EVLV - Earnings call transcript Q2 2024 | Evolv Technologies Holdings, Inc.

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Brian Norris

Joined here today by Peter George, our President and Chief Executive Officer; and Mark Donohue, our Chief Financial Officer. This afternoon after the market closed, we issued a press release announcing our results for the second quarter of 2024 as well as our business outlook for the remainder of the year. This press release has been furnished with the SEC and is also available on our IR section of our website.

During today's call, we will make forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements relate to our current expectations and views of future events, including, but not limited to, statements regarding our future operations, growth and financial results, our potential for growth and ability to obtain new customers and retain existing customers, demand for our products and offerings, our expectations regarding outcomes of bid legal proceedings, including regulatory inquiries and our ability to meet our business outlook. subject are risks, beyond are some and statements which of our forward-looking to uncertainties material assumptions, All control. limitation, and Actual differ events Risk XX-K including, Factors risks on annual the for materially may factors without uncertainties, Form because of in forth or a number caption financial under the risk results the report set our of June report year XX, today. X XX, XXXX, February the SEC ended, on the filed we check that, which for our XXXX, December on quarterly with XX, months earlier XX-Q XXXX, ended filed with SEC Form and the today our made statements forward-looking X August as XXXX. The represent views of

forward-looking believe the or will will Except we performance them are future any be as these statements occur. results, future by update required to may disclaim reasonable, to our we or or we the Although reflect circumstances applicable events statements reflected guarantee obligation and law, that expectations achieved cannot events be in in circumstances. reflected

issued by and income, measures titled metrics GAAP can Reconciliations earnings operating Please measures adjusted from measures other similarly adjusted financial believe adjusted as diluted with that a expenses, will accounting most financial EBITDA, our should in measures accepted or also companies. may note from of directly Our comparable these investors. gross These insight prepared adjusted be adjusted release adjusted share. in and press per isolation earnings today. profit, adjusted information not include be which principles. measures presented our provide measures, include substitute between margin, commentary differ in the these These for generally additional considered today non-GAAP gross accordance definition non-GAAP we for operating found

subscriptions, I'd to recurring ARR, are the such investors over of With that or that, as each a in to making in performance turn revenue, of Peter. understanding which like and activity We will call obligation, key total believe we to as helpful metrics number business. be is or discussing RPO, deployment progress remaining the a we

Peter George

to in a on multi-year is touch we the moments. on quarter in a back an going growth as the and which QX to to XX, XX% million, the quarter Thank and June of XXX XX% new as sequentially, Evolv then added Express. margin business. about strong our in a you, subscription thanks of acquisition expanded a markets. this XXXX. of in reoccurring in gross has Brian, up accelerated results of We XX% Evolv in new compared ARR serve XXXX. detail minutes activated grew now day fourth million QX. metric. This in year-over-year from compared in customer year, introduced our few of record XXXX, of is well and XX% largely the resulted We Evolv the more financial $XXX remainder I'll I'm our a to X% XXX year. was and results to we're outlook as new everyone expansion XX joining on for year-over-year to XX used Adjusted our number on and and this the shift $XX which attributable average, We QX in encouraging to nearly new visitors last Express Express customers key seeing XX% more is key across trends this activity, Mark last was will key in customers QX, bounce in Revenue significant reflecting $XX.X distribution installed the us revenue. over QX. to customer to few of through vertical sequentially. walk quarter X spend today. in of the second for in was continued million subscriptions base model screen QX subscriptions the customers QX believe adoption highest up since This

customers day. using Our Express are than more single every Evolv to average XXX firearms tag on

Number execution. seeing turn areas demonstrate and adjusted key to discuss compared we to the model; reaching leverage and with believe EBITDA in to the steady discussed the distribution earnings start installation X on model a $X two, march business. of continuing ago. last our our driving XXXX. backlog; and million negative delivered We focus I improving business accelerated of overall key of call. in million sales drivers year by EBITDA we're our the one, negative continue adjusted positive We we're building our to $XX adoption I'll want three, QX

visibility. backlog First, which report the progress enables to overall us business. and we quarter that booking continue We're building to install, units on efficiency this the improve in of than drive installation to pleased us to increased the refers make turn which predictability good helps more in very we initiative,

progress in to single more adoption efforts, booked to to execution model I We're more were predictability program via and in bookings the the pace driver fees. more pleased actions to our initiatives we margin the collections driving our unit the improve to tour to and QX, which measure everything in that effectiveness. from to our report makes some with of Evolv reduces like partner overall our overall pipeline, future stadium really pleased This includes awareness in run shifts confidence. of QX from greater reoccurring distribution brand action drive continues distribution saw sales it high-margin throughout report quarter. revenue, expanding turn we units execution. linearity to model, And greatest or in generation the we're to efficiently. because improved QX. demand am double common finally, what product that improves of billings also accelerated of initiated bookings shipments of the to license onetime It significantly raises stronger our enhancing quarters be much Second, making is, linearity channel our and partners and which course, working through A adds way expansion XX% over revenue is gross sales good to the

a most of our to strong the particularly Approximately activity our presence. most or activity they with We which channel particularly whom These partners extend of in QX geographies in XXXX. units that go-to-market our XX% in our a have Motorola, and with came saw QX. certain quarter the since Moving partner where strong through was we our had with reach verticals are active booked partners. partners unit or

In of the to XXXX fact, with year-over-year first XXX% half bookings in first up the were unit compared of Motorola XXXX. XX% QX and in half

generation ramp partner to with a seeing continue marketing opportunities. partners notable in are uptick and efforts demand We registration our

be expect to Motorola, time. We Group. our over Securitas Technology to scale Johnson see and plans strong continue to to Technology relationships activity will Alliance These with central Controls,

renewal We that are Evolv for that were XX up to the X renew Express bankruptcy. again QX, report due did pleased saw to customer very we systems was and not Of only activity. a renewal in strong one

While we customers are or entering a history, have earliest X either generally in X-year renewal our limited renewal contract.

XX validation subscription the We renewal value that markets, and a still QX deployments. expand to confidence. contribution while customers, about tested booked from and units it's that our of we're compared speaks was in for customers the made existing their deployed to I strong We're want And customer in pleased bookings existing with renewing trends to saw trust starting expect of the XXXX. to believe again Evolv confidence the These our QX and report which are decision half from realize have our contract. XX% more see customers the we provides our in have ARR of continuing. to than year. strong in end XX% the customers we second trends have of in We education. early Nothing technology renewal to and process, in to turn thoroughly seeing up that

new have education number of absolutely the Evolv Further, are education nearly added in we the units XX% customers we in a customers customers double very to growth sequential education Express off, sold QX, number strong increase thrilled QX. of here. QX, to First from XX in we saw welcomed

about of model our subscription in the selected in distribution units Our education vertical the for customers QX. XX%

air see We continue school deployments larger multiple to of district phase over some quarters. the

school in up do deployed way are single funding. they projects seeing boards in technology School show their fund large units using routinely district the any the adjust standard XXX to they over buildings. districts security we largest schools and of brand. quarter ARR onetime country preparation and last ways as in are also finding XXX,XXX year. more XXX,XXX administrators for in always while winning a teachers, day this compared We capital the to or the ESSER in XX So, fund screen the visitors opportunities, between We're embedded of about purchasing year. funding later a every day quarter. opposed be not to students, make to X,XXX proud solution as deployed the of more budgets XXX in and Evolv and our We're expiration school other second school This motion operating can

operate with buildings added a nationwide. customers XXX dozen over market about care health We remains QX. new robust in Our in now hospital

some to proud workers about a health for be day the patients, continue momentum the is out build We to screen quarter us to care a support health to and dividends that health XXX,XXX other about but of doctors, hospitals, upstream approach systems in systems. to and sports believe world. marketing continues Professional requirements to not compared XXX,XXX to visitors continue We're last is the care customers health this second more and we of the key to of We local implement care just more year. paying enabling vertical that nurses, entertainment as live and hospital build with an us. care every single largest integrated in day

venue across venue home with Jets. progress We've and welcome home these Center, centers also X walls. As of for Canadian portfolio wins Evolv of Center, sports lead the and network upcoming the of the made as States, across venues. Bears, venues. added board. wins home home of partnership their live across and of than most world's spans today, Target Life on NFL on the substantial Timber We've as of the operator Anaheim of Ice, convention ASM's Soldier Technology XX which Minnesota the Ducks a NHL and continents performing more season. of global is layered Recent the arenas, secured than Center, approach more stadiums, Chicago a fans also recent teams the major We've our Winnipeg and with prepares excited Global, XXX ASM security. prestigious leagues entertainment the X of rely to with Honda We're Field, arts NBA's teams United include the the the professional part the X exhibition to

preferred North America. ASM's are We patron technology in screening for provider

properties customers image customers performance. data contracts market-specific our real-time dashboards, these over an report, system and us, can customers' our include advantage we visitor extend positive I ASM reports, more environment released the flow, and update automated customers intuitive over to data invested product During the which bringing Express offerings, cloud-based new in additional to the introduces time second of to on and portal recently the statistics, alert pivot of to alarm ecosystem. XX screening new to to powerful mobile Express new of capabilities event the long-term as Evolv years. we development by insights, new take innovation share and doubled sites. threat default remain integrate on support subscription no we've news capabilities with provides update threat-type are. overall some Evolv designed and matter track launches One are they map major further into will mobile easily to of Evolv quarter the to end analysis on systems Evolv capabilities our last of It our configuration and and our updates released introduce the breakthrough XXXX, a access. infrastructure. on provide are front. web power to further myEvolv update systems security visibility the they The Because access Key the for app, We year We extended connected number our where several dashboards they the want software front. features and

be to the We products, come and that. More or to customers, value existing expect expanding these on which our be new to customers. digital subscription-based could either physical lifetime of sold

XX. democratize importance learn hand the things Mark, And day, XX% revenue turn like achieving QX results make of We of the advancing drives present the which over single more Mark on and over includes I financial that, place the to work, play. Before innovate outlook. adjusted safer, remain in a mission. I'll this our every XXXX, to delivering this that's it enjoyable in reiterate XXXX growth positive Rule our our and to dedicated us continuing EBITDA to while goals, mission With financial filling to to long-term to I'd of and absolutely to and and our delivering to security live, world

Mark Donohue

Thanks, our I'm and through detail review going second quarter in Peter, everyone. our more to and good afternoon, then outlook. results walk

revenue, Peter million, XX, total $XX.X of 'XX mentioned, of recurring year-over-year. Approximately growth million, shift XX% over of performance in year-over-year the as Annual or or RPO, to XX% demonstrating $XX was was QX sequentially. was As obligation, June revenue XX, XXXX, versus model recurring up in our XX as was up last the months. X% business 'XX, million, further in XX% and XXXX, of June $XXX revenue XX% QX ARR, XX% year-over-year. reflecting XX Remaining

on we RPO as our As to the begins model. of growth to go continue off calls, revenue expect bookings with prior investors lower-margin been unit more temper to of through we P&L our in and have distribution rate the come hardware sharing

of compensation, the We business, stock-based of and we which in compensation expect and revenue reflects Adjusted certain $XX.X recurring model. The million XX% million saw our the and compared QX. business. on again XXXX in expenses, impairment higher model XX% onetime quarter subscription and year-over-year investments revenue gross of to primarily the stock-based continued second to recurring through to last which exclude streams, across newer growth operating onetime year. second headcount to be our for quarter certain margin, overall year. distribution margins was other faster $XX.X in expenses, This quarter equipment the excludes loss other reflects were subscription both in which transition modest our gross second the expenses, compared Adjusted increase pure the last in of primarily results

loss, charges million and continue charges year. to an EBITDA, AI-powered to excludes compared onetime which quarter of This leverage negative quarter $X.X compensation, second $XX.X to along year. of which margin prudent strong was negative as the expense last management. Adjusted other We expansion stock-based in million solutions $XX.X million noncash items, second growth compensation, growing $XX.X noncash headcount onetime with compared other excludes million in stock-based alternative items, to last gross was and where possible. and the reflects Adjusted revenue

We cash, cash and of reflects marketable $XX balance in cash model. cash cash to used sheet. compared equivalents, ended to Turning subscription with to million and restricted operations the the the $XX securities quarter support our million at used Pure which end QX in XXXX,

As to Notably, of without this Peter on financing. QX with EBITDA similar cash to expect of expect reach indicated, we hand. additional in adjusted we levels achieve to any positive debt continue XXXX

with needs. may I few our a outlook. environment actively becomes of we are long-term as close our However, of interest rate to forms more on to the be capital financing evaluating debt that favorable, nondilutive modest. would want Any attractive be action set comments

as are to we played our demand sales brand channel of improving expected. QX, largely and by performance focus will second In awareness, out we raising the year, continue partner our generation encouraged on half optimizing the We driving which program. in execution,

we are guidance reaffirming the such, across As board. our

achieve our this the position in We our $XXX goal For outlook million, growth performance deliver the are of year. an to which we first year, to balance about of full of year-over-year. half believe we XX% excellent expect reflects given the and revenues for

to XX% of of We $XXX about continue reflecting year-over-year. around to with XXXX expect exit million, ARR growth

We year that, QX believe adjusted full in at over adjusted remain positive turn in we we deliver XX%. reach for can full back least about With gross of XX% track margin EBITDA XX%. adjusted believe remains XXXX. at EBITDA to of call on to improvement by Our year we estimate the Further, I'll Brian.

Brian Norris

at Eric, the open this for you, like Mark. I'd Q&A. call to Thank time, up

you I'm to please. ask So, the going start to session, Q&A

Operator

of [Operator Instructions]. go the And will Mike line from first the question Latimore.

Unknown Analyst

Could industrial Latimore. Mike of What the vertical? for behalf on give on needed color industrial of acceleration catalyst some is kind warehouse? [indiscernible] is This warehouse you the in

Peter George

opening industrial I vertical and question? be the the about the asking your that? question what Is we're warehouses think for new catalyst that that up, the you're could

Unknown Analyst

Yes.

Peter George

that So, in early it's still vertical. look, days

vertical. in be We but expect have verticals early really revenue. a It's that one the still in out vertical a North days, in COVID, materially the this Post a just dedicated be America. as team exploded to company. top XXXX on along that's education, to important X vertical relates with that of across we And then years, for it the

Unknown Analyst

what And total is sales your headcount?

Peter George

sales people includes solutions So -- close and CSMs. we engineers talk support our that about and in have let me and to team, go-to-market XXX so and

sales quota-carrying quota-carrying America dozen of salespeople field. the across of terms have In couple a in we people, North

We know, our XX% about have a partners. business channel team, comes as through of you channel

team. dedicated an overlay So we have channel that's team a

Our through quota-carrying to do the we that's the We the revenue don't comes only channel. full salespeople sporting all credit go get that for that channel the partners. through vertical, place typically sell but direct

they're a team, in Thanks every getting So, very we the and leverage business. almost operational have sizable the question. for quarter

Operator

question Fitzgerald. next Knoblauch line from with the of Brett Cantor And comes the

Brett Knoblauch

on release quarter. causing I start sales the if to quarter we regulatory front. the the on can know regulatory an lengthen. Maybe Congrats cycles just overhang update and last dominated with

you the yet? us from overhang? was regulatory of FTC SEC we good a most performing, Could are on in back cycles this Given are quarter update landed you you the did terms you the while. new how the maybe Have in customers where sales or heard just

Peter George

are for months. these FTC, XX we're to the resolution. collaborate with we've and typically, a we're investigations on that as probably and closely them, said in work them we working communication XX with And towards the look, before, FTC, with go So, to continue

and a working towards we're resolution. still we're that So, zone, in

about good it. feel we So,

the don't own our rush haven't like-minded want we action. than up, has changed, were What oftentimes, they sales transparent test is, other you our of QX. that system sales close like more is see As to to and our terrific. POCs, want it places rate schools themselves. with to And don't relates cycles QX, our elongated want fully which they changed. to our go want in Most to to if that. the QX, to they or their have We in truth them in And any customers. We're not went in times constant, cycle remember sales it or may but cycle, stayed The trials hospitals do rush customers. potentially

We in care have a close rate XXX% health the vertical.

keep So, is rate our the very what regulatory being that, has our And make And weaponized surprised the close of and we're high. very, early find the that's sure way and we've sales with we of high cycle to problem a done, issues, those to a early competition end. customer, a on at the a not taking instead in we're decision. a because rate in close waste of and of there's if time out lot able if get going that

we're of talking sales early So, about with that environment terms good because customers. the in in we're execution where the the regulatory about are marketplace feeling we

Brett Knoblauch

that just a we York standing sign couple if how I mayor New How and or having your just with York you Could as can big started couple your any do terms the color on the maybe update of of last prior a or deploy contract the of touch us City press believe to you there? to contract units one New some weeks. then to you And conferences over over is units. involvement very that's on guys those what's them? the And months, subway, been next of City the public

Peter George

is the best working with in agency arguably enforcement country. Look, we're the still what law

to lot in subways confidence the protect and ability on Yorkers everywhere. We have New a of their

X protect tourist during It been And New from our and going very to hospitals a kinds customer, last XX,XXX place. York Yorkers. have have long we a places first we attractions, sporting stopped in years, stadiums, including close And weapons of our XX there of over which all where million New into that know, probably you places. sites, since Center, Lincoln history As first was one and the City. time, is we've visible where then, museums

city, have We're knows to need long New decisions make them to, the protect that to confident with is. going citizens a decision a to for there. decision the we're working and and them, whatever continue of that going make history we we're we're Police that York New letting So, that's they support The support and to they're that. to still York, going and them right the

Brett Knoblauch

the they subways? But started have already deploying units in your

Peter George

still They're as tested have other well. They systems. testing companies our

it's you'll So, its out there. They're the but our in see phase. that, trial in still middle systems of

Operator

of the Jeremy Hamblin Next Craig-Hallum. question from with comes line

Jeremy Hamblin

Congrats on the results. strong

of follow-up terms I it's the a you over have months? of Certainly, question as some interest at on that nice point. Just the inbound in last last couple What validation seen think least, interest city have to large Using in seen. system. a mass to wanted largest the your technology country you've the just that, I in for a commuter that sense for such inbound get

Peter George

use Look, of in we zones like years cities or of a the they systems dozens example. create the for places in to started And ago. Detroit places that open Detroit safer of couple with safe fireworks the working city city our has of

places have we awareness So, their L.A. record with in there. in other are brand a And citizens now safe. other City, that keeping through what's happening that inbound care New like we cities about and getting from York track

as today. So, talk our when we it's talk cities, we start in TAM. about opportunity TAM that in make a to in as we'll progress about not our But included our TAM expansion vertical

Jeremy Hamblin

related distributor and you get question, evolution you how your be terms suppose, of we you get in to versus of and I terms is you quarters, the and where equivalents think total to subscription just to the conversion deals of just do in that out for as a to that? in to maybe and where then expect expect And timing year-end? to as to over a expect the more on sense on that where cash we here bottom X, distributor And percentage wanted out inventory sense you should expect flow deals? X quarter I terms see that your of balance versus the deals cash How management, next are of sheet up, to subscription back at kind then of play start and build about

Mark Donohue

the were talked end cash and We we We million how were $XX had ZIP about this equivalents. going being cash question. for talked had around about in quarter. We in the Thanks to at about million $XX code.

we that in to bit a our buying lot systems. of was receivable. to we had buildup of X and the this extension So, some did inventory little accounts of finish A that transition X Generation from Generation

it's little the We'll and to bit $XX going of We the coming the year, level have seen then end back from that code XX% to model. us, QX a bottom, being end in distribution little we We to say in cash QX come in I QX. year. by over ZIP back million see an would quarter cash the It the were doubled kind by the in to more usage ZIP XX%. this from terms the bit around XX% a just of increase in of QX the code. $XX about in see be million expecting XX% But of when QX but usage quarterly to activity we're cash we're QX. And hoping typical popping that hitting the probably the then hit by around for profitability of of but the that's

quarters this. think I over So, I really to next achieving million going X the be in on we're want that to given level $XX hone the

assets doing is now what as some popping of the this distribution moving One inventory we're fixed which right of elements model equipment, back in up, to our was originally key the of line. is

grew. the balance So, how sheet It's line on this of we right in that's distribution and redistributed sheet systems. activity. more bought we wasn't inventory you'll anticipation more are see the that of balance on because our And It more they now. seeing because

to long going keep remind with deal needs CapEx are is credits to be any next Technology, part until the manufacturer, subscription that year. that But in will have we the the probably of from contract next regards the those inventory into through only things fixed it you, to building take all We're term. credits here Just will we fact inventory on or won't up product, year we based an over on Columbia into of took with the our beginning and perspective. eat assets

Jeremy Hamblin

one Last me. for

a Your G&A go-forward in a QX you wanted of a should jump there. of if little be on a could seen on run thinking from little expense bit jumped a to progression, rate here about bit provide see steady basis. a you've that how then I made bit color a we that and that

Mark Donohue

Honestly, it's working we've for compensation legal related had of the reserve relatively in as estimates is category We but do lot to actually actually some level, lately. on well, an that to adjusted stable. stock been this more settlements a through than There's little bit a anything else.

Jeremy Hamblin

the for luck Good rest of the year.

Operator

line TD Cowen. with of And the Hugh the question comes from Cunningham next

Hugh Cunningham

up to questions nice take the on I see a quarter unit back reaffirmation. here. and two and adds guidance the good got Congrats

relationship control time on times last real the hitting but things How standpoint could in seems hinted new they're -- you've piece detection. And And for all So on you -- add-ons, but then, first, the you is this, particularly brandished know like we terms such other CT I like a about it going? that the operating talked it's products estate. few weapon valuable think for given you a a that from Peter, pretty is and add long-term the an me, interesting, of I point partner an guys, here. equilibrium it seems CT

Mark Donohue

take bit. will going we're about of one you I with this through. Peter bit a Peter, little little maybe, that some the on start and team new Columbia a think I product tag then I'll can Tech discussion and

things the a to us. work products. it. about It's have levels help partner in the of confidence There's about we from and out, very in Tech the are doubt when They company more And that not the they're But current levels. we we on volume this. important no of And -- the street for about the a are they from inception organization. it's been closely Technology, time relationship. right of working our since about them have going relationships Columbia lot last the all think won't with that contract with that of terms where can't think help are with build And and In us the XX down that at hitting point forward expertise on we products right we as that we partner coming need we build Columbia us. them over minutes manufacturers. products, new closely our expanding is our we We've important far really right, to them also now, the our launching

Peter George

And products. in new of terms Hugh,

detect, So, gun we approach open in know, tablet identifying, where industry. making a weapons detecting Express egress between basically really as the weapons revolutionary or as identification carry people on and is announced important connection which is brandish that is Evolv our you and visual the

open see make So ready those ready concealed see And make interesting products Evolv to they're detection to oftentimes, help we're weapons, are in visual We're to an if Express And they're to deals. a starting there. our into already not opportunities. pulled find decision to gun new carry. pipeline, starting on out so we're investment what's very getting is

so product. And becoming first that's the

pipeline our So, today. seeing in we're it

maybe the also systems we're of physical, we've XX% our said That Express terms is our be X of may could going quarter on But what customers on but about before year-end. In digital year, from we're They of your to more, also, detect. visual be that our X, it expansion with They both existing excited products point. track. coming gun business that this to out rest new and and want and was capabilities the for on customers. mean the

on metrics all those going report sticky important that real us more things ARPU, forward. will advantages time, for as that expanding become those we becoming renewal be So,

of new So, before X connected the we to sit see end that or platform X the be system. expect Evolv to that digital year, on the or products could

Hugh Cunningham

question. Guys, Motorola's please the reason behind momentum? one is more What

Peter George

safety in a all and position system and that in direct channel product, enviable want both have selling market, They're also a promise. and with AI a detection and and they partners And technology end-to-end space, X,XXX Motorola the have that is body and leader they with organization the on an deliver growing big right? to weapons an or of growing salespeople big OEM cameras

relationships starting size, partner for So, their security make a customers, and of safety which is there, a it to great. existing with brand, and leadership see lot the us, area, in their their traction best-in-class we're all natural their market

Hugh Cunningham

Good luck guys.

Operator

[Operator Instructions].

Our the comes from Martinuzzi. question next of line Eric

Eric Martinuzzi

You spoke QX. linearity better to the in

is What trends July? out. are Just starting QX wondering seeing you how in

Peter George

is continuing, our were we're we're in part it in up which the this really, business to already seeing with see right. really moving That We early quarter. months and of repeatable the into the momentum starting pleased quarter,

now the So, sales is to work that pipeline build is forward, that rate allow going thing our build linearity, like which backlog their increase the to translate obviously. will to organization love we're we the expecting All the And been starting continue. is which here a and close have most us lot, to doing business. something marketing into to this we

that. watch to continue So,

to year. continue bookings our RPO over grow and our the the rest watch of can You

Eric Martinuzzi

environment you bit the you're call, know aggressive landscape, talked stabilizing if still the about pricing Last little education. in or especially competitive a in pricing seeing education to space? Curious a

Peter George

hasn't I landscape the say Look, would competitive changed.

Our quite time. been legacy some and for works detector major a screening around the company metal security they've and like technology one. They competitor a like sell is

very, when tough be So, they with we in them schools, do But can very very those compete competition. price-sensitive well we head-to-head.

people security The putting business. really we that relying So the grant good brands are but and in for taking that's that their competitive on environment funding, is we're hasn't good by also and and for both not a long-term more lesser in trend is operating lots of security it and fact ourselves, think spend changed. in news a places, the

Brian Norris

Eric. Thanks

some to our caller. it think going I'm that's turn over for Peter remarks. to last closing I

Peter George

Thanks, Brian. backlog quarter. accelerating by we adjusted And work to doing mentioned, that. just we the model. business. Look, important. I improving customers started to and quarters up, everyone, highlighted been we EBITDA, just and feel just revenues margins having and contributed a really gross executing good right? X quarter, execution. the to strong good is building about really things to last record all on really finish new good All translate that of translating installation of really, that sales in outlined We're the up the was I this overall and the business, into quarter feel this our ago, It It's have of That's had quarter, but that. record record it's that about and That quarter We're adoption things lots distribution the into starting XX%. the book-to-bill having

we as for plans Mark So, the our we're really year, confident our reiterated in in. confident guidance, feel guidance, our

strong position get and to for rule next finish in of to QX flow cash adjusted XX as positive going chase future as for to we're year company. this company and we expect the year, EBITDA of a years We the

we're next everyone's everybody. in to than forward appreciate space support to on before. track again and We and and the So, look a places market going leader we people attention. be keeping in to quarter, a Thanks, continue ever safer reporting

Operator

That AT&T for your does service. using you Thank conferencing and today. for conclude conference our participation for

disconnect. now may You

Evolv Technologies (EVLV) 8 Aug 242024 Q2 Earnings call transcript