Rekor Systems, Inc. (NASDAQ:REKR) Q4 2022 Earnings Conference Call March 27, 2023 4:30 PM ET

Company Participants

Eyal Hen - CFO

David Desharnais - President and COO

Robert Berman - CEO

Conference Call Participants

Zach Cummins - B. Riley Securities

Operator

Good afternoon, ladies and gentlemen, and welcome to today's Rekor Systems Inc. Conference Call. My name is Ciarmoli and I will be your coordinator for today. [Operator Instructions] As a reminder, this conference call is being recorded for replay purposes.

Before we get started, I would like to read you the company's abbreviated Safe Harbor statement. I want to remind you that statements made in this conference call concerning future revenues, results of operations, financial position, markets, economic conditions, products and product releases, partnerships and any other statements that may be construed as a prediction of future performance or events are forward-looking statements. Such statements can involve known and unknown risks, uncertainties, and other factors, which may cause actual results to differ materially from those expressed or implied by such statements.

We ask that you refer to the full disclaimer in our earnings release. You should also review a description of the risk factors contained in our annual and quarterly filings with the SEC. Non-GAAP results will also be discussed on the call. The company believes the presentation of non-GAAP information provides useful supplementary data concerning the company's ongoing operations and is provided for informational purposes only.

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

Eyal Hen

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

But first, I'll review our relevant metrics. With the revenue from 1,000 traffic services in the last six months of 2022, we have accelerated growth and returned revenue under our sales model. As you may recall in the third quarter of 2021, we made a strategic shift in our business model to emphasize recurring revenue more than point in time revenue. Our goal is to provide more value and flexibility for our customers through subscription-based data services and software offers.