles, the growing issue of distracted driving, aging roadway infrastructure and never-ending road work and traffic interruptions, the challenges are multiplying for these agencies.

隨著複雜車輛的增加、分心駕駛問題日益嚴重、道路基礎設施老化以及永無止境的道路施工和交通中斷，這些機構面臨的挑戰正在倍增。

Compounding these difficulties are the deep organizational and data silos that DOTs must navigate to try to keep traffic flowing and people safe.

讓這些困難變得更加複雜的是 DOT 必須克服深層的組織和資料孤島，以確保交通暢通和人員安全。

The situation is further strained by the rapidly increasing retirement of seasoned DOT professionals from the agencies and the ongoing struggle to recruit skilled talent quickly enough to meet these escalating demands.

由於各機構中經驗豐富的交通運輸部專業人員的迅速退休以及持續不斷的努力以足夠快的速度招募熟練人才來滿足這些不斷升級的需求，情況變得更加緊張。

The Rekor Command platform addresses these challenges by providing tools that are full stack solutions versus silos.

Rekor Command 平台透過提供全端解決方案而不是孤島工具來應對這些挑戰。

And that leverage AI to process and integrate massive and disparate data sets, turning them into actionable insights that can be shared across departments and agencies in a single source of truth in the single payment blast.

利用人工智慧來處理和整合大量不同的數據集，將其轉化為可操作的見解，可以在單次支付爆炸中以單一事實來源在各部門和機構之間共享。

This comprehensive view of roadway and mobility data provides real-time visualization, situational awareness, predictive analytics, and more, enabling agents to effectively manage roadways despite the increasing demands and limited resources.

這種道路和行動數據的全面視圖提供了即時視覺化、態勢感知、預測分析等，使代理商能夠在需求不斷增加和資源有限的情況下有效管理道路。

As mentioned earlier, our work with TxDOT has been particularly impactful for Texas roadways and recognized across the US.

如前所述，我們與 TxDOT 的合作對德州的道路產生了特別大的影響，並得到了全美的認可。

Building on this momentum and alignment with TxDOT's record-breaking $142 billion investment in transportation infrastructure over the next 10 years, we launched the Construction Partner Program this quarter with TxDOT.

在此勢頭的基礎上，並與 TxDOT 在未來 10 年對交通基礎設施投資創紀錄的 1,420 億美元保持一致，我們本季度與 TxDOT 啟動了建築合作夥伴計劃。

PPP is a vital citizen-facing app powered by Command designed to enhance mobility and roadway safety across Texas through real-time incident monitoring and work zone management.

PPP 是一款由 Command 提供支援的面向公民的重要應用程序，旨在透過即時事件監控和工作區管理來增強德克薩斯州的移動性和道路安全。

Additionally, in collaboration with TxDOT and the University of Texas at Austin, we developed an economic benefit calculator that assesses and validates the efficiency and monetary benefits of key metrics like crash reduction and congestion improvement, helping any transportation agency clearly understand and visually see the return on investment they make in our Command platform.

此外，我們與TxDOT 和德克薩斯大學奧斯汀分校合作開發了一款經濟效益計算器，用於評估和驗證減少碰撞和改善擁堵等關鍵指標的效率和經濟效益，幫助任何運輸機構清楚地了解和直觀地看到回報他們在我們的 Command 平台上的投資。

But our progress isn't limited to Texas.

但我們的進步並不限於德州。

We're pleased to also announce the initial adoption of the Command platform in Oklahoma and Kansas, further extending our reach and ability to drive influence and adoption across state lines as we build out a connected network of smart roadways both regionally and nationally.

我們也很高興地宣布，Command 平台已在俄克拉荷馬州和堪薩斯州初步採用，隨著我們在地區和全國範圍內建立智慧道路互聯網絡，進一步擴大了我們推動跨州影響力和採用的影響力和能力。

Similarly, in Oregon, Umatilla County announced their adoption of Command in conjunction with the state's connected vehicle ecosystem, bringing advanced roadway intelligence to the unique challenges facing rural areas and communities and supporting the work we're doing with Oregon DOT's road usage charge program statewide.

同樣，在俄勒岡州，尤馬蒂拉縣宣布採用Command 與該州的聯網車輛生態系統相結合，為農村地區和社區面臨的獨特挑戰帶來先進的道路智能，並支持我們在俄勒岡州交通部全州範圍內的道路使用收費計劃中所做的工作。

These developments highlight the growing recognition and adoption of Command across the country.

這些事態發展凸顯了指揮在全國範圍內的日益認可和採用。

The expansion of our footprint in this segment underscores our commitment to transforming roadway and traffic management by delivering unprecedented visibility and insights that legacy systems just can't offer.

我們在這一領域的足跡的擴大凸顯了我們對透過提供傳統系統無法提供的前所未有的可見性和洞察力來改變道路和交通管理的承諾。

Our solutions enable agencies to monitor traffic in real time, break the data and organizational silos, and utilize AI-driven insights to respond to incidences faster, reduce response times, and vastly improve the time it takes to get roads back to normal.

我們的解決方案使機構能夠即時監控交通，打破數據和組織孤島，並利用人工智慧驅動的見解更快地響應事件，減少響應時間，並大大縮短道路恢復正常所需的時間。

Our continued innovations and strategic partnerships ensure that we will continue to lead the way in providing the technology and insights needed for smarter, safer, and more efficient roadways.

我們持續的創新和策略合作夥伴關係確保我們將繼續引領潮流，提供更智慧、更安全、更有效率的道路所需的技術和見解。

Last but not least, I'd like to share some progress that we've made this quarter in the third growth pillar, our urban mobility segment and our Rekor Discover platform.

最後但並非最不重要的一點是，我想分享本季我們在第三個成長支柱、城市交通領域和 Rekor Discover 平台方面取得的一些進展。

As mentioned in our last earnings call, the traffic data collection industry is at a pivotal moment, which is a significant growth driver for Rekor.

正如我們在上次財報電話會議中提到的，交通數據收集行業正處於關鍵時刻，這是 Rekor 的重要成長動力。

We believe we are leading one of the largest legacy data collection technology refreshes in the US, where millions of outdated and legacy-based traffic study sites across the US roadways will be replaced with advanced AI-driven solutions.

我們相信，我們正在引領美國最大的遺留資料收集技術更新之一，美國道路上數以百萬計的過時和基於遺留的交通研究站點將被先進的人工智慧驅動的解決方案所取代。

Our Discover platform, initially built on the foundation of our 2022 acquisition of Southern Traffic Services and further strengthened by our acquisition of All Traffic Data earlier this year, has transformed the permanent and short-term traffic study landscape.

我們的 Discover 平台最初建立在 2022 年收購 Southern Traffic Services 的基礎上，並透過今年稍早收購 All Traffic Data 得到進一步加強，改變了永久性和短期交通研究格局。

It allows us to replace legacy systems with secure, connected and modular AI-based solutions that integrate seamlessly into existing infrastructure, greatly enhancing safety and sustainability for our customers.

它使我們能夠用安全、互聯和模組化的基於人工智慧的解決方案替換舊系統，這些解決方案無縫整合到現有基礎設施中，從而極大地提高客戶的安全性和永續性。

The platform's mission-critical status is clearly demonstrated recently during Hurricane Debbie, where we supported multiple states in the Southeast in managing roadways and evacuation routes in real time, ensuring citizen safety during emergency operations.

該平台的關鍵任務地位在最近的黛比颶風期間得到了清晰的體現，我們支持東南部多個州即時管理道路和疏散路線，確保緊急行動期間公民的安全。

This quarter, I'm pleased to share that we were awarded over $15 million in new contracts, highlighting the strong demand for Discover and better traffic data management reporting as states look to modernize and digitize their legacy roadway infrastructure.

本季度，我很高興與大家分享，我們獲得了超過1500 萬美元的新合同，這凸顯了隨著各州尋求對其傳統道路基礎設施進行現代化和數字化，對Discover 和更好的交通數據管理報告的強勁需求。

Notably, we expanded our reach westward with statewide contracts in Ohio and Texas.

值得注意的是，我們透過俄亥俄州和德克薩斯州的全州範圍合約向西擴大了業務範圍。

These contracts not only cover the maintenance repair and replacement of existing infrastructure, but also pave the way to transition failing traffic data collection sites to AI across the state.

這些合約不僅涵蓋現有基礎設施的維護和更換，還為將全州故障的交通數據收集站點過渡到人工智慧鋪平道路。

It's worth noting that this new Texas contract is independent from the work we're already doing in Texas with Command, illustrating our land and expand strategy in action.

值得注意的是，這份新的德州合約獨立於我們已經在德州與指揮部所做的工作，說明了我們正在採取的土地和擴張策略。

Our approach is to penetrate a state by delivering clear value with 1 of our platforms and then expand to the next platform in our portfolio and then the next.

我們的方法是透過我們的一個平台提供明確的價值來滲透一個國家，然後擴展到我們投資組合中的下一個平台，然後再擴展到下一個。

And along the way, we have the opportunity to continue to layer on new value-added services over the top, such as air quality, electric vehicle studies, weight in tonnage and more, increasing the value we deliver to the state and our revenue potential.

在此過程中，我們有機會繼續提供新的增值服務，例如空氣品質、電動車研究、噸位重量等，從而增加我們為國家提供的價值和收入潛力。

As another example of customer traction, we also announced a new $1.5 million contract with Maryland Department of Transportation to deploy the Discover platform across some of the nations most heavily used corridors, including I-95, I-495, and I-695.

作為吸引客戶的另一個例子，我們還宣布與馬裡蘭州交通部簽訂了一份價值150 萬美元的新合同，在美國一些使用最頻繁的走廊（包括I-95、I-495 和I-695）部署Discover 平台。

This win, which is over and above our AI-based class count and speed offering, focuses on quarter management and sustainability, incorporating advanced environmental analytics like carbon reduction, EV, counting, and air quality monitoring weight, and tonnage and volume by lane through our new Vehicle Insight solution.

這場勝利超越了我們基於人工智慧的班級計數和速度產品，重點關注季度管理和永續性，結合了先進的環境分析，如碳減排、電動車、計數和空氣品質監測，按車道計算重量、噸位和體積。

These enhancements will help Maryland improve traffic management while addressing environmental concerns, and this has further opened the door to additional opportunities within the state.

這些改進將幫助馬裡蘭州改善交通管理，同時解決環境問題，這進一步為該州內的更多機會打開了大門。

In addition, we also expanded into Colorado's Pitkin County, where we are deploying Discover in the highly trafficked Aspen area and surrounding region.

此外，我們也擴展到科羅拉多州的皮特金縣，在交通繁忙的阿斯彭地區及週邊地區部署 Discover。

This new contract includes our Discover class count and speed offering, as well as air quality monitoring once again showcasing our ability to grow our footprint by providing value-added services over the top of existing infrastructure.

這份新合約包括我們的 Discover 班級數量和速度服務，以及空氣品質監測，再次展示了我們透過在現有基礎設施之上提供增值服務來擴大足跡的能力。

This project supports better roadway planning maintenance and sustainability in a region known to drive environmental improvements.

該項目支持在一個以推動環境改善而聞名的地區更好的道路規劃維護和永續性。

Looking ahead, we continue to see significant momentum and opportunities emerging for Discover.

展望未來，我們將繼續看到 Discover 不斷湧現的巨大動力和機會。

Our recent strategic partnership with MS2, a leader in transportation data management for states, is expanding our reach to dozens of new state DOTs and numerous cities and counties across the US.

我們最近與各州交通數據管理領域的領導者 MS2 建立了戰略合作夥伴關係，將我們的業務範圍擴大到美國數十個新的州交通部以及眾多城市和縣。

This collaboration, combined with our mission of collecting, connecting, and organizing the world's mobility data to make it useful and accessible for unique insights positions Rekor on a fast path to becoming the leading roadway intelligence data exchange for the industry, laying a strong foundation for the continued success, holding enormous and durable value at the core of our strategy.

此次合作，再加上我們收集、連接和組織全球行動數據，使其有用且可獲取獨特見解的使命，使 Rekor 迅速成為業界領先的道路智慧數據交換平台，為持續的成功，在我們的策略核心中擁有巨大而持久的價值。

As we close out my first full quarter as CEO of Rekor, I'm encouraged by the solid progress we've made across all of our growth pillars.

當我擔任 Rekor 執行長的第一個完整季度即將結束時，我對我們在所有成長支柱上取得的堅實進展感到鼓舞。

We've continued to navigate the complexities of government procurement, secured multiple multi-million dollar contracts and expanded our reach into key states like Ohio, Texas, Maryland, Colorado, Kansas, and Oklahoma.

我們繼續應對政府採購的複雜性，獲得了多份價值數百萬美元的合同，並將我們的業務範圍擴大到俄亥俄州、德克薩斯州、馬裡蘭州、科羅拉多州、堪薩斯州和俄克拉荷馬馬州等關鍵州。

Our strategic partnerships with industry leaders such as AWS, NVIDIA, SoundThinking, and MS2 are further strengthening our market presence and positioning Rekor as a leader in providing roadway intelligence to the industry.

我們與 AWS、NVIDIA、SoundThinking 和 MS2 等行業領導者的策略合作夥伴關係進一步增強了我們的市場影響力，並將 Rekor 定位為向產業提供道路智慧的領導者。

As I mentioned earlier, in my discussions with many investors over the past 90 days, the key themes you raised such as market opportunities, capital needs, and meaningful traction have been top of mind for me.

正如我之前提到的，在過去 90 天與許多投資者的討論中，你們提出的關鍵主題，如市場機會、資本需求和有意義的牽引力，一直是我最關心的問題。

We've made important strides in each of these areas in the quarter, securing necessary capital to continue our growth, winning new contracts, and expanding our market footprint.

本季度我們在每個領域都取得了重要進展，獲得了繼續成長所需的必要資本，贏得了新合同，並擴大了我們的市場足跡。

While we remain cautious due to the inherent complexities and unpredictability of government contracting, the traction we've gained this quarter is a strong indication that we're on the right path.

儘管由於政府合約固有的複雜性和不可預測性，我們仍然保持謹慎態度，但本季我們獲得的牽引力強烈表明我們走在正確的道路上。

We're committed to building on this momentum and continuing to deliver our strategic vision.

我們致力於鞏固這一勢頭並繼續實現我們的策略願景。

I look forward to updating you on our continued progress in Q3.

我期待向您通報我們在第三季的持續進展。

Thank you.

謝謝。

We'll now move on to Q&A.

我們現在將進入問答環節。

Operator?

操作員？

(Operator Instructions) Michael Latimore, Northland Capital Markets.

（操作員說明）Michael Latimore，Northland Capital Markets。

All right.

好的。

Thank you.

謝謝。

Yes.

是的。

Yeah, great to see all the news recently contracts and with a 27% sequential growth from the quarter here.

是的，很高興看到最近所有新聞都在收縮，並且比本季環比增長了 27%。

I guess, in terms of the -- this kind of large contract you highlighted here, 1,000 units potentially, I guess, one, are those basically going to go into locations that you currently manage and you upgrade them or are there also new locations embedded in that?

我想，就您在這裡強調的這種大型合約而言，可能有1,000 個單位，我想，其中一個，基本上是那些將進入您當前管理的地點並對其進行升級，或者是否還有嵌入的新地點在那裡？

And then what's your thought on time to get all these deployed now?

那麼您對現在部署所有這些的時間有何想法？

Mike, good to have you on the call.

麥克，很高興您接聽電話。

Thanks for the question.

謝謝你的提問。

So in terms of the large contract, yes.

所以就大合約而言，是的。

We do have management responsibility for a number of these.

我們確實對其中一些負有管理責任。

But it's a mixture of existing as well as new areas that otherwise would not have been done.

但這是現有領域和新領域的混合體，否則這些領域是不可能完成的。

The mixture of areas that would have normally been done with portable or short term, that will move to a more permanent solution because now it can be done.

通常以便攜式或短期方式完成的區域混合，將轉向更永久的解決方案，因為現在可以完成。

So that's a lot of new opportunity there for us.

所以這對我們來說有很多新的機會。

But to answer your direct question, it is a mixture of existing ones that are scheduled for replacement and new ones that otherwise could not have been done.

但要回答你的直接問題，它是計劃更換的現有零件和原本無法更換的新零件的混合體。

Great.

偉大的。

And it sounds like you have started to deploy the units.

聽起來你已經開始部署這些單位了。

And is there -- how many months or quarters do you expect to be able to deploy the 1,000, let's say?

比方說，您預計需要多少個月或多少季度才能部署這 1,000 名人員？

Well, we would expect that -- like it depends on -- I would say, a few things.

好吧，我們預計——就像這取決於——我會說，一些事情。

Like in the area -- I hope you understand, there's expected and predicted to be about 20 to 24 named storms in the area, 8 to 12 hurricanes between June and November.

就像該地區一樣，我希望您理解，預計 6 月至 11 月期間該地區將出現 20 至 24 場命名風暴，其中 8 至 12 場颶風。

So again, if those didn't happen, clear sunny days, I would say that we'd probably be in the six-month range to get that through with existing resources.

因此，如果這些沒有發生，晴朗的晴天，我想說我們可能會在六個月的時間內利用現有資源來完成這項任務。

And it could go higher based on that.

在此基礎上，它可能會走得更高。

But I'd say that's what I would expect.

但我想說這就是我所期望的。

Yes.

是的。

Yeah.

是的。

I'm near the Gulf Coast and very attuned to those forecasts, so for sure.

我在墨西哥灣沿岸附近，非常適合這些預測，所以這是肯定的。

Yes, indeed.

是的，確實如此。

And then is the pricing model here -- and maybe you can't talk about it, is the pricing model kind of the hardware and maintenance one or the full subscription one?

然後是這裡的定價模式——也許你不能談論它，定價模式是硬體和維護模式還是完整訂閱模式？

In the cases that we're talking about, because we're talking about a regional area, it varies by the states in the Southeast.

在我們談論的情況下，因為我們談論的是偏遠地區，所以東南部各州的情況有所不同。

But the one in particular that I'm referring to is a mixture of hardware and subscription bundled together.

但我特別指的是硬體和訂閱捆綁在一起的混合體。

So paid upfront in the way that the state would like to do that through their procurement processes.

因此，政府希望透過採購流程預先支付費用。

But it very much is over time, but I would say it is bundled together.

但這很大程度上是隨著時間的推移而發生的，但我想說它是捆綁在一起的。

Okay.

好的。

Great.

偉大的。

And then on the Texas news you just had.

然後是你剛剛看到的德州新聞。

You characterize that as, I think, kind of maintenance and repair.

我認為，你將其描述為一種維護和修理。

I guess one, is that -- just to clarify that, that's what that deal is about.

我想其中之一是——只是為了澄清這一點，這就是這筆交易的目的。

And then two, do you see an opportunity in Texas similar to the one -- the large one we just discussed?

第二個問題，您在德州是否看到了與我們剛才討論的大型機會類似的機會？

So on the Texas opportunity, one of the things that we do well and we're trusted to do is looking to -- well, evaluating, maintaining, replacing, repairing existing infrastructure.

因此，在德克薩斯州的機會中，我們做得很好並且被信任做的事情之一就是評估、維護、更換和修復現有基礎設施。

That, frankly, what makes us incredibly valuable to the states.

坦白說，這使我們對各州非常有價值。

But the opportunity to have line of sight on every device on the roadway is the provision to also replace with AI.

但道路上每台設備的視線也可以被人工智慧取代。

So right now, we have access to both of those opportunities, and we're just getting started.

所以現在，我們可以獲得這兩個機會，而且我們才剛開始。

So we need to make sure that we're being able to extract every single dollar and earn every single dollar from that opportunity and it will equate to both existing maintenance as well as replacement for AI.

因此，我們需要確保我們能夠從這個機會中提取每一塊錢並賺取每一塊錢，這將等同於現有的維護以及人工智慧的替代。

Okay.

好的。

And just last one on ATD, how is that tracking with your expectations?

最後一篇關於 ATD 的文章，與您的期望相符嗎？

Have they helped with some of these recent wins?

他們對最近的一些勝利有幫助嗎？

Actually, very well.

事實上，很好。

I'm very pleased with the acquisition as we have been over time with our STS acquisition as well.

我對此次收購感到非常滿意，因為我們對 STS 的收購也經歷了很長一段時間。

Excellent team.

優秀的團隊。

It broadened the market for us.

它為我們拓寬了市場。

We're doing work in new states that we've never done.

我們正在新的州開展我們從未做過的工作。

And also now integrating our AI technologies into the workflow.

現在也將我們的人工智慧技術整合到工作流程中。

So I really truly could not be happier with that team and also with the progress we're making in terms of integration, but also new business.

因此，我對這個團隊以及我們在整合和新業務方面取得的進展感到非常滿意。

So yes, very well, actually.

所以是的，實際上很好。

Yeah.

是的。

Great.

偉大的。

Thanks a lot.

多謝。

Godd luck this year.

祝今年好運。

Thank you.

謝謝。

Thank you, Mike.

謝謝你，麥克。

(Operator Instructions) Noah Levitz, William Blair.

（操作員指示）Noah Levitz、William Blair。

David, Eyal, this is Noah Levitz on for Louie DiPalma.

大衛、艾亞爾，我是諾亞·萊維茨（Noah Levitz），替補路易·迪帕爾瑪（Louie DiPalma）。

Thank you for taking my questions.

感謝您回答我的問題。

Hi.

你好。

First off, as it relates to your new partnership with SoundThinking for PlateRanger, just to gain some more color, how is your solution going to stack up versus some of the existing solutions already on the market?

首先，因為它涉及您與 SoundThinking for PlateRanger 的新合作夥伴關係，只是為了獲得更多色彩，您的解決方案與市場上已有的一些現有解決方案相比如何？

Will it be priced comparatively to some of the others?

與其他一些產品相比，它的價格會比較高嗎？

And then can you also elaborate on any other differentiators that you're going to provide?

然後您能否詳細說明您將提供的任何其他差異化優勢？

So yes, it's a very good question.

所以，是的，這是一個非常好的問題。

We're excited about this relationship.

我們對這種關係感到興奮。

SoundThinking is a respected name and brand in the law enforcement area.

SoundThinking 是執法領域受人尊敬的名字和品牌。

And so we're thrilled with the opportunity to work with them.

因此，我們很高興有機會與他們合作。

In terms of our go-to-market and pricing, that's really up to how SoundThinking wants to approach their market.

就我們的上市和定價而言，這實際上取決於 SoundThinking 希望如何進入他們的市場。

They've got a large installed base that will expand into -- including vehicle recognition and LPR and the connection with PlateRanger, which is powered by Rekor under the hood of that and connecting to their ShotSpotter, how does it compare competitively.

他們擁有龐大的安裝基礎，並將擴展到 - 包括車輛識別和 LPR 以及與 PlateRanger 的連接，後者由 Rekor 提供支援並連接到他們的 ShotSpotter，它的競爭力如何。

One of the things I can say objectively through third-party benchmarking is that Rekor's license plate recognition and vehicle recognition technology is the top of the stack.

透過第三方基準測試，我可以客觀地說的一件事是，Rekor 的車牌識別和車輛識別技術是最頂尖的。

So from a competitive nature, we still very -- feel very good about that.

因此，從競爭的本質來看，我們仍然對此感覺非常好。

In terms of how SoundThinking and their ShotSpotter technology stacks up, we believe, and we've heard enough evidence from our customers that this is a leading technology in the market.

就 SoundThinking 及其 ShotSpotter 技術的優勢而言，我們相信並且我們已經從客戶那裡聽到了足夠的證據表明這是市場上的領先技術。

So to me, it's like chocolate and peanut butter coming together, so you really have an end-to-end solution now for law enforcement to have the tools that they need to increase public safety.

所以對我來說，這就像巧克力和花生醬結合在一起，所以現在你真的有了一個端到端的解決方案，執法部門可以擁有提高公共安全所需的工具。

And so pricing, it's going to be up to how SoundThinking, which is to structure that with our customers, not us, so I can't comment on that.

因此，定價將取決於 SoundThinking 的方式，它是與我們的客戶而不是我們一起建立定價，所以我無法對此發表評論。

But our solution together with SoundThinking is where we are effectively working with SoundThinking as a channel to market.

但我們與 SoundThinking 的解決方案是我們與 SoundThinking 作為市場管道進行有效合作的地方。

And so, again, the rest of that engagement will support it, but it really starts with SoundThinking.

因此，同樣，其餘的參與將支持它，但它真正始於 SoundThinking。

Does that help you understand, Noah?

這有助於你理解嗎，諾亞？

Yeah.

是的。

No, that was very helpful.

不，這非常有幫助。

And then just a little follow-up on that.

然後對此進行一些後續行動。

Will it be utilizing solar?

它將利用太陽能嗎？

There's a lot of traction with solar power and LPR cameras.

太陽能和 LPR 相機具有很大的吸引力。

Interested if PlateRanger will also be doing that?

有興趣 PlateRanger 是否也會這麼做？

Yeah.

是的。

Yes, indeed, it will.

是的，確實會的。

The technology, again, from a physicality standpoint is Rekor technology under the hood, both from a hardware perspective as well as the software perspective and the AI agents that run.

同樣，從物理角度來看，無論是從硬體角度還是從軟體角度以及運行的人工智慧代理角度來看，該技術都是 Rekor 技術。

So we've always been solar, so solar is absolutely part of it.

所以我們一直都是太陽能，所以太陽能絕對是其中的一部分。

And it's, in fact, a strong differentiator for us as well.

事實上，這對我們來說也是一個強大的差異化因素。

Great.

偉大的。

That was it from me.

那是我說的。

Thank you very much.

非常感謝。

KC Ambrecht, Shay Capital.

KC Ambrecht，謝伊資本。

David, good update to hear this quarter.

大衛，本季聽到的好消息。

Just a couple of clarifications here.

這裡只做一些澄清。

The $35 million contract that you guys mentioned last quarter that you talked about today, I assume based on the hurricane comment there, it's probably Florida.

你們今天談到的上個季度的 3500 萬美元合同，我根據那裡的颶風評論推測，可能是佛羅裡達州。

But I just wanted to get a sense that if it's over 6 months just at the minimum, which it sounds like it's probably going to be more just depending on how it's following this time of the year.

但我只是想知道，如果至少超過 6 個月，聽起來可能會更取決於每年這個時候的情況。

That adds about $6 million of -- like $6 million, if it's equal, if it's straight line, that adds about $6 million of revenue a quarter.

這會增加約 600 萬美元——例如 600 萬美元，如果相等的話，如果是直線的話，每個季度的收入會增加約 600 萬美元。

How do we think about profitability for Rekor when a contract this size comes online?

當如此規模的合約上線時，我們如何看待 Rekor 的獲利能力？

I'm trying to understand -- I don't know -- Eyal, maybe you understand the question better than I do?

我試著去理解──我不知道──Eyal，也許你比我更理解這個問題？

I mean, you guys lost $5.5 million of EBITDA this quarter.

我的意思是，本季你們損失了 550 萬美元的 EBITDA。

And if you start bringing in this contract, that should add $6 million a month in revenue.

如果你開始簽訂這份合同，每月收入將增加 600 萬美元。

If you just say it's going to take six months, it's a $35 million contract.

如果你只是說需要六個月，那麼這是一份價值 3500 萬美元的合約。

How do we think about -- how does that impact your profitability?

我們如何看待這對您的獲利能力有何影響？

So you wouldn't do it all at once.

所以你不會一下子做完這一切。

Let me make sure I understand.

讓我確認一下我理解了。

So effectively, over a span of, say, six months, you're going to be putting an x number per week per month and per quarter, et cetera?

那麼有效的是，在六個月的時間裡，您將每週、每月、每季等等投入 x 個數字？

So you're going to ramp into that over time.

所以隨著時間的推移，你會逐漸適應這一點。

And so -- and the way that contract would be structured here is that it would be paying upfront.

因此，合約的結構方式是預先付款。

So you would realize that, linearly, through the period of time, as fast as you can put things in, the faster that turns on.

所以你會意識到，隨著時間的推移，線性地，你把東西放進去的速度越快，啟動的速度就越快。

Does that answer -- am I getting to the heart of your question, K.C.?

K.C.，這是否回答了我是否觸及了你問題的核心？

Yeah.

是的。

And then how much of that would be like hardware versus kind of a SaaS-type contract?

那麼其中有多少是像硬件，而不是 SaaS 類型的合約呢？

Is it 50/50?

是50/50嗎？

Is it more hardware than SaaS?

硬體比SaaS更多嗎？

Like how do we think about that?

就像我們如何看待這個問題？

Eyal, do you have the detail

Eyal，你有詳細資料嗎？

--?

——？

Yeah, KC.

是的，KC。

It's more on the hardware upfront and the SaaS is over time.

更多的是前期的硬件，而 SaaS 則隨著時間的推移而發展。

So to your question on the $6 million every month, that's not $6 million maybe in cash if it all go well, but the revenues are only for the hardware, and some of the SaaS as we recognize as we go.

所以，對於你關於每月 600 萬美元的問題，如果一切順利的話，這 600 萬美元可能不是現金，但收入僅來自硬件，以及我們所認識到的一些 SaaS。

The contracts talk about three years upfront for SaaS.

合約約定 SaaS 預付三年。

So we recognize it all the time.

所以我們一直都認得它。

Okay.

好的。

And then you mentioned previous questions talked about Texas.

然後你提到之前的問題談到了德州。

How big can Texas be?

德州能有多大？

Can it be the same size as this type of contract over time?

隨著時間的推移，它可以與此類合約的規模相同嗎？

Or is it a different size?

或尺寸不同？

So we're -- that's a really important question, KC.

所以我們——這是一個非常重要的問題，KC。

Texas is the largest roadway network in the United States.

德州是美國最大的公路網。

And so if you think about the miles of road there, you can imagine a disproportionate amount of sensors, right?

因此，如果您考慮一下那裡的道路數英里，您可以想像感測器的數量不成比例，對吧？

And so the opportunity there, it's a big state.

所以那裡的機會是一個大州。

The other state that you're referring to is also a large state, one of the top five in the nation.

你提到的另一個州也是一個大州，是全國排名前五的州之一。

So landing in these states and being able to expand, as I described also in Texas during my prepared remarks.

因此，登陸這些州並能夠擴張，正如我在準備好的演講中在德克薩斯州所描述的那樣。

The opportunity there is enormous, for sure.

當然，那裡的機會是巨大的。

And so a lot of sensors, a lot of roadways.

所以有很多感測器，很多道路。

And statistically, from what we understand from our customers and as they've described the stuff that's on roadways today, a half to two-thirds aren't really producing the results they need.

從統計數據來看，根據我們從客戶那裡了解到的情況以及他們對當今道路上的東西的描述，有一半到三分之二的人並沒有真正產生他們需要的結果。

So it provides a tremendous opportunity for sure.

所以它肯定提供了一個巨大的機會。

Okay.

好的。

And then lastly, you guys mentioned Georgia in your prepared commentary.

最後，你們在準備好的評論中提到了格魯吉亞。

It wasn't clear that you guys were there before.

不清楚你們之前是否在那裡。

How big is Georgia today on an annual basis in your numbers?

從您的數據來看，今天的喬治亞州每年有多大？

Eyal, can you talk to that?

Eyal，你能談談嗎？

Yeah.

是的。

We do not provide numbers per customer, but this is one of the largest customers that we have.

我們不提供每個客戶的數量，但這是我們最大的客戶之一。

And to your point, Georgia is over 30 years customer with STS before the acquisition.

就您而言，喬治亞州在收購之前已是 STS 30 多年的客戶。

It's a very large customer.

這是一個非常大的客戶。

And did you upsell Georgia when you took over that company, STS?

當您接管 STS 公司時，您是否對 Georgia 進行了追加銷售？

Did you increase the size of that contract?

您是否增加了該合約的規模？

Yes.

是的。

The size of contracts now, but we did put AI units in Georgia.

現在合約的規模，但我們確實在喬治亞州設立了人工智慧部門。

Okay, which increased the revenue, right?

好吧，這增加了收入，對嗎？

The current contract with Georgia is some sort of fixed price.

目前與格魯吉亞的合約是某種固定價格。

We did increase the overall revenues from Georgia, yes, based on other parameters but not from the existing contracts.

是的，我們確實增加了喬治亞州的總收入，這是基於其他參數，但不是來自現有合約。

We have had a source of revenues in Georgia as well.

我們在喬治亞州也有收入來源。

It's the relationship that we have with Georgia and help us expand beyond the current contract.

這是我們與喬治亞州的關係，幫助我們超越目前的合約。

Okay.

好的。

So you guys just outlined -- I'll say Florida, but you can say hurricane state, Georgia and Texas is three significant states in the union.

你們剛才概述了——我會說佛羅裡達州，但你們也可以說颶風州、喬治亞州和德克薩斯州是聯邦中的三個重要州。

So that's good to see.

所以很高興看到這一點。

And then this new facility you set up with Ziegler, I think it -- can you just kind of walk through like the strategy behind that?

然後你和齊格勒建立的這個新設施，我想你能像它背後的策略一樣走一走嗎？

What type of loan to values you're getting on contracts?

您根據合約獲得的貸款價值是什麼類型？

Like how it's structured?

例如它的結構如何？

Like have you dropped in a new state, say, like on the West Coast, that's of size and it's a significant capita.

就像你來到一個新的州，例如西海岸，那裡的面積很大，首都也很重要。

How much credit are you going to get against the contract?

您將從合約中獲得多少信用？

Are you talking about the revenue sharing contract?

您是在談論收益分享合約嗎？

No, the new financing facility you guys announced today.

不，你們今天宣布了新的融資安排。

I think it's called Ziegler.

我想它叫齊格勒。

No.

不。

So I think you're confusing with the thing.

所以我認為你對這件事感到困惑。

We announced a prepaid advanced agreement, which is some sort of convertible.

我們宣布了一項預付預付協議，這是某種可轉換的協議。

Yes, that's the $15 million upfront that we get.

是的，這就是我們獲得的 1500 萬美元預付款。

It's an equity basically, that we get upfront cash.

這基本上是一種股權，我們可以得到預付現金。

We oversee a $15 million upward cash, and there will be a conversion over time to retain the same.

我們監督 1500 萬美元的向上現金，並且隨著時間的推移將會進行轉換以保留相同的現金。

With Ziegler, it's the same structure that we set back in 2023.

Ziegler 的結構與我們在 2023 年設定的結構相同。

It's called revenue-sharing note.

這就是所謂的收入分享票據。

Yes.

是的。

So in this structure, actually, when we have a new contract, which is paid for data as opposed to the contract that we talked before on the $35 million, which became upfront on the hardware, some of the states, the procurement require pay for data.

因此，在這種結構中，實際上，當我們簽訂一份新合同時，該合同是為數據付費的，而不是我們之前談過的3500 萬美元的合同，該合同成為硬件預付款，在某一些州，採購需要支付數據費用。

They don't want to own the hardware.

他們不想擁有硬體。

So they pay a smaller monthly fees for SaaS, for maintenance, the hardware and the software.

因此，他們每月為 SaaS、維護、硬體和軟體支付的費用較少。

And with the current structure that we have on the revenue sharing notes, we get $0.50 for every dollar.

根據我們目前的收入分享票據結構，每 1 美元我們獲得 0.50 美元。

Meaning, if we have $30 million worth of total contract value three years -- over three years, the current indenture said that we can grow up to 50%, so $15 million.

這意味著，如果我們三年內的合約總價值為 3000 萬美元——在三年內，目前的契約表明我們可以成長到 50%，即 1500 萬美元。

That's just the current factor with the revenue sharing notes.

這只是收入分享票據的當前因素。

Okay.

好的。

Great.

偉大的。

And then, David, now that you've been there really starting to run the company for over a quarter now but have been there for a couple of years, what's your expectation for profitability considering that you have these large contracts coming online?

然後，大衛，既然你已經開始經營公司超過四分之一了，但已經在那裡工作了幾年了，考慮到你有這些即將上線的大型合同，你對盈利能力的期望是什麼？

When do you kind of cross that threshold?

你什麼時候跨過這個門檻？

Yeah.

是的。

We have ambitions here in 2024, but I believe that given the hurricane season and such that, it may bleed into 2025, but early 2025.

我們的目標是 2024 年，但我相信，考慮到颶風季節等因素，它可能會持續到 2025 年，但要到 2025 年初。

So that's what I can tell you.

這就是我可以告訴你的。

But there's a lot of time between now and the end of the year, and we have a lot of stuff that's being executed.

但從現在到年底還有很多時間，我們有很多事情正在執行。

So again, we'll wait and see, but that's -- if I would be direct and fair, I would say we have optimism, but again, we have a practical thing about the deal with you.

所以，我們會再等等看，但如果我能直接和公平的話，我會說我們很樂觀，但同樣，我們對與你們的交易有一個實際的想法。

So we'll see how this goes, but we may bleed into 2025 in the first half.

所以我們會看看事情會如何發展，但我們可能會在上半年進入 2025 年。

Okay.

好的。

Great.

偉大的。

A lot of momentum.

動力十足。

You bet.

你打賭。

Thanks, KC.

謝謝，KC。

(Operator Instructions) Michael Latimore, Northland Capital Markets.

（操作員說明）Michael Latimore，Northland Capital Markets。

All right.

好的。

Just on these recent Command wins, can you explain the kind of the competitive dynamic there?

就指揮部最近的勝利而言，您能解釋一下那裡的競爭動態嗎？

Is there anything you're replacing?

有什麼要更換的嗎？

Or is this greenfield?

還是這是綠地？

And how does it roll out?

它是如何推出的？

Does it roll out statewide or is it kind of city by city?

它是在全州範圍內推出還是逐個城市推出？

Yeah.

是的。

Thanks, Mike.

謝謝，麥克。

So Command, from the contracts that we announced here, this is regional based not statewide for Oklahoma and Kansas City -- or Kansas City -- sorry, Kansas State.

因此，指揮部，從我們在這裡宣布的合同來看，這是俄克拉荷馬州和堪薩斯城（或堪薩斯城）的區域性合同，而不是全州範圍的合同，對不起，堪薩斯州。

It was what I meant to say.

這就是我想說的話。

What's really interesting about that -- so it is regional, and we fully expect that will extend into the state.

真正有趣的是——它是區域性的，我們完全期望它會擴展到該州。

One of the things that I'm pleased to say is coming into the new role, as we are entering these smaller communities, that's a very important strategic move for us because it gives us a footprint with less friction.

我很高興地說的一件事是擔任新角色，因為我們正在進入這些較小的社區，這對我們來說是一個非常重要的策略舉措，因為它讓我們的足跡更小。

At a state level, you're dealing with a completely different dynamic.

在州一級，您面臨著完全不同的動態。

So being able to enter a state at a regional level is an accelerated pace, and that's the situation with these two that I talked about, in particular, with Kansas as well as Oklahoma.

因此，能夠在地區一級進入一個州是一個加快的步伐，這就是我談到的這兩個州的情況，特別是堪薩斯州和俄克拉荷馬州。

Oregon, we talked about the work that we're already doing in Oregon.

俄勒岡州，我們討論了我們已經在俄勒岡州所做的工作。

What this represents in Oregon, in particular, Umatilla County, this is a rural community that actually sees an enormous amount of traffic, surprisingly.

這在俄勒岡州，特別是在尤馬蒂拉縣代表著，這是一個農村社區，實際上交通量巨大，令人驚訝。

And along that line, have the same challenges that they're facing at the state level.

沿著這條線，他們面臨著與州一級相同的挑戰。

So this allows them to start doing two things.

所以這讓他們可以開始做兩件事。

First of all, operate off the same source of truth and same pane of glass as the statewide, but they didn't have access to the system.

首先，與全州範圍內使用相同的事實來源和相同的管理平台進行操作，但他們無法存取該系統。

So now they have access to the system, and it also connects into the future of the connected vehicle ecosystem that is going that we're working on with Oregon.

現在他們可以存取該系統，並且它還連接到我們正在與俄勒岡州合作的未來互聯車輛生態系統。

So it's a little different dynamic.

所以它的動態有點不同。

But to net it out, I would say that the regional approach is a very fast path relative to a state approach.

但總而言之，我想說，相對於國家方法，區域方法是一條非常快的路徑。

It could take 18 months sometimes for a state, and these can be done in months.

有時一個州可能需要 18 個月的時間，而這些可以在幾個月內完成。

It really helps to pave the way for future expansion.

這確實有助於為未來的擴展鋪平道路。

And if you -- and you know you're in the Gulf area -- Gulf Coast area, right?

如果你——你知道你在墨西哥灣地區——墨西哥灣沿岸地區，對吧？

Texas buts up to Oklahoma, that buts up to Kansas.

德克薩斯州與俄克拉荷馬州對抗，俄克拉荷馬州與堪薩斯州對抗。

And you can kind of see an I-35 corridor going through there that becomes interesting across state lines.

你可以看到一條 I-35 走廊穿過那裡，跨越州界變得很有趣。

Nobody does that, Mike.

沒有人這樣做，麥克。

So this is really, really an interesting thing that we expect to continue to expand both at the state level, which we're excited about the progress we're making there, but also at the regional level, local level like we're seeing.

因此，這確實是一件非常有趣的事情，我們希望繼續在州一級（我們對在那裡取得的進展感到興奮）以及地區一級和地方一級（就像我們所看到的那樣）繼續擴大規模。

Very good, very good.

非常好，非常好。

Now -- and then just

現在——然後只是

-- (multiple speakers)

——（多位發言者）

You asked the second question.

你問了第二個問題。

I just remembered.

我剛剛想起來了。

The sort of -- like you're replacing something or -- we're not replacing anything.

有點像你要更換某些東西，或者我們不會更換任何東西。

We're replacing, I don't know, spreadsheets and cameras.

我不知道，我們正在更換電子表格和相機。

You know what I mean, like whatever the traditional approach would be.

你知道我的意思，就像傳統方法一樣。

So this is not like some displacement of some ATMS system or something like that.

所以這不像某些 ATMS 系統的位移或類似的東西。

So just to answer that question.

所以就回答這個問題。

That makes sense, yeah.

這是有道理的，是的。

So it's sort of like the digitization of that function as well, just like with Discover?

所以這也有點像是該功能的數位化，就像 Discover 一樣？

That's right.

這是正確的。

That's right.

這是正確的。

And then on gross margin, I was up nicely sequentially.

然後在毛利率方面，我連續上升得很好。

How should we think about gross margin kind of going forward here?

我們該如何看待未來的毛利率？

Mike, thank you for the question.

麥克，謝謝你的提問。

As I mentioned on the call, we anticipate for the long run to have higher gross margin as we refresh all technology with our technology.

正如我在電話會議上提到的，隨著我們用我們的技術更新所有技術，從長遠來看，我們預計會有更高的毛利率。

In the meantime, it will be a little choppy, but we do anticipate to see the trajectory of growth as we can see here, around 50% to 55%.

同時，它會有點波動，但我們確實預計會看到成長軌跡，正如我們在這裡看到的，大約 50% 到 55%。

And as we start to refresh more and more of this old technology with our technology, we anticipate the gross margin to be above 60%, 65%.

隨著我們開始用我們的技術更新越來越多的舊技術，我們預計毛利率將在 60%、65% 以上。

Great.

偉大的。

Thanks a lot.

多謝。

[Ray Yakal].

[雷雅卡爾]。

With your partnership with SoundThinking and the rollout of PlateRanger, I believe, in September, will they go back to their existing customers that they have and offer it to them also?

隨著您與 SoundThinking 的合作以及 PlateRanger 的推出，我相信，在 9 月份，他們會回到現有客戶那裡並向他們提供該服務嗎？

Or is it just their forward customers going forward?

還是只是他們的未來客戶？

And do you also expect any other partner shifts by the end of the year?

您還預計今年底前會有其他夥伴變動嗎？

Hey, Ray, that's a great question.

嘿，雷，這是一個很好的問題。

So listen, I can't speak for them, but I can tell you what we're observing, right?

所以聽著，我不能代表他們說話，但我可以告訴你我們正在觀察什麼，對吧？

Because as they master the go-to-market for that on their timing, our expectation, and we're already seeing it, is that they are going into an existing customer base.

因為當他們掌握了進入市場的時機時，我們的期望（而且我們已經看到了）是他們將進入現有的客戶群。

I mean they've got a brilliant solution, but not a way to do vehicle recognition or LPR.

我的意思是他們有一個出色的解決方案，但不是一種進行車輛識別或車牌識別的方法。

So that complement is a no-brainer.

所以這個補充是理所當然的。

And we've already done public webinars on this with their communities and stuff like that.

我們已經與他們的社區和類似的東西一起舉辦了這方面的公共網路研討會。

So it's on.

所以它已經開始了。

And that's a natural thing for them to do, and we're seeing that happen.

這對他們來說是很自然的事情，我們也看到這種情況發生。

How they're doing that sort of in the out years, I would expect the same, but I can't speak for them.

我希望他們在過去的幾年裡會做同樣的事情，但我不能代表他們說話。

I'm sure you can understand, but that would be a logical thing to do, yes.

我相信你能理解，但這是合乎邏輯的事情，是的。

And my second question is, with the share price being $12.11 off the 52-week low, do you believe the profitability is what's holding the share price down at this time, if you had mentioned profitability been pushed back to early quarter next year or maybe half of next year?

我的第二個問題是，鑑於股價較 52 週低點 12.11 美元，您是否認為盈利能力是目前股價下跌的原因，如果您提到盈利能力被推遲到明年季度初或者也許明年一半？

Yeah.

是的。

That's a crystal ball type of question.

這是一個水晶球類型的問題。

There's so many things that affect the stock price.

影響股價的因素有很多。

But I would say, yes.

但我想說，是的。

One of the things that has been really clear to me and we're really thrilled to talk about today was the progress and the traction that we're getting, and I would consider it meaningful traction with customers that we've been working with.

我非常清楚、我們今天非常高興談論的一件事是我們所取得的進展和吸引力，我認為這對我們一直合作的客戶來說是有意義的吸引力。

And I think as we look forward, the value of the company is, we believe, to be substantial.

我認為，展望未來，我們相信公司的價值是巨大的。

And we're in it for the long term, and we believe we're making the right decisions.

我們是長期參與的，我們相信我們正在做出正確的決定。

We think the stock will be valued accordingly.

我們認為該股票將會得到相應的估值。

In the short run, day to day, yes.

從短期來看，日復一日，是的。

I can't speak to the fluctuations, but our profitability and frankly our ability to continue to intercept the opportunity ahead, I think that was the big question with the ability to close sort of the concerns around capital, which we've done.

我不能談論波動，但我們的盈利能力，坦白說，我們繼續抓住未來機會的能力，我認為這是一個大問題，有能力消除對資本的擔憂，我們已經做到了。

The ability to be able to demonstrate meaningful customer traction, which we've done.

能夠展示有意義的客戶吸引力，我們做到了。

And frankly, our technology position, I think we're doing the right things, and we're going to continue to do more of those.

坦白說，就我們的技術地位而言，我認為我們正在做正確的事情，而且我們將繼續做更多的事情。

And so I can't speak to the crystal ball of the market, but we're going to continue to do what we're doing, which is executing against our plan.

因此，我無法對市場進行預測，但我們將繼續做我們正在做的事情，即按照我們的計劃執行。

Yeah.

是的。

As a shareholder, I've been around for a long time.

身為股東，我已經存在很久了。

So I'm not the day-by-day guy, but I've been around since like the BFDI days.

所以我不是一個日復一日的人，但我從 BFDI 時代就開始了。

So I'm not going anywhere, and I like the division has been set.

所以我哪裡也不去，我喜歡分割已經確定。

And my last question is -- I haven't mentioned, I believe, last quarter here.

我的最後一個問題是——我相信我沒有提到上個季度。

What about Mastercard?

萬事達卡怎麼樣？

Has there been any updates with Mastercard?

萬事達卡有更新嗎？

No.

不。

With Mastercard, that predates my time even at the company.

對萬事達卡來說，這甚至早於我在公司的時間。

And I think that program -- I don't work for Mastercard.

我認為那個專案——我不為萬事達卡工作。

I don't know what they're doing on that program.

我不知道他們在那個節目上做什麼。

That's a Mastercard program.

這是萬事達卡計劃。

And so we're not engaged in expanding that program with them.

因此，我們不會與他們一起擴展該計劃。

So from that standpoint, I would say that there's nothing new to report on that.

因此，從這個角度來看，我想說對此沒有什麼新的報導。

We do see opportunities in the QSR space, which is the quick-service restaurant domain that we think is actually very, very interesting without a Mastercard.

我們確實看到了 QSR 領域的機會，我們認為這個領域在沒有萬事達卡的情況下實際上非常非常有趣。

So we're not tethered to that.

所以我們不受此束縛。

But I'd say stay tuned, right?

但我想說，請繼續關注，對嗎？

Stay tuned on that for additional information.

請繼續關注以獲取更多資訊。

But the Mastercard, there's no updates on that for the reasons I mentioned.

但是萬事達卡，由於我提到的原因，沒有任何更新。

Okay.

好的。

And one last question I just thought of.

我剛剛想到的最後一個問題。

Going back a couple of quarters ago with the state of Ohio and onshore motorist program.

回顧幾個季度前的俄亥俄州和陸上駕車計劃。

Nobody else seemed interested in that?

似乎沒有其他人對此感興趣？

I mean, it's just beside the state of Ohio that I believe you had to contract with?

我的意思是，它就在俄亥俄州旁邊，我相信你必須與之簽訂合約？

Yeah.

是的。

It's not Ohio.

這不是俄亥俄州。

It's Oklahoma.

這是俄克拉荷馬州。

So Oklahoma City.

所以俄克拉荷馬城。

Oklahoma, sorry.

俄克拉荷馬州，對不起。

Yeah, no problem, just making it clear.

是的，沒問題，只要說清楚就好了。

Yeah.

是的。

Oklahoma, very good results.

俄克拉荷馬州，結果非常好。

The state is overwhelmingly happy.

國家非常高興。

This is something that's tied to legislation and such that it's done at a state-by-state level.

這是與立法相關的事情，並且是在州與州之間進行的。

So the merits are there.

所以優點就在那裡。

They're very clear.

他們非常清楚。

The roads are way safer.

道路安全多了。

Uninsured motors are off the roads.

未投保的汽車不得上路。

So for all the things that you and I would care about being on the road and knowing that the people that we're driving with, I mean that's all good in the Oklahoma market.

因此，對於你和我在路上關心的所有事情，以及了解與我們一起開車的人，我的意思是，這在俄克拉荷馬州市場上都是一件好事。

How the other states want to do it, it's unpredictable.

其他州想怎麼做，這是不可預測的。

Legislation is legislation.

立法就是立法。

So the merits are there, but we don't control the legislation part.

所以優點是存在的，但我們無法控制立法部分。

Thank you.

謝謝。

And that's all the time we have for questions today.

這就是我們今天提問的全部時間。

I'll now hand the floor back to management for closing remarks.

現在我將把發言權交還給管理階層作結束語。

Well, thank you, all, for your questions and for joining us today.

好的，謝謝大家提問並今天加入我們。

We've covered a lot of ground from our financial strategies and market opportunities to the progress we're making across each of our segments.

我們已經介紹了很多內容，從我們的財務策略和市場機會到我們在每個細分市場的進展。

So as we move forward, we remain committed to executing our plan, addressing your concerns and driving value at the end of the day.

因此，隨著我們前進，我們仍然致力於執行我們的計劃，解決您的擔憂並最終推動價值。

We're excited about the opportunities ahead and confident in our ability to deliver on these commitments.

我們對未來的機會感到興奮，並對我們履行這些承諾的能力充滿信心。

So thank you again for your support, and we look forward to updating everyone on our Q3 call.

再次感謝您的支持，我們期待在第三季電話會議上向大家通報最新情況。

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。

Have a wonderful day.

祝你有美好的一天。