Full Year 2024 Rekor Systems Inc Earnings Call
Matt: Good afternoon, ladies and gentlemen and welcome today to Rekor Systems Inc. conference call. My name is Matt and I will be your conference operator for today.
Speaker Change: I would now like to turn the conference over to Mr. Robert Berman interim President and CEO recourse systems. Thank you you may begin.
Robert Berman: Thank you, Matt and good afternoon, everyone.
We appreciate your joining us today to discuss recourse systems fourth quarter and full year 2024 results.
Robert Berman: I am pleased to share that we ended 2024 with strong momentum, reflecting the deep commitment of our teams the trust of our customers and the contango continued innovation, we bring to transforming roadway intelligence.
Robert Berman: Public safety through AI, driven data driven solutions.
Robert Berman: In today's call I'll begin reviewing our performance in the fourth quarter of 2024.
Robert Berman: Next I'll highlight some of our strategic wins.
Robert Berman: Developments and major partnerships from both Q4 and throughout the year.
Robert Berman: I'll also discuss the progress we've made over the course of 2024.
Robert Berman: Quoting the ways, we refined our strategic focus and strengthening our financial processes.
Robert Berman: And after that I'll share our outlook for 2025 and beyond.
Robert Berman: Then I'll turn things over to our Chief Financial Officer Al hand.
Al Hand: Who will provide more details on our financial performance and following our remarks, we will welcome your questions.
Al Hand: Well, let's start with our performance in the fourth quarter.
Al Hand: In the fourth quarter, we saw strong demand for our core platforms recourse scout.
Al Hand: For discover and record command.
Al Hand: Both public sector agencies and commercial partners.
Al Hand: From an operational standpoint, we maintained disciplined spending while strategically investing in growth and innovation.
Al Hand: This approach resulted in approximately 49% reduction in EBITDA loss in the fourth quarter of 2024 versus the third quarter of 2024.
Al Hand: Aligning with our plan to achieve stronger profitability, while supporting the development of next generation technology.
Al Hand: While the fourth quarter capped off a solid finish our progress throughout 2024 has enabled record.
Atlantic 2025, and a strong footing.
Al Hand: We enter 2024 with growing customer momentum.
Al Hand: Ordered by pipeline developed through the second half of 2023.
Al Hand: And we kept to our core mission of driving the digital transformation of roadway infrastructure.
Al Hand: Throughout 2024, we continue to gain traction in states like Texas.
Al Hand: Florida, Georgia, Maryland, and new Mexico.
Al Hand: Demonstrating the tangible value of our AI driven platforms across urban mobility transportation management and public safety.
Al Hand: In Florida for instance, we achieved inclusion on the states approved product list. This milestone allows us to rollout our solutions more broadly and provided a spotlight on how our devices and the data. They collect are critical for not only traffic collection, but also enabling emergency evacuation routes during challenging.
Al Hand: <unk> hurricane seasons.
Al Hand: Speaking about Florida, Georgia, Texas, and other states, let me be clear about an important point for our shareholders.
Al Hand: After a thorough evaluation the board has determined that continuing to wait on traditional government contracting timelines.
Al Hand: It's no longer in the best interest of our shareholders.
Al Hand: Relying on the uncertain timing of large externally driven contracts placed the company in a position, where we risked unnecessary shareholder dilution funding scale in anticipation of orders rather than in response to secured revenue.
Al Hand: While we remain highly confident in our robust government contract pipeline and believe it's a matter of when not if.
Al Hand: Those orders come through we're no longer willing to anchor our operational model to the uncertainty of government timelines.
Al Hand: We are now taking control of our future.
Al Hand: We're shifting to a strategy that is grounded in the company's current healthy and more predictable revenue base. Our goal is to operate the company at this level with a clear path to breakeven.
Al Hand: Any upside from new large government contracts will be additive.
Al Hand: But no longer essential to our baseline strategy.
Al Hand: This is a proactive move to protect shareholder value.
Al Hand: It reflects the board's commitment to financial discipline operational focus.
Al Hand: And reducing reliance on external variables beyond our control.
Al Hand: Simply put we're aligning the company's cost structure and strategic direction with what we can control rather than waiting on what we can.
Al Hand: Nationally as everyone is aware of the new Trump administration is intently focused on addressing any waste by the federal government.
Al Hand: This priority is evident at the highest levels of government.
Al Hand: And only recently has focus turned to the U S. D O T, where the dose and the new U S. D. O T leadership is actively targeting inefficiencies stemming from outdated technology.
Al Hand: This comprehensive overhaul at the federal level positions record advantageously.
Al Hand: And we are securing our seat at the table to offer practical solutions to address a number of deep rooted inefficiencies.
Al Hand: Partnerships remains a cornerstone of our strategy in 2024.
Al Hand: We deepened relationships with global technology leaders, such as Amazon Web services, and then video.
Al Hand: Both of which recognized the potential of our AI driven transportation platforms.
Al Hand: We also expanded our reach in public safety through collaborations with a distribution partner in Mexico.
Al Hand: A new distribution partner in Hawaii sound thinking formally Shotspotter sound town and M S too.
Al Hand: Bolstering our channel presence and opening the door to new state departments of transportation.
Al Hand: And public safety agencies.
Al Hand: During the year, we invested in broadening our global intellectual property portfolio, securing patents were detecting and quantifying.
Al Hand: <unk> traffic congestion.
Al Hand: Both are in the United States and Europe.
Al Hand: And fortifying our approach to protecting personally identifiable information.
Al Hand: This IP expansion positions us to maintain our leadership in AI based solutions that.
Al Hand: That addresses the increasing demands from transportation.
Al Hand: <unk> and data privacy worldwide.
Al Hand: As many of you saw in our recent announcements we had been very actively recently with new deployments technology breakthroughs and partnerships.
Al Hand: That will help us accelerate our momentum in 'twenty five.
Al Hand: One example is our expanded relationship with the New Mexico Department of Transportation, where.
Al Hand: We're the second phase of implementing our record discover platform and noninterest video based edge series systems is now under way.
Al Hand: The initiative utilizes a 100% SaaS like pay for data model installed through an authorized third party.
Al Hand: To demonstrate the scalability and flexibility of our platform in managing and analyzing traffic data.
Al Hand: Pay for data as a business model that can be a game changer for dot's and aligns our company's capabilities and we continue to educate dot's.
Al Hand: They are increasingly realizing that there's a better safer.
Al Hand: And real time way to capture traffic data.
Al Hand: Meanwhile, recourse Scout security major certification for New Jersey statewide network, LPR program or New Jersey snap.
Al Hand: This certification backed by $13 million in state funding.
Al Hand: Positions us as a trusted go to provider for agencies that require real time highly accurate vehicle recognition capabilities.
Al Hand: We also introduce enhancements to our core solutions that emphasized.
Al Hand: Vast AI features.
Al Hand: The transportation research boards 2025 annual meeting, we unveiled our new incident priority ranking feature and record commack.
Al Hand: Which harnesses AI and real time data helped traffic an emergency operation centers respond faster to high impact incidents.
Al Hand: Early results from customer tests have shown reductions of up to 60% and the time from incentive detection to resource allocation.
Al Hand: To support these innovations and our continued growth we took steps in Q4 to further strengthen our financial position.
Al Hand: December 31st we had fully satisfy the remaining balance of our August 2020 for prepaid advance agreement with an affiliate of Yorkville advisors.
Al Hand: Global totaling $15 million.
Al Hand: This early repayments significantly enhanced our balance sheet and improved our flexibility to pursue strategic growth opportunities in 2025.
Al Head: Now I will turn the call over to our CFO al head for a deeper look at our financial results for Q4 and the full year.
Al Head: But before passing it over to al allow me to take a moment to mention the departure of David the RNA or <unk>.
Al Head: Former CEO.
Speaker Change: David joined <unk> in January of 2022 as President.
Speaker Change: And in 2024 became president and CEO.
Speaker Change: David submitted his resignation earlier this month.
Speaker Change: And the board accepted it with our thanks for his contributions.
Speaker Change: And we sincerely wish him success in his future endeavors.
Speaker Change: The board has begun.
Speaker Change: A process to identify a new CEO.
Speaker Change: During the interim.
Speaker Change: I will assure continuity by continuing to lead the company.
al: Hey al.
Robert Berman: Thank you Robert.
Robert Berman: Thanks to all of you joining us today to discuss our results for the three months and 12 months ended December 31st 2024.
Robert Berman: We're pleased to report the fourth quarter of 'twenty 'twenty four revenue.
Robert Berman: $13 $3 million suppressed and consensus estimates by 3% and marking significant re acceleration in our year over year growth rate, which has to return above 20%.
Robert Berman: Our urban mobility segment, driven by robust demand for our new roadway data aggregation solution.
Robert Berman: He contributed to our overall growth.
Robert Berman: Public safety, our second largest revenue source also achieved solid mid teens growth.
Robert Berman: This performance was bolstered by increased momentum.
Speaker Change: <unk> licensing partnerships, notably with key partners.
Speaker Change: Recurring revenue for the quarter totaled $5 8 million, reflecting a modest 2% decline year over year.
Speaker Change: This was largely attributable to timing differences.
Speaker Change: Although for this.
Speaker Change: Full year 'twenty 'twenty, four recall reported revenue of $46 million.
Speaker Change: Representing a robust increase of 32% compared to $34 $9 million in the 2023.
Speaker Change: Product and services revenue grew significantly to $23 $4 million up 65% year over year.
Speaker Change: As a reminder, initial sales of our edge AI fixed and mobile site solutions are reflected in your slide deck. It can serve as a leading indicator.
Speaker Change: Oh future recurring data revenues.
Speaker Change: Adjusted gross margin rebounded strongly in the fourth quarter was 24 to.
Speaker Change: So 50%, 52% up from 44% in Q3 split at 24.
Speaker Change: And then by recent contracts with and the delivery of those higher margin offerings.
Speaker Change: For the full year 2024, adjusted gross margin slightly decreased to 49, 3%.
Speaker Change: Compared to two 8%.
Speaker Change: Right.
Speaker Change: Reflecting a higher proportion of SaaS rather than in the old world.
Speaker Change: Looking ahead, we expect to see steady gross margin improvement driven by intense SaaS revenue mix and increased contribution small tasteful data contracts.
Speaker Change: As indicated on our third quarter call in November we proactively optimize our cost structure to sharpen our focus on near term revenue generation.
Speaker Change: This decisive action.
Speaker Change: Loading tangible financial benefits in Q4.
Speaker Change: Counting in the reduction of our adjusted EBITDA loss to approximately four $7 million significantly to $9 2 million.
Speaker Change: In Q3 'twenty to 'twenty four.
Speaker Change: Full year 'twenty 'twenty four adjusted EBITDA loss remained relatively flat year over year at 29 $1 million as most of our cost optimization efforts took effect towards the end of Q4 2024.
Speaker Change: Going forward, we will continue to work towards an adjusted EBITDA loss. It is revenue growth supported by an improving gross margin.
Speaker Change: With capital allocation.
Speaker Change: Following the amendment of our prepaid advance agreement with York will advise us to eliminate the option for an additional $20 million, it's dance with fully satisfy the outstanding balance of $16 million on December 31st 2024.
Speaker Change: Ahead of schedule.
Clearing this outstanding balance underscores our commitment to prudent financial management and disciplined capital allocation.
Speaker Change: In February 2025, we established at $25 million at the market issuance sales agreement with north of it.
Speaker Change: This facility allows recourse to opportunistically raise capital over the next 12 months as we continue executing our strategy and capitalizing overall momentum with state Yoki and public safety agency customers.
Speaker Change: In summary, we're very pleased with our solid fourth quarter results, which exceeded expectations across most key metrics.
Speaker Change: We are confident in our textile technological advancement.
Speaker Change: Increasing customer traction and accelerating go to market.
Speaker Change: And we continue to be grateful for their ongoing support of our investors.
Speaker Change: Now I will turn the call back to all of us.
Speaker Change: Yes.
Speaker Change: Thank you.
Speaker Change: And now I'd like to open the floor for any questions you may have.
Speaker Change: Operator.
Speaker Change: Thank you we will now be conducting a question and answer session.
Speaker Change: Just to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue you.
Speaker Change: You May press star two to remove yourself from the queue.
Speaker Change: Participants using speaker equipment, it may be necessary to pick up your handset before pressing the star.
Speaker Change: One moment, please pull for questions.
Speaker Change: First question here is from Louie Dipalma from William Blair. Please go ahead.
Speaker Change: Yeah.
Louie Dipalma: Well good afternoon.
Speaker Change: Hum.
Speaker Change:
Speaker Change: Hop safety has experienced significant momentum with our license plate reader cameras.
Speaker Change: You guys have very.
Speaker Change: Very similar solution and so from a technical perspective are you able to offer other types of tolerability.
Speaker Change: Flocked to take advantage of on the street demand from law enforcement salt.
Speaker Change: Yeah.
Speaker Change:
Speaker Change: This is Robert Berman I think that it's.
Speaker Change: Not a fair.
Speaker Change: A way to compare flock and record okay. They've had hundreds of millions of dollars billions of dollars' worth of funding from BCS.
Speaker Change: We never went after the law enforcement market, we've gone after the commercial market, we've been very successful in doing that and Oems are software.
Speaker Change: Which is much less expensive way to sell more profitable margins at the end of the day, So it's apples and oranges as far as our tech compared to theirs I think we have the best vehicle recognition LPR software in the business right.
Speaker Change: So if you look at our customers I think that speaks to that.
Robert Berman: Thanks Robert.
Speaker Change: Oh one for.
Robert Berman: How should we think about.
Robert Berman: The timeline for free cash flow breakeven.
Robert Berman: As we thank you for the question as we mentioned in previous earnings call.
Robert Berman: Our thought is that.
Robert Berman: The end of the year.
Robert Berman: We anticipate that.
Robert Berman: We still keep it.
Robert Berman: Thanks.
Robert Berman: Hum.
Robert Berman: You bet Rob.
Robert Berman: Brian.
Robert Berman: Your mental partnerships.
Robert Berman: How.
Robert Berman: Partnership with sound thinking progressed.
Robert Berman: All ramping on are there any early data points too.
Robert Berman: On the local traction lots receiving in the market.
Speaker Change: Well you'd have to speak to sound thinking, but I think that they are out there selling I think they're making progress and doing a number of pilots and.
Robert Berman: Alex That's a good example of a channel partner to sell our tech.
Speaker Change: And we expect it to pay off in 'twenty five.
Speaker Change: And one final one with the.
Speaker Change: Earlier.
Speaker Change: The second quarter by the third quarter of last year you identified.
Speaker Change: Part of the customer.
Speaker Change: For the contract involving over one.
Speaker Change: 1000 cameras.
Speaker Change: What has been the progress.
Speaker Change: <unk> rollout so that lead to a more <unk>.
Speaker Change: Contracts and awards within the state of Florida.
Speaker Change: Yeah, that's a really good question and I think.
Speaker Change: Said it earlier.
Speaker Change: In our prepared statements, but look you know.
Speaker Change: Dealing with government is obviously.
Speaker Change: A much different and B to C.
Speaker Change: And government contracting requires a process.
Speaker Change: The state government like federal government.
Speaker Change: Has the process and I can tell you that Florida, Texas, Georgia, and there are others are working through the process.
Speaker Change: We're very optimistic about where we stand with all of those states.
Speaker Change: But.
Speaker Change: If you were to look into the government procurement process.
Speaker Change: One is free to accompany us free to talk about these procurements Wang the O N E.
Speaker Change: Early stages and you are going to capture stage once there is open rfps.
And.
Speaker Change: There have been proposals that have been submitted we can't talk about those because some violation of their procurement loss.
Speaker Change: But I can say that things in Florida, Texas, Georgia, and other states of course.
Speaker Change: Exceeding well.
Speaker Change: No on the stage timeline not ours.
Speaker Change: Those procurements are ongoing and theyre actually in procurement stage, which means that.
Speaker Change: There have been proposals submitted.
Speaker Change: And the award timing assumptions state, but we feel good about where we are but we just can't discuss it and I think that's one question.
Speaker Change: And then earlier by saying.
Speaker Change: A lot ourselves to what we can control and what we can't control.
Speaker Change: Right. So we're positioning ourselves so that as these things happen, we can scale and scale quickly.
Speaker Change: With the customer, but we're not going to sit around and wait.
Speaker Change: Because if it takes another week or two or three or a month.
Speaker Change: Where the state to award a contract we can't sit around and wait for that we have to be able to.
Speaker Change: Mary our expenses and our revenues with what we have in our hand and that's the approach we're taking.
Speaker Change: Yeah.
Speaker Change: Sounds good thanks, that's it for me thank you.
Speaker Change: Next question is from Tim more fear Street. Please.
Speaker Change: Please go ahead.
Speaker Change: Thanks, Robert You mentioned clearly in your opening remarks that maybe a pivot away obviously from reading on the large lumpy dot contracts that were tying up our capital spending.
Speaker Change: Can you give us any kind of thoughts yeah at this point in the year maybe.
Speaker Change: Color, what you think organic growth could be this year without any acquisitions do you think it can be high teens growth.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: I'd like to put a number on it the only thing I'll say is that with the <unk>.
Speaker Change: A lot of time and effort and money in developing.
Speaker Change: These products to the point that we can sell.
Speaker Change: And there is a difference between a product.
Speaker Change: And our project and Recor has completed over the past few years a lot of projects that are now products.
Speaker Change: And we're out there selling those products.
Speaker Change: We believe that we're about to see.
Speaker Change: The fruits of that.
Speaker Change: Martin effort.
Speaker Change: But again, that's outside of our control, but it's not as though.
Speaker Change: It's early stage discussion, we spent a lot of time effort.
Speaker Change: And resources getting these governments familiar with this technology, it's new.
Speaker Change: It's new it's a different way of doing things they've been doing this for.
Speaker Change: Many many decades.
Speaker Change: I can see Tac takes time, but.
Speaker Change: We're through that piece of it and not working.
Speaker Change: Adoption phase and the scale scope stage.
Speaker Change: So.
Speaker Change: I think that that's the good news and we just have to.
Speaker Change: We just have to wait for the outcome and I think it's coming but.
Speaker Change: We're not going to put any dates on it but it's not.
Speaker Change: You know, it's not as if we're not.
Speaker Change: The last.
Speaker Change: Couple of yards and before we get to the end zone, but its government.
Speaker Change: No I understood understood.
Speaker Change: Another question I had it seemed like you did some pretty good cost cutting savings in the.
Speaker Change: Corner, despite really probably only starting in late November I mean, yeah, the operating expenses ignoring the impairment charge.
Speaker Change: It came in at like two 5 million last time I was expecting.
Speaker Change: How is that going in.
Speaker Change: Implementation and.
Speaker Change: Do you still pretty much on track for a pretty substantial cost savings this year.
Speaker Change: I think that the company spent a lot of money over the last few years developing this technology and get it getting it ready for scale.
Speaker Change: And again.
Speaker Change: Again being BTG.
Speaker Change: Once you get the technology ready you have to decide do you want to focus on the here and now and not three years from now so a lot of our cost cutting measures where.
Speaker Change: Focused on the here and now.
Speaker Change: And we're flexible enough to be able to scale when that happens and then we can focus on what's down the road when we're down the road. So that's where we are and we expect when we see the results of all that we've done over the past couple of years come to fruition.
Speaker Change: That will pay off our shareholders.
Speaker Change: And we're being very.
Speaker Change: Careful about shareholders and we want to make sure that we get this company to profitability as quickly as possible.
Speaker Change: And then we can scale with that based on our resources. We have staff, we have the supply chain, we have and so forth and we can worry about all the things later, when we need to worry about those things.
Speaker Change: No. That's good progress is really important and my last question might be a little bit more for you.
Speaker Change: I saw the 10-K that came out I think it said about a 111 million shares as of Friday back.
Speaker Change: Back into the fourth quarter shares.
Speaker Change: Average was something like $93 million.
Speaker Change: I'm just trying to wrap my head around maybe.
Speaker Change: Obviously, your fill affiliate got chairs and the payoff.
Speaker Change: What is kind of the liquidity today or maybe how much of the ATM was tapped in the first quarter.
Speaker Change: We have not we disclose with you if you look on the subsequent event theme.
Speaker Change: As the usage of the ATM.
Speaker Change: Remember as Woods mentioned, we have.
A lot of things with states for long term contracts and we have.
Speaker Change: The vehicles of the revenue sharing notes.
Speaker Change: Ooh improve our liquidity once this contract for comic rather than have dilutive funding of the company.
Speaker Change: Yes.
Speaker Change: Let me just add can I, just add to what al said.
Speaker Change: Like everything else things.
Speaker Change: Things change and what we've.
Speaker Change: <unk> seen with our government contract government customers.
Speaker Change: Is there more interested and data as a service and then they are about buying technology that may or may not work and then to have the fiction replace every few years.
Speaker Change: So that's why we put that prime revenue sharing note.
Speaker Change: Mechanism in place while ago.
Speaker Change: And we believe that given the direction that we're headed in that.
Speaker Change: That will be our primary source of funding going forward because.
Speaker Change: That seems to be the way the customers to government customers want to acquire.
Speaker Change: The technology, which makes sense for them right. If you think about it that makes sense for us and our shareholders right. So.
Speaker Change: That's our plan.
That's a great mechanism the revenue sharing thanks, a lot and that's it for my questions.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: Next question is from Mike Lattimore from Northern capital. Please go ahead.
Speaker Change: Yeah.
Okay.
Speaker Change: Yeah, Hi, this is <unk> on behalf of Mike Latimore could you give some color on the first quarter of 'twenty.
Speaker Change: Should we expect similar business, that's what you saw in the fourth quarter.
Speaker Change: Okay.
Speaker Change: So we do not provide any guidance at this point for 2025, whatever we discussed five.
Speaker Change: Thats.
Speaker Change: That's what we.
Speaker Change: We can't disclose at this point.
Speaker Change: Got it.
Speaker Change: How many cameras are deployed in Florida.
Speaker Change: No.
Speaker Change: Or do you want to take it.
Speaker Change: I don't think we can disclose that because that would be disclosing revenue for Q1, which as you know.
Speaker Change: Through yet.
Speaker Change: But.
Speaker Change: Our relationship with Florida is good.
Speaker Change: Can continue to work with them.
Speaker Change:
Speaker Change: I think that's a Q1 question and I appreciate drastic, but I think we have to stick to the rules.
Speaker Change: Got it.
Speaker Change: Oh, which at this stage the best potential to offer a contract for the scale of the field.
Speaker Change: Oh.
Speaker Change: We did.
Speaker Change: More than 15 proof of concept.
Speaker Change:
Speaker Change: Installments.
Speaker Change: Glenn as we were introducing this technology to the states.
Speaker Change: And.
Speaker Change:
Speaker Change: Almost all of them.
Speaker Change: <unk>.
Speaker Change: At the deployment stage, where we're either deploying in mass or were responding to rfps.
Speaker Change: And again, the RFP process just for shareholders.
Speaker Change: Listening to this.
Speaker Change: Does that mean right.
Speaker Change: So there are very strict rules right. So once there's an RFP that is issued.
Speaker Change: A company can be D cute, okay for talking to.
Speaker Change: Either the agency or the procurement.
Speaker Change: <unk> Department, which in some states most states are separate from the agency.
Speaker Change: Right. So we have to be very careful about what we say other than.
Speaker Change: That we're in the process.
Speaker Change: Which is different than the capture or the discovery stage trying to introduce new technology.
Speaker Change: I feel comfortable saying this.
Speaker Change: We introduced new technology, we work with our state customers to say Hey, what do you think how does this work for you how can we make it better.
Speaker Change: Some time.
Speaker Change: And it was well worth it right and government business is very sticky once you get there and we cross that threshold with the majority of where we did those plc's and others.
Speaker Change: That have reached out and the technology, we now see adoption of and I'll also say that we see inertia of what the technology does which is that it is non intrusive, meaning putting people out of harm's way youre not closing claims.
Speaker Change: It makes sense, because youre paying for the data as a service. So that if you don't get the data you're not paying for the service right. So broken technology and we'll have that.
Speaker Change:
Speaker Change: It's a good model right, but it takes a little bit of time for for government.
Speaker Change: To change the way they do things.
Speaker Change: And thats consistent with what you see with the New administration right Theyre talking about using new technology, AI and other things throughout government.
Speaker Change: So it's good because we think we're in the right place at the right time, we're very happy with the response that we've gotten from our government customers but.
Speaker Change: We just want to be careful because we have these.
Speaker Change: These open procurements.
Speaker Change: Got it thank you.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: This concludes the question and answer session I would like to turn the floor back to management for any closing comments.
Speaker Change: Alright, well look thanks, everybody for your patience your support.
Speaker Change: And everything else.
Speaker Change: There's a lot going on out there, but you know.
Speaker Change: I'm proud of where we are and I think that.
Speaker Change: We're pleased with the progress the company's made in.
Speaker Change: As I said there is some inertia behind what we're doing and that should pay off for our shareholders in 2025 and beyond and thank you everyone for your continued interest.
Speaker Change: This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.
Speaker Change: Okay.
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Speaker Change: Hum.
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Speaker Change: Yeah.
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