UTILITY, INC SHARES FOURTH QUARTER AND FULL YEAR 2022 RESULTS

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Utility, Inc.

Feb 09, 2023, 12:37 ET

International expansion, technological innovations and team growth support another record-breaking year

ATLANTA, Feb. 9, 2023 /PRNewswire/ -- Body worn camera and digital evidence management systems provider, Utility, today announced its close to the 2022 fiscal year, with annual bookings of $102 million, a 70% percent increase from the previous year. In addition, the company saw a 35% increase in overall year-over-year recurring revenue and a 42% increase in teammates, all focused on supporting the more than 300 active clients on the technology platform. Substantiating a year defined by growth, additional notable 2022 highlights include:

  • Introduction of Polaris and Helios, two new technologies offering SaaS-based, technology-agnostic digital evidence management platforms for law enforcement and prosecuting attorneys
  • 76,000 provisioned devices on the Utility platform, with 18,000 additional new devices to be deployed
  • Surpassed 60,000 total users on the platform
  • International expansion of technology footprint into Canada in partnership with Field Forensics Canada and execution of more than 10 additional distribution agreements across the globe
  • Actively managing and storing more than 12 million hours of video, inclusive of body worn camera and in-car video footage, on the platform
  • Captured 1.5 million incidents per month through the year
  • 98.9% of incidents recorded, over 17 million interactions, were done so through automation, with no manual intervention
  • ALPR technology detected more than 1 million license plates per month through the year

"Our 2022 results reflect both our growing universe of technology solutions as well as the commitment of both our team and our clients to ongoing partnership," said Michael Nark, President and CEO of Utility. "I continue to be inspired by the law enforcement officers we support as they work to serve and protect every day. As we look ahead to 2023, Utility is well-positioned to continue to introduce groundbreaking innovations, while also investing in client communities to deliver long-term value."

The fourth quarter brought more than $32 million in total contract bookings, with the addition of several new agencies to the Utility client roster, including the Harris County, TX, Constables, District Attorney's Office and Fire Marshal's Office. In addition, the police departments of Burlington, MA, Bellaire, TX, Dalton, MA, Lenox GA, Veedersburg, IN, Montrose, IA, Narragansett, RI, Cleburne, TX, Dewitt, IA, and Romulus, MI, as well as the sheriff's offices of Teller County, CO, Lafayette County, FL, and Rusk County, TX. Other fourth quarter unaudited financial highlights include:

  • $160 million of contracted future revenue
  • 21% increase in quarter over quarter operating income
  • More than $7.7 million in contract renewals, upgrades and additional units

About Utility
Utility, the innovative technology-enabled service provider recognized for creating groundbreaking digital systems for frontline professions, provides a universe of intuitive products for effectively capturing, managing and releasing video evidence. Technologies include a variety of cameras, sensors and devices as well as situational awareness software solutions for law enforcement, first responders, transportation agencies and utility providers. To learn more about Utility and its technology solutions, please visit utility.com.  

SOURCE Utility, Inc.

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