Urgent.ly Inc (ULY) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Otonomo Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎來到 Otonomo 第四季度和 2022 年全年收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Juliet McGinnis, Senior Director of Communications at Otonomo. Please go ahead.

我現在想將會議轉交給 Otonomo 的高級傳播總監 Juliet McGinnis。請繼續。

Thank you, operator, and thank you all for joining us today. Welcome to Otonomo's Fourth Quarter and Full Year 2022 Earnings Call.

謝謝接線員，感謝大家今天加入我們。歡迎來到 Otonomo 的第四季度和 2022 年全年收益電話會議。

Before we begin, I would like to remind you that our discussions today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Otonomo. Actual results could differ materially from those anticipated in forward-looking statements. Forward-looking statements made today speak only to our expectations as of today, and we undertake no obligation to publicly update or revise them. For a discussion of some of the important risk factors that could cause actual results to differ materially from any forward-looking statements, please see the Risk Factors section of Otonomo's Form 20-F filed with the SEC on March 31, 2022, and other documents filed by Otonomo from time to time with the SEC.

在我們開始之前，我想提醒您，我們今天的討論將包括前瞻性陳述，這些陳述受與未來事件和 Otonomo 未來財務業績相關的風險和不確定性的影響。實際結果可能與前瞻性陳述中預期的結果存在重大差異。今天做出的前瞻性陳述僅代表我們今天的預期，我們沒有義務公開更新或修改它們。有關可能導致實際結果與任何前瞻性陳述存在重大差異的一些重要風險因素的討論，請參閱 Otonomo 於 2022 年 3 月 31 日向美國證券交易委員會提交的 20-F 表格的風險因素部分以及其他文件Otonomo 不時向美國證券交易委員會提交。

If you have not received a copy of the earnings press release, please download one from the Investor Relations section of the company's website. Today's call will be accompanied by a PowerPoint. You are welcome to view the presentation on Otonomo's Investor Relations website. Please follow the call. A replay of this webcast will be available on Otonomo's Investor Relations website.

如果您還沒有收到收益新聞稿的副本，請從公司網站的投資者關係部分下載一份。今天的電話會議將附有 PowerPoint 演示文稿。歡迎您在 Otonomo 的投資者關係網站上查看演示文稿。請隨叫隨到。該網絡廣播的重播將在 Otonomo 的投資者關係網站上提供。

Please also note that we will present non-GAAP operating loss on today's call, which is a historical non-GAAP financial measure. Because of this financial measure is used in Otonomo's internal analysis of financial and operating performance, Otonomo believes that it provides increased transparency to investors of management's view of its economic performance.

另請注意，我們將在今天的電話會議上展示非 GAAP 運營虧損，這是一項歷史非 GAAP 財務指標。由於 Otonomo 對財務和經營業績的內部分析使用了這一財務指標，Otonomo 相信它可以提高投資者對管理層對其經濟業績看法的透明度。

Otonomo also believes the presentation of this measure allows investors to more effectively evaluate and compare the performance of Otonomo to that of its peers. Although, Otonomo's presentation of this non-GAAP measure may not be comparable to other similarly titled measures of other companies. A reconciliation of this measure to its most directly comparable GAAP financial measures is included in our earnings release.

Otonomo 還認為，這一衡量標準的介紹使投資者能夠更有效地評估和比較 Otonomo 與其同行的表現。雖然，Otonomo 對這一非 GAAP 措施的介紹可能無法與其他公司的其他類似名稱的措施相提並論。我們的收益發布中包含了這一措施與其最直接可比的 GAAP 財務措施的調節。

Today, we are joined by Ben Volkow, CEO and Co-Founder of Otonomo; Bonnie Moav, CFO of Otonomo. And Ben will start us off with an update on the current state of the market, Q4 results and a summary of 2022. Next, Bonnie Moav will give us an overview of the company's financial results for Q4 and the full year 2022. We will then open the call up for a live Q&A session. During the Q&A section of this call, Ben will be joined by Bonnie.

今天，Otonomo 的首席執行官兼聯合創始人 Ben Volkow 加入了我們的行列； Otonomo 首席財務官 Bonnie Moav。 Ben 將首先向我們介紹市場現狀、第四季度業績和 2022 年總結。接下來，Bonnie Moav 將向我們概述公司第四季度和 2022 年全年的財務業績。然後我們將打開實時問答環節的電話。在本次電話會議的問答環節，邦妮將加入 Ben 的行列。

With that, I'd like to pass the call over to Ben Volkow. Ben, please go ahead.

有了這個，我想把電話轉給 Ben Volkow。本，請繼續。

Thank you, Juliet. Hi, everyone, and thank you for joining Otonomo's Fourth Quarter and Full Year 2022 Financial Results Conference Call.

謝謝你，朱麗葉。大家好，感謝您參加 Otonomo 的第四季度和 2022 年全年財務業績電話會議。

Before I get into our Q4 results, let me first address the news of our agreement to enter into a merger transaction with Urgently that was announced last week. We couldn't be more excited about the merger. It is highly complementary and synergetic and will enable us to create exceptional customer-centric assistant experiences and accelerate growth by advancing delivery of preventive and predictive mobility services and products, digital platform integration for faster assistance response with multichannel delivery, value creation across the mobility ecosystem of OEM, transportation, insurance carriers, fleet companies and mobility assistance service providers.

在我進入我們的第四季度業績之前，讓我首先談談我們同意與上周宣布的 Urgently 進行合併交易的消息。我們對合併感到無比興奮。它具有高度互補性和協同性，將使我們能夠創造卓越的以客戶為中心的助手體驗，並通過推進預防性和預測性移動服務和產品的交付、數字平台集成以通過多渠道交付更快地響應響應、在整個移動生態系統中創造價值來加速增長OEM、運輸、保險公司、車隊公司和移動輔助服務提供商。

The combined company will be extremely well capitalized with revenues north of $185 million in 2022, with solutions operating in more than 26 countries with more than 100 partnerships agreement across the automotive OEM, transportation, insurance, suite and rental sectors, covering more than 70 million vehicles and more than 80,000 connected assistance service professionals and, of course, 36 registered and pending patents.

合併後的公司資本充足，到 2022 年收入將超過 1.85 億美元，解決方案在超過 26 個國家/地區運營，在汽車 OEM、運輸、保險、套房和租賃行業達成 100 多項合作協議，覆蓋超過 7000 萬車輛和 80,000 多名聯網的援助服務專業人員，當然還有 36 項已註冊和正在申請的專利。

With over 1.7 billion connected vehicles expected to be on the road by the next decade, the combined company will serve markets totaling more than $100 billion. This all-stock transaction is expected to close in the third quarter of 2022. Upon closing, Matt Bruce, currently CEO of Urgently, will be the CEO of the combined company. I will continue on the journey and will be joining the Board of Directors of the combined company.

到下一個十年，預計將有超過 17 億輛互聯汽車上路，合併後的公司將服務於總額超過 1000 億美元的市場。這項全股票交易預計將於 2022 年第三季度完成。交易完成後，Urgently 現任首席執行官馬特布魯斯將成為合併後公司的首席執行官。我將繼續征程，並將加入合併後公司的董事會。

I will be happy to address your questions regarding the merger at the end of our prepared remarks today.

我很樂意在今天準備好的評論結束時回答你關於合併的問題。

Now let's shift our focus to Q4 and year-end 2022 results for Otonomo. Q4 was yet another record-breaking quarter for Otonomo, with positive revenue growth and continued strong bookings. All of our key metrics were positive quarter-on-quarter. And we signed substantial new contracts that will position the company well for continued growth in the coming quarters.

現在讓我們將注意力轉移到 Otonomo 的第四季度和 2022 年底業績上。第四季度對於 Otonomo 來說又是一個破紀錄的季度，收入正增長，預訂量持續強勁。我們所有的關鍵指標環比都是積極的。我們簽署了大量新合同，這將使公司在未來幾個季度的持續增長中處於有利地位。

Q4 also marked a significant shift in our operating strategy as we took the difficult, but necessary steps to reduce costs to be more in line with our revenue outlook, and the overall market adoption. We estimate the year-over-year impact of these cost reductions will result in substantial cost savings for the company. We think that this sets Otonomo up well and preserving the necessary capital to build a sustainable and scalable business.

第四季度也標誌著我們的運營戰略發生了重大轉變，因為我們採取了艱難但必要的措施來降低成本，以更符合我們的收入前景和整體市場採用率。我們估計這些成本削減的同比影響將為公司節省大量成本。我們認為，這讓 Otonomo 做好了準備，並保留了必要的資本來建立可持續和可擴展的業務。

For the full year 2022, our revenue growth, product development and customer success has been nothing short of remarkable. We grew revenues from $1.7 million to $7 million, and we exited the year with 82% recurring revenue run rates. While we did not meet our expectations on the top line for the year and we would have preferred to have less disruption in the business, we remain optimistic about the future of the market and our strategy.

在 2022 年全年，我們的收入增長、產品開發和客戶成功都非常出色。我們的收入從 170 萬美元增加到 700 萬美元，並以 82% 的經常性收入運行率結束了這一年。雖然我們沒有達到我們對今年收入的預期，並且我們希望業務中斷更少，但我們對市場的未來和我們的戰略仍然持樂觀態度。

From a market perspective, the back half of 2022 was all about extended decision cycles with our ecosystem. As a result, with strong demand we see for Otonomo data services did not translate into revenues as quickly as we expected. We anticipate that these macro factors will persist well into 2023 and, thus, are positioning the company accordingly from a financial perspective.

從市場的角度來看，2022 年下半年都是關於我們生態系統的決策週期延長。因此，我們看到對 Otonomo 數據服務的強勁需求並未像我們預期的那樣迅速轉化為收入。我們預計這些宏觀因素將持續到 2023 年，因此從財務角度對公司進行相應定位。

The next 2 to 3 years will be pivotal in the mobility sector as we believe the industry will reach a tipping point in the adoption of software design telematics. Because of the increasing number of connected vehicles on the road as well as the rate of electric vehicle adoption, because the maturation of key applications and use cases and because of the adoption of new transformative economic model for our segments of the industry.

未來 2 到 3 年將是移動領域的關鍵，因為我們相信該行業將達到採用軟件設計遠程信息處理的轉折點。由於道路上聯網車輛的數量不斷增加以及電動汽車的採用率，因為關鍵應用程序和用例的成熟以及我們行業細分市場採用新的變革性經濟模式。

Q4 continued our momentum across key metrics. Some of the Q4 highlights are revenue for the fourth quarter of 2022 grew by 6% quarter-over-quarter. Recurring revenue reflects 82% of Otonomo's revenue for the fourth quarter 2022.

第四季度繼續我們在關鍵指標上的勢頭。第四季度的一些亮點是 2022 年第四季度的收入環比增長 6%。經常性收入佔 Otonomo 2022 年第四季度收入的 82%。

Bookings for the fourth quarter grew by 65% quarter-over-quarter to $3.6 million, of which 79% is recurring revenues. Backlog as of December 1, 2022, was $6.3 million. Annual recurring revenue, ARR, was $7 million, an increase of 5% quarter-over-quarter.

第四季度的預訂量環比增長 65% 至 360 萬美元，其中 79% 為經常性收入。截至 2022 年 12 月 1 日，積壓訂單為 630 萬美元。年度經常性收入 ARR 為 700 萬美元，環比增長 5%。

For 2022, here are some of our highlights. Revenue for 2022 was $7 million compared to $1.7 million in 2021. For the full year 2022, recurring revenues was $4.8 million. Bookings for 2022 were $9.3 million. We increased also our current OEM contracts from 22 to 24. We added 55 new customers for connected vehicle data insurance in 2022.

對於 2022 年，以下是我們的一些亮點。 2022 年的收入為 700 萬美元，而 2021 年為 170 萬美元。2022 年全年的經常性收入為 480 萬美元。 2022 年的預訂額為 930 萬美元。我們還將當前的 OEM 合同從 22 份增加到 24 份。我們在 2022 年新增了 55 名聯網車輛數據保險客戶。

We completed The Floow acquisition to address motor issuance, one of the largest segments in the mobility sector. We launched fleet mileage and maintenance management consoles as well as FloowFusion that combines phone and car data to create a 1-plus-1 equals 3 offering to insurance carriers. And we increased the number of fleet vehicles on the platform by more than 5.5 in FX.

我們完成了對 Floow 的收購，以解決汽車發行問題，這是移動領域最大的細分市場之一。我們推出了車隊里程和維護管理控制台以及 FloowFusion，它結合了電話和汽車數據，為保險公司提供 1+1 等於 3 的服務。我們在 FX 上將平台上的車隊車輛數量增加了 5.5 輛以上。

I want to touch some of the strategic partnerships announced in the quarter. First, Microsoft. Microsoft has selected Otonomo to support and improve its global marketing products and services. The streaming connected vehicle data provided by Otonomo will allow Microsoft to develop enhancements to its mapping services for Microsoft map users across Microsoft Azure, Windows and Bing, including providing current traffic conditions, accident notification and route optimization.

我想談談本季度宣布的一些戰略合作夥伴關係。第一，微軟。 Microsoft 已選擇 Otonomo 來支持和改進其全球營銷產品和服務。 Otonomo 提供的流式聯網車輛數據將使 Microsoft 能夠為 Microsoft Azure、Windows 和 Bing 上的 Microsoft 地圖用戶開發其地圖服務的增強功能，包括提供當前的交通狀況、事故通知和路線優化。

Microsoft will use connected vehicle data, including traffic data, road safety events and road sign data to enrich and validate its current road network data. With this additional data set, Microsoft can derive additional insights to support its mapping products and services, such as new roads geometry or turn restrictions, for example. Microsoft's mapping products and services include its own branded solutions and licensed third-party offerings.

微軟將使用聯網車輛數據，包括交通數據、道路安全事件和路標數據來豐富和驗證其當前的道路網絡數據。有了這個額外的數據集，微軟可以獲得額外的洞察力來支持其地圖產品和服務，例如新的道路幾何形狀或轉彎限制。 Microsoft 的地圖產品和服務包括其自有品牌解決方案和許可的第三方產品。

We also signed a multiyear partnership with global automotive manufacturer, Renault Group, to provide its fleet customers easier and cost-effective access to reach actionable vehicle data insights across multiple vehicle brands. Unlike other solutions that require aftermarket hardware such as OBD dongle to be installed to gain access to the data, Otonomo is able to access the vehicle data directly from Renault Group through Renault Cloud Platform. Easy connect for fleets, so moving from hardware to software-based telematics. This will reduce the installation and maintenance costs for fleet customers as well as time spent managing these aftermarket devices.

我們還與全球汽車製造商雷諾集團簽署了多年合作夥伴關係，為其車隊客戶提供更輕鬆、更具成本效益的訪問，以獲取跨多個汽車品牌的可操作車輛數據洞察力。與其他需要安裝 OBD 加密狗等售後市場硬件才能訪問數據的解決方案不同，Otonomo 能夠通過雷諾雲平台直接從雷諾集團訪問車輛數據。輕鬆連接車隊，從硬件轉向基於軟件的遠程信息處理。這將減少車隊客戶的安裝和維護成本，以及管理這些售後設備所花費的時間。

We also signed a multiyear agreement with Iteris, the world's trusted technology ecosystem for smart mobility infrastructure management. To integrate connected vehicle data available through the Otonomo's smart mobility data platform into Iteris ClearMobility platform. The additional data source will help Iteris unlock new mobility insights from its multiple sources of traffic intelligence, advances digital mobility infrastructure solutions for the public sector and commercial enterprise customers. And there is on its mission of creating a future of smarter and connected transportation.

我們還與全球值得信賴的智能移動基礎設施管理技術生態系統 Iteris 簽署了一項多年協議。將通過 Otonomo 的智能移動數據平台提供的聯網車輛數據集成到 Iteris ClearMobility 平台中。額外的數據源將幫助 Iteris 從其多個交通情報來源中獲得新的移動洞察力，為公共部門和商業企業客戶推進數字移動基礎設施解決方案。它的使命是創造更智能、更互聯的交通未來。

And finally, Michelin DDi, the business unit within Michelin Group, specialized in driving behavior data analysis, has selected Otonomo to advance the development of its near-miss zoning identification service in Europe. Michelin DDi will leverage acceleration and deacceleration, connected vehicle data events available through the Otonomo's Smart Mobility Data Platform, to identify potential accident or spots and help European road authorities, reduce risk and improve road safety for drivers. Beginning in France, and followed by additional countries across Europe.

最後，米其林集團旗下專門從事駕駛行為數據分析的業務部門 Michelin DDi 選擇 Otonomo 來推進其在歐洲的未遂分區識別服務的開發。米其林 DDi 將利用 Otonomo 的智能移動數據平台提供的加速和減速、聯網車輛數據事件來識別潛在事故或地點，並幫助歐洲道路當局降低風險並改善駕駛員的道路安全。從法國開始，然後是歐洲其他國家。

Now for more detail on our Q4 and full year 2022 financial, I'll hand it over to Otonomo's CFO, Bonnie Moav.

現在，有關我們第四季度和 2022 年全年財務的更多詳細信息，我將把它交給 Otonomo 的首席財務官 Bonnie Moav。

Thank you, Ben. Revenues for the fourth quarter 2022 reached $2.1 million compared to $1.1 million for the fourth quarter of 2021. Growth was primarily driven by growth in our core connected vehicle data and the contribution of The Floow revenue.

謝謝你，本。 2022 年第四季度的收入達到 210 萬美元，而 2021 年第四季度為 110 萬美元。增長主要是由我們核心聯網車輛數據的增長和 The Floow 收入的貢獻推動的。

Before I move further into the numbers, I want to remind you that our non-GAAP item consists of stock-based compensation expenses, restructuring expenses, depreciation, amortization of acquired intangible assets, contingent liability income related to The Floow acquisition and impairment of intangible and goodwill. Non-GAAP information is presented excluding these items. Our GAAP financial results, along with the reconciliation between GAAP and non-GAAP results, can be found in our earnings release.

在我進一步討論這些數字之前，我想提醒您，我們的非 GAAP 項目包括基於股票的補償費用、重組費用、折舊、已收購無形資產的攤銷、與 The Floow 收購相關的或有負債收入以及無形資產減值和善意。提供的非 GAAP 信息不包括這些項目。我們的 GAAP 財務業績，以及 GAAP 和非 GAAP 業績之間的調節，可以在我們的收益發布中找到。

I will now turn to the detailed financial results for the quarter. Our GAAP operating loss for Q4 2022 was $17.2 million, including a restructuring cost of $2.2 million and transaction costs of $1.9 million compared to $16.2 million in the fourth quarter of 2021.

我現在將轉向本季度的詳細財務結果。我們 2022 年第四季度的 GAAP 運營虧損為 1720 萬美元，其中包括 220 萬美元的重組成本和 190 萬美元的交易成本，而 2021 年第四季度為 1620 萬美元。

In the fourth quarter, non-GAAP operating loss was $13.8 million, including transaction costs of $1.9 million compared to $14 million for the fourth quarter of 2021. Our cloud infrastructure expenses consist primarily of costs related to a third-party cloud services, which decreased by 12% from $1.1 million in Q4 2021 to $0.9 million in Q4 2022. The decrease is attributed to the efficiency measures the company adopted to reduce costs.

第四季度，非 GAAP 運營虧損為 1380 萬美元，其中包括 190 萬美元的交易成本，而 2021 年第四季度為 1400 萬美元。我們的雲基礎設施支出主要包括與第三方雲服務相關的成本，減少從 2021 年第四季度的 110 萬美元增長 12% 到 2022 年第四季度的 90 萬美元。減少的原因是公司為降低成本而採取的效率措施。

Cost of services includes purchasing of data of $0.7 million, an increase of 148% year-over-year, which reflects the cost we paid to the OEMs and other data provider for their data using our products. In addition, $0.4 million is related to the cost of services provided to our customers.

服務成本包括購買數據 70 萬美元，同比增長 148%，這反映了我們為使用我們的產品向 OEM 和其他數據提供商支付的數據費用。此外，40 萬美元與向我們的客戶提供的服務成本有關。

Our research and development expenses and our sales and marketing expenses for the fourth quarter of 2022 were $6.2 million and $5.9 million, which increased by 29% and 36%, respectively, year-over-year, mainly due to the workforce growth in connection with The Floow acquisition. The increase in workforce does not reflect yet the recent restructuring process, which will take effect in 2023.

我們在 2022 年第四季度的研發費用和銷售和營銷費用分別為 620 萬美元和 590 萬美元，同比分別增長 29% 和 36%，這主要是由於與Floow 收購。勞動力的增加尚未反映出最近的重組過程，該過程將於 2023 年生效。

General and administrative expenses for the fourth quarter of 2022 were $6.4 million compared to $6.3 million in the same period a year ago. The current quarter expenses include $1.9 million in transaction costs. If excluded, it reflects a reduction of 29% quarter-over-quarter, mainly due to reduction in D&O insurance costs and management bonus.

2022 年第四季度的一般和行政費用為 640 萬美元，而去年同期為 630 萬美元。本季度的支出包括 190 萬美元的交易成本。如果排除在外，則環比下降 29%，主要是由於 D&O 保險成本和管理獎金的減少。

During the fourth quarter, the company started a process of cost reduction, including head reduction of approximately 100 employees worldwide. This process will be completed by the end of the first quarter of 2023 and is expected to result in substantial cost savings.

第四季度，公司開始了成本削減過程，包括在全球裁員約 100 名員工。這一過程將於 2023 年第一季度末完成，預計將節省大量成本。

Turning to the balance sheet. We ended up the quarter with $140.6 million in cash, cash equivalents, short-term investments, restricted cash and long-term investments, a decrease of $67.5 million from year-end 2021. This was mainly driven by $12 million in cash used for The Floow acquisition and $55.5 million in cash used for operating activities.

轉向資產負債表。本季度末，我們的現金、現金等價物、短期投資、受限制現金和長期投資為 1.406 億美元，比 2021 年底減少了 6750 萬美元。這主要是由於 1200 萬美元的現金用於Floow 收購和用於經營活動的 5550 萬美元現金。

And now I will turn it back over to Ben.

現在我將把它交還給本。

As highlighted in today's call, Q4 and the full year 2022 had great progress and challenges to overcome for Otonomo. Exiting the year, we believe that we are well positioned from a capital standpoint to adjust to the rate of market adoption we are experiencing. Growing our ecosystem of partners and creating strategic highly scalable partnerships and laser focused on segments we believe will scale.

正如今天的電話會議所強調的那樣，Otonomo 第四季度和 2022 年全年取得了巨大進步和需要克服的挑戰。年末，我們相信從資本的角度來看，我們處於有利地位，可以根據我們正在經歷的市場採用率進行調整。發展我們的合作夥伴生態系統，建立高度可擴展的戰略合作夥伴關係，並專注於我們認為會擴展的細分市場。

Our momentum is carried into 2023 as we started the year with a bang. Third, the class-action lawsuit filed last April against Otonomo has been dismissed. You may remember the strange lawsuit claimed at Otonomo, a fixed hardware tracking devices to BMW vehicles in the U.S. Well, we believe that the dismissal of this law suit highlights both the [brazenness] of the plaintiff complaint as much as it reinforces the importance that Otonomo presses on data privacy. We are pleased with the outcome of this important step in our efforts to resolve this matter and defend Otonomo's reputation and position in the industry.

我們的勢頭將延續到 2023 年，因為我們以圓滿的成績開始了這一年。第三，去年 4 月針對 Otonomo 提起的集體訴訟已被駁回。您可能還記得 Otonomo 提起的奇怪訴訟，Otonomo 是美國 BMW 車輛的固定硬件跟踪設備。 Otonomo 強調數據隱私。我們對解決這一問題並捍衛 Otonomo 在行業中的聲譽和地位的努力中邁出的這一重要步驟的結果感到滿意。

Second, our recently announced agreement to merge with Urgently is going to create a mobility service powerhouse that can vastly improve customer experiences and safety for our automotive OEM, transportation, insurance, rental and fleet partners and their customers. The teams are now engaging to support anticipated clause and integration in the third quarter of 2023.

其次，我們最近宣布與 Urgently 合併的協議將創建一個移動服務巨頭，可以極大地改善我們的汽車原始設備製造商、運輸、保險、租賃和車隊合作夥伴及其客戶的客戶體驗和安全。這些團隊現在正在參與支持 2023 年第三季度的預期條款和整合。

Operator, we are now ready to take questions.

接線員，我們現在準備好接受提問了。

(Operator Instructions) Our first question comes from Josh Nichols with B. Riley.

（操作員說明）我們的第一個問題來自 Josh Nichols 和 B. Riley。

Just kind of curious, I mean, obviously, there's a lot going on with the company. But just to hit on some of the expense management items that you've talked about towards the end of the call. So the company had an operating loss of around $14 million in the fourth quarter. How is that expected to change going forward? And once all these cost-saving initiatives are completed, is there a target cash burn, quarterly run rate that the company is looking at achieving?

只是有點好奇，我的意思是，很明顯，公司發生了很多事情。但只是想談談您在通話結束時談到的一些費用管理項目。因此，該公司第四季度的營業虧損約為 1400 萬美元。預計未來會發生什麼變化？一旦完成所有這些節省成本的舉措，是否有公司希望實現的目標現金消耗、季度運行率？

Yes. Thank you for the question, Josh. Yes, we continue to monitor the cost very carefully. As mentioned in the call, we are in finalizing the process of terminated approximately 100 employees. And we are doing some other cost reduction. As mentioned in the call, we already managed to reduce our cloud services costs and looking to reduce it in other places. It's going to be a substantive cutting. So we believe it's going to take us to between 35% to 40% cut in our burn rate going forward from probably the beginning of Q2.

是的。謝謝你的問題，喬希。是的，我們會繼續非常仔細地監控成本。正如電話中提到的，我們正在完成解僱大約 100 名員工的過程。我們正在做一些其他的成本削減。正如電話中提到的，我們已經設法降低了我們的雲服務成本，並希望在其他地方降低成本。這將是一個實質性的削減。因此，我們相信從第二季度初開始，我們的燒錢率可能會降低 35% 到 40%。

And then just last question for me. Could we talk a little bit about the pro forma cap structure of the new entity? I know it's subject to a couple of things that could change. But overall, based on the current exchange rate, like what's the shares outstanding today? And what's that going to look like on a pro forma basis, cash and debt, high-level balance sheet items that we should expect to see?

然後是我的最後一個問題。我們可以談談新實體的備考上限結構嗎？我知道它會受到一些可能改變的因素的影響。但總的來說，根據當前匯率，今天流通在外的股票是多少？在備考基礎上，現金和債務，我們應該期望看到的高級資產負債表項目會是什麼樣子？

So unfortunately, there's not a lot we can share at this point. And also, there are lots of moving pieces between signing and closing. It could take several months, and there is a lot of things that are going to change between signing and closing. So we are not disclosing at this time how the cap table will look. We think that we are -- we cannot describe it as it could significantly vary from this point to the closing point.

不幸的是，目前我們可以分享的內容不多。而且，在簽署和關閉之間有很多變動的部分。這可能需要幾個月的時間，而且在簽署和關閉之間會有很多變化。所以我們現在不會透露上限表的外觀。我們認為我們是 - 我們無法描述它，因為從這一點到結束點它可能會有很大差異。

Right. But I guess, I think you did disclose in the 6-K, right, that there was going to be, I guess, at least the date that it was filed, the conversion rate was -- was it 1 share for every 1.41 shares of Otonomo stock, right, that we're going to be outstanding, at least that how I interpret what was disclosed in the 6-K that was published?

正確的。但我想，我認為你確實在 6-K 中披露了，對吧，我想，至少在提交日期，轉換率是——是每 1.41 股轉換 1 股嗎Otonomo 股票，對，我們將表現出色，至少我如何解釋已發布的 6-K 中披露的內容？

We did disclose that the legacy Otonomo holders will get around 33% of the combined entity. It can change a few percentage up or down, depends on other conditions.

我們確實透露，Otonomo 的遺留持有人將獲得合併後實體的約 33%。它可以向上或向下更改幾個百分比，具體取決於其他條件。

This concludes our question-and-answer session. I would like to turn the conference back over to Juliet McGinnis for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Juliet McGinnis 作閉幕詞。

Thank you, everyone, for joining us. We look forward to seeing you on our next call.

謝謝大家加入我們。我們期待在下次通話中見到您。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。