Q2 2023 Rekor Systems Inc Earnings Call
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Good afternoon, ladies and gentlemen, and welcome to today's recourse Systems, Inc. Conference call. My name is Maria and I'll be your coordinator for today, if anyone should require operator assistance. During the conference. Please press star zero on your telephone keypad.
As a reminder, this conference call is being recorded for replay purposes.
Before we start I want to read you the company's abbreviated Safe Harbor statement I want to remind you that statements made in this conference call concerning future revenues results of operations financial position markets economic conditions products and product releases partnerships and any other state.
<unk> may be construed as predictions of future performance or events are forward looking statements such statements can involve known and unknown risks uncertainties and other factors, which may cause actual results to differ materially from those expressed or implied by such statements.
We ask that you refer to the full disclaimers in our earnings release, you should also review a description of the risk factors contained in our annual and quarterly filings with the S. E C.
non-GAAP results will be also discussed on this 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. Rial head CFO of recourse systems.
Hi, everyone. Thank you for joining us to discuss our results for the six and three months ending June 32023 right.
We're excited to share our continuing progress with you.
I'd like to begin by underscoring our continued revenue momentum and the accelerated achievement we've seen recently.
Our journey on the rapid growth trajectory began with a strategic acquisition of the company, formerly known as weight here in September of 2021.
Was he saying not only marked a significant milestone for us, but was seamlessly integrated becoming the cornerstone of our record command AI transportation management platform.
Building on that last one in June of 2022 we closed the acquisition of the company, formerly known as Cold and traffic services S. T. A.
Which has now been integrated and flourish as the record traffic services division of frequency.
The second integration, what's the linchpin to the recent introduction of our record this cuzzort urban mobility platform.
Delivering a breakthrough AI based approach to come class and speed studies for the state departments of transportation and municipalities.
This underscores our ability to recognize growth catalyst swiftly execute on them and successfully achieve synergies and drive extension by integrating people processes and technologies into the heart of our business operation.
As a result of this achievement, we're pleased to highlight an unprecedented topline growth.
Witness consecutive quarter of remarkable quarter over quarter growth above 35%.
So big that we were also able to achieve this quarterly result.
Well I've seen this time honestly, reducing our SG&A expenses.
We think we have demonstrated that we can be financially prudent even as we integrate this significant acquisition.
It is also notable to mention that we achieved this while continuing to make key investments in our future through our research and development.
While we are seeing expansion in both our nonrecurring and recurring revenue channels.
Recurring revenue as a proportion of our total revenue.
On an upward trajectory, we're confident that this trend will persist as we tap into that.
Tennessee is that lie ahead.
As such we are maintaining our earnings guidance for 2023 as announced before.
Now, let's talk about some other significant additional details for Q2.
Highlighting the tangible growth and forward momentum we have experienced we're pleased to share that the proportion of recurring revenue and overall revenue portfolio for the three months ending June 30, 2023 stood at an impressive 67.4% up from 56, 2%.
In the same period the prior year.
Upward trajectory was sustained over the first half of 2023 registering at 67, 6% compared to 56, 5% during the same timeframe in 2022.
These figures underscore the successful execution of our strategy to concentrate and generating recurring revenue, putting us on the path towards enduring strength and stability.
Yeah.
Our fiscal discipline is further highlighted in the first half of 2023, where we achieved a commendable reduction in cash used for operation down to $19 $2 million from $23 1 million in the same period last year, it's worth noting that our 'twenty to 'twenty three figures.
Includes one time payments for accrued accounts payable from 'twenty to 'twenty, two professional fees and deployment of new systems.
Adjusting for this our actual cash expenditure was approximately $25 million for the first six months.
And just to beat over $5 5 million for Q2 of 2023.
Showcases our commitment to efficient financial management, as we position our record for growth at scale.
Turning your attention to the financial metrics for the periods ending June 32023, and other recent developments I'll cover several promising trend in all of our key metrics.
Q2, 2023 revenues, we achieved a robust $8 $6 million in revenue.
Brett and consensus expectations, and showcasing a remarkable 132 points, 4% surge from the $3 $7 million recorded during the same period in 2022.
Our first six months.
We need to wait three revenues.
The $14 7 million below up 121% from the $6 7 million below the same period in 2022.
As mentioned earlier, our revenues have continued to grow organically.
Over the quarter the operations of our recent acquisition have been fully included.
As demonstrated by revenue increases.
More than 35% quarter over quarter.
Turning to adjusted gross margin.
We're also seeing remarkable improvement in this category up to 51, 8% for the second quarter of 2023 from 39, 4% in the second quarter of 2022.
This performance has been fueled by new valuable technology advancement.
And to use automation and process control, enabling us to optimize cost and bolsters Martin.
Operating losses as a result of our improved margins and a reduction in SG&A expenses.
We have successfully decreased our operating loss from $15 7 million in the second quarter of 2022 to $10 $3 million in the second quarter was 2023 farther.
Furthermore, the first half of 'twenty, three so a reduction from $28 $4 million.
Corresponding periods in 2022 down to 23.0 million, even as we worked intently to complete the integration of the Sps acquisition.
Okay.
Adjusted EBITDA for the second quarter of 'twenty to 'twenty three.
<unk> at $7 $2 million.
And if he couldn't improvement of over 40% from the $12 million in the same period last year.
For the first six months of 2023 reduced EBITDA loss by 23, 5% to $16 5 million.
Down from $21 6 million in the same period last year.
The quarter to quarter improvement from Q1, 2023 was roughly $2 3 million.
The largest reduction or approximately 24%.
We anticipate this trend to continue.
We continue to grow our topline and manage our operating expenses expenses prudently.
As we have moved forward.
We're born one time expenses linked to pay a little management I sit in inventory system deployment.
Associated professional service fee.
We continue to maintain a disciplined approach on operating expenses and diligently review each of our financial metrics with the objective while strategically allocating resources to areas that provide the best opportunities to drive revenue acceleration.
To provide a more granular insight into our upward trajectory.
We've been providing reached key performance indicators. Our goal is to empower you to assess not only.
Hours in obtaining new contracts.
But I do appreciate the enduring value of this contract to bring to our performance commitments.
In the second quarter was 2023, we secure contracts worth of $17 $6 million.
411% increase over the $3 $5 million.
Total contract value in the same quarter of 2020 two.
Additionally for the six months ended June 32023.
We secured contracts award of $29 7 million dogs at 497% increase over the $5 million total contract value in the same period of 2022.
Finally as of June 30, 2023 our remaining contract performance obligation stood at $31 $8 million and notable jump of $10 $4 million or 48% when compared with $21 4 million dollar.
As of December 31st with 22.
We project, it's approximately 69% of the residual performance obligation as of June 32023.
Will be realized in the coming 12 months.
Moving to our financial condition and liquidity in January we completed the closing of senior secured notes in the aggregate amount of up to $15 million led by our CEO overburden.
With participation from other new and existing vessels at closing.
$5 million was funded.
In March 2023 we also completed a registered direct offering with $10 million.
This transaction gave us the liquidity, we need it to continue and execute all those thoughts.
Our cash balance on June 32003 was $2 $4 million, an increase from $1 9 million.
31st 2022.
In July .
A warrant holder exercise these warrants, which resulted cash proceeds of approximately $11 million.
Our working capital position has also improved significantly.
June 30, 'twenty to 'twenty, three we had a working capital deficit of.
$1 $7 million as compared to a deficit of $6 2 million as of December 31st 2022.
Improvement in working capital was primarily due to an increase in cash and cash equivalents and accounts receivable.
In summary, we are pleased to see continuing strong results in synergy.
The impact from our strategic moves this continues to give us confidence you know forward looking guidance and the company's upward trajectory operational efficiencies and commitment to long term growth and shareholder value generation.
With that I will now turn the call over to David.
David.
Thanks Al.
Good afternoon to everyone joining us on the call today.
Al covered with the financial metrics Q2 represented another quarter of solid execution and revenue growth across all business lines.
This was accompanied by new breakthrough products and technology deployments operational efficiency gains contributing to significant margin improvements new key public private partnerships for the record partner network and significant National news and media coverage on the unique value that we're delivering to customers.
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All of this contributes to a record $17 6 million in total contract value and margin improvements achieved in Q2, a new high watermark for record.
In the quarter.
New customers and expanded contracts with existing customers across all of our product lines, including public safety and licensing urban mobility and transportation management.
For public safety and licensing. Some Q2 highlights include a significant increase in the adoption and contract expansion for our AI based vehicle recognition and insights across OEM licensing partners reseller channels and through our direct sales efforts for leading lawn.
Our law enforcement agencies in New Jersey, Illinois, California, Florida, Oklahoma and more.
Given that 70% of all crime involves the vehicle are leading scout platform, which provides AI based real time vehicle recognition continues to be a proven mission critical solution that local state and federal law enforcement agencies increasingly depend on to <unk>.
Officers as they work to reduce crime in the cities and communities they serve.
One example for Q2 was the National News coverage, we call received in Fox business for the indispensable role that our AI technology played in aiding Westchester County in New York.
To crack a major and very public drug trafficking and weapons investigation.
In addition to our direct sales efforts in the quarter. We also added and expanded multiple value added reseller relationships that will further accelerate our go to market activities moving forward.
Switching gears to our urban mobility product line.
In Q2, we continued to see significant interest engagement and expanded deployment of our discover platform count class and speed application for permanent and short term studies across departments of transportation in South Carolina.
Georgia, and Florida as well as 11 additional states across the U S that are in initial stages of deployment.
And assessment.
In addition to gaining footprint in Q2, we called was also featured across multiple local and state television news stations in South Carolina, Georgia, and Florida, highlighting the important work that we're doing to help states use our leading edge vehicle classification, count and speed to prove and to recover.
Federal dollars back to the states to fund infrastructure investments.
So the urban mobility product line, we are heads down and in full execution note here and believe our technology continues to significantly outperform all other approaches currently on the market.
In addition to being able to uniquely capture all 13 specialized department of transportation and vehicle classes.
Multiple veins at highway speeds at high volumes day, and night and all kinds of weather.
Our discover platform does all of this in real time.
Faction of the cost and without having to block traffic prolonged periods are having to dig up the roadway.
Our solution is not intrusive and it's implemented using AI from the side of the road without shutting down lane for construction and are putting roadway workers in harm's way.
In addition over the past quarter, we Didnt building and putting out a commercial based solution using the same discover AI technology that it's prudent to unlock unprecedented customer insights and growth for brick and mortar businesses, enabling them to better attract engage and serve their customers we called.
This newly launched discover application vehicle insight.
By using our cutting edge AI and unmatched expertise in Red way intelligence, our new vehicle insight application goes beyond near data.
To provide businesses with unparalleled immersion into the end to end customer journey right from the moment a customer drives onto our property.
As a part of the vehicle in fact application companies can access and facilitate a rich set of features and capabilities on demand, including loyalty programs Premier customer services and access visitation metrics that assist in the analysis of traffic flow patterns.
Helping organizations to better understand prepare and plan for customer volume fluctuations vehicle characteristics that provides vehicle analytics, such a state of origin of the vehicle.
To help with Geo based marketing efforts plus electric vehicles statistics, delivering EV volumes and patterns to support data driven E V services.
<unk> initiatives.
Yeah.
From restaurants shopping malls and major retail outlets hotels theme parks casinos resorts at Moore, our vehicle insight application gets bricks and mortar businesses real insight and the customers' desires and needs in real time, so they can better shape, the customer experience and drive growth.
Turning our attention to our third product line transportation management in Q2, we also continued to expand our footprint and presence with our command platform while at the same time delivering new innovations into the market.
Building on our recent win in Q1 with Texas Department of Transportation, where we are being deployed at the backbone of their entire new traffic management system across the state which by the way.
The largest roadway network in the United States well.
Well in Q2, we extended our relationship into multiple other districts across Texas, including our new contract and expansion into the Central Texas Regional mobility authority.
Otherwise known as a C T R M a.
Instant management.
This new multiyear contract with C T RMA.
Further solidifies and enables our ability to service multiple agencies across Texas with a single source of truth in a single pane of glass as they worked at the smarter safer greener and more equitable roads based on our record partner network and our record technologies.
One final area to highlight for Q2 is the public private partnership that we have forged with some of the most prominent academic institutions in the U S and on an international scale in the areas of data and analytics transportation traffic and infrastructure engineering.
Along this line, we're pleased to announce our collaboration with Tel Aviv University, specifically with her distinguished Laboratory for AI machine learning business and data analytics for Lambda for short.
Much more to come in this domain and I look forward to providing continued updates on this front.
In conclusion I want to thank our talented team for their ceaseless dedication our partners for their trust and our shareholders for their unwavering confidence in our journey.
<unk> is bright and we're driving at full speed.
At this point I'll turn the call over to Robert Berman, our CEO and chairman of record for final remarks.
Robert.
Thank you David.
Good afternoon, everyone.
First and foremost I want to take this moment to extend my heartfelt gratitude to our dedicated team.
The accomplishments we've discussed today arent just the numbers on the spreadsheet.
There are testament to the hard work innovation and relentless drive up every single member of our <unk> family.
Driving such significant revenue growth within the short span Theres no small feat.
As a result of countless hours of dedication and tireless effort and a shared vision.
And while our financial achievements are indeed laudable.
I want to particularly emphasize the seamless assimilation of our two strategic acquisitions.
This integration showcases our team's ability and adaptability and commitment ensuring that we not only acquire but.
Truly incorporate the value of these new entities.
<unk>.
We ventured beyond and have pioneered an entirely new category.
AI roadway intelligence.
This isn't just a niche.
It's a revolution and the way, we perceive analyze and utilized roadway data.
And it's a category that we at <unk> are proud to lead.
This dominance in AI roadway intelligence.
Testament to our team's innovative spirit and positions us at the forefront of our industry.
And some more good news I am pleased to share that we have nominated two new directors for election at the upcoming shareholder meeting.
This fall.
The two new additions are professor Sanjay Sharma, Hello, mechanical engineering.
<unk>.
And president and CEO and Dean of the Asia School of business and.
And Mr. Tim Davenport, Chief operating and Chief compliance Officer for ARCUS Global.
The fastest pharma has long been recognized as a thought leader in urban mobility.
As a cofounder of the auto Ids Center, and a pioneer who helped develop the internet of things.
Mr. Davenport also brings a vast wealth of financial and operational expertise to the board.
This keen financial insight will be invaluable in helping to shape recourse financial strategies.
In closing.
Want to express my deep gratitude to our shareholders Your trust and support.
And belief in our vision has been the foundation of our achievements.
Together, we are not just navigating the future we are shaping it.
Now I'd like to open the floor for any questions. You may have so please don't hesitate to ask we're here to provide transparency and clarity and we're eager to address any concerns or inquiries you may have.
Operator.
Thank you we will now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad.
Insulation, Tom indicate that your line for your questions.
You May press Star Kim if he would like to turn that to your question.
All participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
One moment please poll for questions.
Our first question comes from Michael.
Northland Capital market. Please proceed with your question.
Alright, Thanks, guys. Congrats on the really strong results here.
Looks good.
In terms of the.
Total contract value one.
Is it fair to say that the contributor there sort of it was public safety first urban mobility and transportation third given us kind of how you weighed.
Laid out the drivers here.
Mike I think al should answer that for you.
Yeah, Mike Thanks for the question I'll say, the the order that you said it.
Right right.
Ooh ability.
License and services profit management all contributed significant.
Values.
Okay.
Okay, and then on the urban mobility opportunity here.
Wanted to be clear so is it fair to say you have it sounds like you have contracts in South Carolina.
Florida, and Georgia, So just wanted to clarify the official contracts there for production drops.
Yes, yes, that's right.
Yeah, Youre right, we have official contracts with the states that you mentioned.
And are there.
Those.
Are the type of.
Payments, there, Canada fully recurring model are.
Some of them.
By the hardware and then pay maintenance.
It's a combination of both it's a combination of both Mike.
Yes.
Okay got it.
And then.
So you have basically 11 sounds like 11 other state trials going on is that right.
Yeah.
Well Michael.
Mike when we were working with almost half the states in the United States right now.
And we're doing everything we can to.
Try to line them up like an air traffic controller would right based on our resources.
Based on timing.
Timing and so forth.
Focus where the revenue and the margin is right now.
And are looking for that and as we sort things out we will work with the states as best we can but everybody is interested in this technology.
That's the most important thing I think in urban mobility.
We introduced this product not that long ago, and we've got significant adoption in that.
All said that that's the majority of the additional total contract value and it just started it's just starting.
Right. So we're excited about it.
Got it great last one I guess just in terms of those interests. How many states do you think you might make a decision on that.
Kind of commercial rollout by your own.
I think I think David I mean, do you have the sensor.
By year end I would expect almost three quarters of those to have made the decision to move forward.
Okay.
Great. Thanks very much.
Yeah.
Thanks, Mike Thank you Mike.
As a reminder, if he would like to ask a question. Please press star one on your telephone keypad. Our next question comes from Scott.
B Riley Securities. Please proceed with your question.
Yeah, Hi, good afternoon, Thanks for taking my questions and congrats on the strong results here in Q2.
Robert can you just give us a sense of maybe the size of the opportunities that youre looking at within that urban mobility pipeline. I know you have some pretty substantial contracts with South Carolina, and Florida, but just trying to get a sense of maybe the size of some of the opportunities in the pipeline.
Yeah.
<unk> that's a good question and we're still sorting it out but they're all very substantial.
Opportunities and I think when you when you look at the total contract value increase of 23 over 20 to 100 plus percent.
Get a sense of what those are alright. So this is simply new technology. That's just introduced replacing legacy technology, that's been around for seven eight decades.
And the state spend a lot of money to collect this data and get their funding from the federal government. So there.
They're all large Jack they're all very large theyre, all 79 figure contracts so.
We're just getting going so we're just getting our footing and our she likes I think you know we're excited about it but I'm hesitant to.
London numbers, but I will say that.
It's coming.
It's it's happening, it's coming and we see it we see it right now so.
Understood that's helpful and.
Robert I mean in terms of the overall landscape is it essentially that recourse just displacing all these legacy technologies within that urban mobility segment are you seeing other approaches are competitors on this front with this new emerging opportunity.
I'm going to answer half of that question and I'm going to ask David to answer the other half record is absolutely unequivocally displacing the legacy technology for the legacy reasons.
The states have had to collect this data.
Where we're headed in the future.
Has to do with the Internet of things.
And I'm going to let David answer that because that's where things converge and it's a much different world. So maybe David you can take it from there.
Yeah, you know it's interesting Zach is when you look at a footprint that footprint extends into multiple different value added services. So when you think about replacement of legacy Tech yeah, absolutely for sure I don't think.
A road to cross the road is really going to.
B the way our state goes from now on knowing that AI is available and that's what we're seeing but in addition to that when you think about new legislation coming down the path for things like greenhouse gas emissions, that's a big deal and how would you do that with the road to you really couldnt and so the way we go to market is actually.
Quite different and extensible once you're in you're in and once you're in you're able to expand into multiple value added services with the same exact footprint with the same exact device that we already have out there doing the fundamental class count and speed.
I'm going to pause there for a second taxes I want to make sure I'm answering your question.
I think that completely covers is there and it sounds like a lot of great opportunities into adjacent areas and maybe a final question, maybe maybe geared towards the all is.
And during the quarter and I think just under $3 million in cash, but you did get proceeds from warrant exercises in July I mean, how should we think about necessary proceeds to continue to execute upon your growth plans as we go second half of 'twenty three and enter 2024.
Yes. It is.
Mentioned, we were just significantly our cash burn in.
And the our ability to have the additional funds in July helped us a lot of things that take us further into 2024.
But back then you know.
Uh huh.
<unk> teams, but as I mentioned we.
Our closings are the gas those cash burns.
Have you seen it significantly so with cash situated in July it will take us a long way.
Yes, I think Zach I, just want I want to add to what al said.
Look we're managing resources, okay with revenue and margin.
Alright, and we've got our people out there chasing the revenue and the margin. So we can't be everywhere at the same time, because we do have one with the resources. The company is very focused on acquiring.
Barring a debt facility to be able to implemented systems right because doing it with equity as inefficient alright, it doesn't make much sense and as we close the gap here and come towards profitability.
Later, this year and it's coming.
We hope to be able to do that with that Jack and I think that that's what we're working on so we're very cognizant of that and I think that.
The reduction of cash burn has given us the ability to extend our life much longer with much shorter.
Today, so we're getting closer and closer everyday because the revenue and the margins are.
Understood well, thanks for taking my questions and best of luck with the rest of the quarter.
Yes. Thank you.
Our next question comes from Michael Latimore with Northland Capital markets. Please proceed with your question.
Great. Thanks.
So on the <unk>.
South Carolina, Florida, and Georgia deals what percent of those have been deployed and then I guess generally I mean, it looks like youre going to have a very strong growth curve here.
How are you feeling about your resources and ability to deploy major.
The major new contracts in Europe .
So Mike as you alluded to earlier, we have two models right one is completely pay for data.
There is a combination of hardware.
Acquisition on pay per day.
Where we're focused now is more we can get revenue and margin with cash right. So that would be hardware pay for data. So we're trying to you know.
Extend ourselves where we can.
Very small percentage of a very small percentage.
Barely began to even touch the tip of the iceberg with regard to how large this opportunity is just in a few states within our footprint and as David said earlier I mean, we've got half the country looking at this technology right now and as you suggest the three quarters of them probably going to convert.
We will get to them when we can right. So we're just trying to manage our way through with the resources. We have as best we can until we do we can deploy the capital efficiently. That's all like any new technology right you can't you've got to figure the the capital deployment out right. So that's what we're trying to figure out and the good news is the margin.
Good the demand is there the technology is being adopted.
Much more demand right now than we do the ability to provide the resources to go do it. So it's just a question of figuring all up getting there.
Got it.
Is there a current number per day, you can deploy or like what's sort of the run rate.
Well again, it's we're shifting resources around from state to state depending on maybe David you can answer this but from state to state depending on where.
Margin and revenues right. So David can you help here yeah, when when your local local meeting.
Hundred mile radius of where we had resources I mean, we're looking at anywhere from five five to 10, a day depending on differences between if you're jumping on a on a on a flight to go somewhere and getting bucket trucks and everything over that is a little different story, but I would say once our boots on the ground, it's a very efficient process for getting things installed.
But the majority of our crews are located in the southeast and East East coasts as we role West Coast, we'll be looking to.
Our spend as well so.
I think.
I think the good news is that the margins.
I'll pay for data is great and we love that model, but the margins on the all of what we do has a recurring revenue component right. So there is some maintenance software on it.
So the margins just on the hardware software as well.
They're very high margin. So we're happy to do it either way and it's a question of balancing resources when you're small fledgling you're starting to grow just getting where she likes the good news is the adoption is there the demand is there. So we're trying to figure it out as best we can.
Yeah. Thanks, Tom It's a high class so it's a high class problem.
Yes for sure.
Yes.
Yeah.
There are no further questions at this time I would now like to turn the floor back over to Robert Berman for closing comments.
Thank you operator so.
Mike Thanks, so much.
<unk> I know, there's a lot of people out there listening that didn't ask answer ask questions but.
Well. This company has made tremendous progress in a relatively short period of time. When you think about the introduction of new technology into our marketplace, especially when you're dealing with government alright.
Alright, but the good news is we see the results. The adoption is there the technology is working.
This is not easy to do what we're doing but I think we've made it through the toughest period, we've got a great team.
Got great leadership and.
We are just getting ready to catapult Im in this company is off to the races, now and I think we've made it through the most difficult period over the last few years. So thanks.
Thanks, everybody for your support and continued interest.
Thank you.
This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.
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