Urgent.ly Inc (ULY) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to Urgently's third-quarter 2024 conference call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. (Operator Instructions)

下午好，歡迎參加 Urgently 的 2024 年第三季電話會議。謹此提醒，今天的通話正在錄音，您的參與即表示您同意此類錄音。（操作員說明）

With that, I'd like to turn the call over to Jenny Mitchell, Vice President of Finance, Strategy and Investor Relations. You may proceed.

接下來，我想將電話轉給財務、策略和投資者關係副總裁珍妮·米切爾 (Jenny Mitchell)。您可以繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Urgently's financial results conference call for the third quarter ended September 30, 2024.

謝謝你，接線生。大家下午好，感謝您參加 Urgently 截至 2024 年 9 月 30 日的第三季財務業績電話會議。

On the call today, we have Urgently's CEO, Matt Booth; and CFO, Tim Huffmyer. Following Matt and Tim's prepared remarks, we will take your questions. Before we begin, I'd like to remind you that some of our comments today may contain forward-looking statements that are subject to risks, uncertainties and assumptions, which could change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements.

今天的電話會議由 Urgently 執行長 Matt Booth 主持。和首席財務官蒂姆·赫夫邁爾。在馬特和蒂姆準備好的演講之後，我們將回答您的問題。在開始之前，我想提醒您，我們今天的一些評論可能包含前瞻性陳述，這些陳述受到風險、不確定性和假設的影響，這些風險、不確定性和假設可能會改變。如果這些風險中的任何一個成為現實，或者我們的假設被證明是不正確的，公司的實際結果可能與這些前瞻性聲明有重大差異。

A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings, including our most recent annual report on Form 10-K for the year ended December 31, 2023, our quarterly reports on Form 10-Q and other filings that we may file from time to time with the SEC. Except as required by law, we do not undertake any responsibility to update these forward-looking statements.

這些風險、不確定性和假設以及可能影響我們財務表現的其他因素的描述包含在我們向SEC 提交的文件中，包括我們截至2023 年12 月31 日的最新10-K 表格年度報告、我們10 -K 表格的季度報告10-Q 和我們可能不時向 SEC 提交的其他文件。除法律要求外，我們不承擔更新這些前瞻性陳述的任何責任。

During today's call, we will also discuss certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our earnings materials and press release, which are available on our website at investors@geturgently.com. Replay of today's call will also be posted on the website. With that, I'll now turn the call over to Matt.

在今天的電話會議中，我們還將討論某些非公認會計準則財務指標。我們的獲利資料和新聞稿中包含 GAAP 與非 GAAP 衡量標準的調整表，您可以在我們的網站 Investors@geturgently.com 上取得這些資料和新聞稿。今天電話會議的重播也將發佈在網站上。現在，我將把電話轉給馬特。

Thanks, Jenny. Good afternoon, everyone, and thank you for joining us today for our third quarter 2024 earnings call. I am pleased with our performance during the third quarter, where we delivered revenue of $36.2 million, which was in line with our expectations while making improvements in both non-GAAP operating expense and non-GAAP operating loss.

謝謝，珍妮。大家下午好，感謝您今天參加我們的 2024 年第三季財報電話會議。我對我們第三季的業績感到滿意，我們實現了 3,620 萬美元的收入，這符合我們的預期，同時在非 GAAP 營運費用和非 GAAP 營運虧損方面都有所改善。

Notably, this is our fourth consecutive quarter where we delivered on our revenue guidance commitment. As we close out the year, we remain focused on the continued execution of our strategic initiatives, which are aligned with accelerating profitable growth, delivering exceptional customer service, achieving operational efficiencies and improving our capital structure.

值得注意的是，這是我們連續第四個季度兌現了收入指導承諾。在年底之際，我們仍然專注於繼續執行我們的策略性舉措，這些舉措與加速獲利成長、提供卓越的客戶服務、提高營運效率和改善我們的資本結構相一致。

We were active across all areas of the business during the third quarter, and we have again made progress on renewing several significant customer partner contracts. Let me spend a few minutes to provide some highlights. As previously mentioned, we secured a three-year contract renewal with a global automotive fleet management company.

第三季我們在所有業務領域都表現活躍，並且在續簽幾項重要客戶合作夥伴合約方面再次取得進展。讓我花幾分鐘時間提供一些要點。如前所述，我們與一家全球汽車車隊管理公司續簽了三年合約。

The renewal extends our long-term customer partner relationship to nine years. Under this renewed contract, our customer partner will leverage Urgently's comprehensive technology stack capabilities in the US and Canada to provide capabilities encompassing vehicle classes one through six, which is light-duty passenger cars, vans, small pickup trucks through medium-duty and commercial vehicles.

此次續約將我們的長期客戶合作關係延長至九年。根據這份續約的合同，我們的客戶合作夥伴將利用Urgently 在美國和加拿大的綜合技術堆疊能力，提供涵蓋1 至6 類車輛的能力，包括輕型乘用車、貨車、小型皮卡車到中型和商用車。

We will also leverage our AI-driven yield-based pricing technology with predictive location-aware capabilities to drive network pricing and actionable insights with the goal of minimizing vehicle downtime.

我們還將利用人工智慧驅動的基於收益的定價技術和預測位置感知功能來推動網路定價和可操作的見解，以最大限度地減少車輛停機時間。

Also as previously released, we secured a two-year contract renewal with one of our largest worldwide vehicle rental companies. With this renewal, our relationship, which began in 2022 will extend through 2026. Urgently's Connected Assistance platform will continue to provide their roadside assistance program, enabling exceptional mobility assistance services, including knowledgeable support for electric vehicles in the US and Canada.

此外，正如之前發布的那樣，我們與全球最大的汽車租賃公司之一續簽了兩年的合約。透過此次更新，我們自 2022 年開始的關係將延續到 2026 年。Urgently 的互聯援助平台將繼續提供路邊援助計劃，提供卓越的出行援助服務，包括為美國和加拿大的電動車提供專業支援。

Our recent contract renewals reflect Urgently's ability to foster growth, stability and collaboration across our existing client base. Each renewal underscores our client satisfaction and trust in our mobility assistance platform. We look forward to deepening our relationship with each of our customer partners and remain dedicated to supporting their long-term success.

我們最近的合約續約反映了 Urgently 有能力促進現有客戶群的成長、穩定和協作。每次更新都強調了我們的客戶滿意度和對我們行動輔助平台的信任。我們期待加深與每個客戶合作夥伴的關係，並繼續致力於支持他們的長期成功。

Looking back at our progress over the first nine months of 2024, we successfully renewed and expanded 8 existing customer partners and acquired three new customer partners. I'm proud of the hard work across the organization, which have led to these successful outcomes. Despite this positive momentum, our business is not immune to some of the challenging market conditions facing our partners. In October 2024, we were informed that a customer partner, which is our top five global OEM, has shifted their internal strategy.

回顧 2024 年前 9 個月的進展，我們成功更新並擴展了 8 個現有客戶合作夥伴，並獲得了 3 個新客戶合作夥伴。我為整個組織的辛勤工作感到自豪，正是這些辛勤工作才取得了這些成功的成果。儘管存在這種積極的勢頭，但我們的業務也無法免受合作夥伴面臨的一些充滿挑戰的市場條件的影響。2024 年 10 月，我們獲悉，一家客戶合作夥伴（我們的全球前五名 OEM）已改變其內部策略。

As a result, this customer partner has decided to close its mobile technical support trucks and eliminate dealer technicians providing remote services, which is the program that we've specifically selected to integrate and support.

因此，該客戶合作夥伴決定關閉其行動技術支援卡車，並取消提供遠端服務的經銷商技術人員，這是我們專門選擇整合和支援的計劃。

The strategy change includes a contract wind down. This global OEM will be rolling this brand back under the vendor currently serving its other suite of brands. This customer partner currently represents less than 5% of our revenue for the first nine months of 2024. We remain focused on winning new business and renewing expanding relationships with our customer partners, and ongoing priority remains improving our margin profile to deliver profitable growth.

策略變化包括合約終止。這家全球 OEM 將將該品牌重新歸回目前為其其他品牌系列提供服務的供應商之下。該客戶合作夥伴目前占我們 2024 年前 9 個月收入的不到 5%。我們仍然專注於贏得新業務並更新與客戶合作夥伴的擴大關係，並且持續的首要任務仍然是改善我們的利潤狀況以實現盈利增長。

As such, we are constantly looking at the business to find opportunities to drive operational improvements and efficiencies. On September 19, we completed our divestiture of Otonomo business unit, the Flow. This action is part of our strategic effort to divest noncore assets and dedicate our resources to advancing our core business.

因此，我們不斷關注業務，尋找推動營運改善和效率的機會。9 月 19 日，我們完成了對 Otonomo 業務部門 Flow 的剝離。這項行動是我們剝離非核心資產並將我們的資源用於推動核心業務的策略努力的一部分。

Under this divestiture, we returned 51% of the ownership to the business unit's management and retained 49% equity ownership. In addition, urgently retained a perpetual royalty fee license to integrate the Flow software into the platform, which includes driver behavior, driver scoring, crash detection and analytics platform. The divestiture and license will also enable us to continue to leverage the Flow software to advance our connected vehicle offerings while enabling the Flow management team to focus on its own growth opportunities and seek outside capital to grow independently without continued investment from urgently.

根據此次剝離，我們將 51% 的所有權返還給業務部門的管理層，並保留 49% 的股權。此外，緊急保留了永久特許權使用費許可證，將 Flow 軟體整合到平台中，其中包括駕駛員行為、駕駛員評分、碰撞偵測和分析平台。剝離和許可也將使我們能夠繼續利用 Flow 軟體來推進我們的連網汽車產品，同時使 Flow 管理團隊能夠專注於自身的成長機會，並尋求外部資本獨立發展，而無需緊急持續投資。

We would also expect to opportunistically partner with the Flow in the future. Separately, we believe the product innovation that leverages our technology platform and data insights will not only drive further optimization of our margin profile, but also will enable our customer partners to build roadside assistance programs that [tested] their goals.

我們也希望將來能夠與 Flow 進行機會性的合作。另外，我們相信利用我們的技術平台和數據洞察的產品創新不僅將推動我們的利潤狀況的進一步優化，而且將使我們的客戶合作夥伴能夠建立[測試]其目標的路邊援助計劃。

On this front, I'm very pleased that Urgently was recently recognized in October by AutoTech Breakthrough Award for the overall Transportation Tech of the Year. Our next-generation yield-based pricing technology, which was introduced this year. This AI-driven pricing technology makes it possible to reliably predict and optimize job prices for roadside assistance services, leading to higher quality customer experiences.

在這方面，我很高興 Urgently 最近在 10 月獲得了 AutoTech 年度交通技術突破獎的認可。我們今年推出的下一代基於收益的定價技術。這種由人工智慧驅動的定價技術可以可靠地預測和優化路邊援助服務的工作價格，從而帶來更高品質的客戶體驗。

Real-time yield-based pricing allows Urgently to better manage surges and roadside assistance demand, similar to surge pricing used by ride-hail services. This award is the result of our hard work data engineering teams who developed our yield-based pricing technology and who continually look for ways to apply technology to advance the roadside experience.

基於收益的即時定價使 Urgently 能夠更好地管理高峰和路邊援助需求，類似於乘車服務使用的高峰定價。該獎項是我們數據工程團隊辛勤工作的成果，他們開發了基於收益的定價技術，並不斷尋找應用技術來提昇路邊體驗的方法。

Our location aggregation system has been tested nationwide for RSA-4 dispatches, which include four roadside service events of fuel, jumpstart, auto lockout and flat tire. We were successful in increasing the digital engagement with our service providers and reducing our cost to provide this service within this test segment. On the customer service side, we saw improvements in our time to assign and reduction in wait times for stranded drivers.

我們的位置聚合系統已在全國範圍內進行了 RSA-4 調度測試，其中包括加油、快速啟動、汽車熄火和輪胎漏氣四種路邊服務事件。我們成功地增加了與服務提供者的數位互動，並降低了在此測試部分提供此服務的成本。在客戶服務方面，我們看到分配時間有所改善，並減少了滯留司機的等待時間。

As testing validated our assumptions, we recently rolled out our location aggregation system to 15% of our network for all RSA-4 dispatches. In closing, the team had a productive third quarter, and I'm pleased with our progress, which included securing customer contract renewals, continuing our focus on breakeven through operational initiatives and improving our gross margin for the quarter and year to date over the prior year.

隨著測試驗證了我們的假設，我們最近將位置聚合系統推廣到了 15% 的網絡，用於所有 RSA-4 調度。最後，該團隊的第三季度富有成效，我對我們的進展感到滿意，其中包括確保客戶合約續約、繼續專注於透過營運計劃實現盈虧平衡，以及與上一季相比提高本季度和今年迄今為止的毛利率年。

We continue to take significant steps forward in our path to breakeven during the third quarter as evident by the 16% year-over-year improvement in our quarterly non-GAAP operating expenses and 17% year-over-year improvement in our quarterly non-GAAP operating loss. We believe this progress positions us well for capturing new and long-term growth opportunities ahead.

我們在第三季度繼續在實現盈虧平衡的道路上邁出重大步伐，季度非公認會計原則運營費用同比改善 16%，季度非運營費用同比改善 17%，就是明證。我們相信，這項進展使我們能夠很好地抓住未來新的長期成長機會。

As we look ahead, our core priorities remain expanding our existing B2B incident business through securing renewals, expanding relationships with existing partners and developing new customer partner opportunities, achieving non-GAAP operating breakeven through our operational improvements, margin expansion and managed growth and continuing to provide innovative and differentiated services to our partners.

展望未來，我們的核為我們的合作夥伴提供創新和差異化的服務。

Thank you for your time and continued support. I'll now turn the call over to Tim to discuss our financial results.

感謝您的寶貴時間和持續的支持。我現在將把電話轉給提姆，討論我們的財務表現。

Thank you, Matt, and good afternoon, everyone. Today, I will discuss our results for the third quarter ended September 30, 2024. Let me start by providing more information on the strategic transaction to divest the Flow in Otonomo business unit.

謝謝你，馬特，大家下午好。今天，我將討論截至 2024 年 9 月 30 日的第三季業績。首先，我將提供有關剝離 Otonomo 業務部門 Flow 的策略交易的更多資訊。

As Matt highlighted, in September, we announced our decision to divest this business unit, which we believe will enable greater focus and capital resource allocation to advancing Urgently's core business. As part of the transaction, we returned 51% ownership to the business unit's management and retained 49% equity investment ownership.

正如 Matt 所強調的那樣，我們在 9 月宣布了剝離該業務部門的決定，我們相信這將使我們更加關注和分配資本資源來推進 Urgently 的核心業務。作為交易的一部分，我們將 51% 的所有權歸還給該業務部門的管理層，並保留 49% 的股權投資所有權。

This transaction resulted in an immediate deconsolidation of the business unit from Urgently, including the removal of all related assets and liabilities and a new noncurrent equity investment asset on our balance sheet valued at approximately $1.4 million. Separately, we retained a perpetual royalty-free license to all divested IP, allowing Urgently to utilize the desired functionality to enhance the Urgently platform.

此交易導致該業務部門立即從 Urgently 中剝離，包括刪除所有相關資產和負債，以及我們資產負債表上價值約 140 萬美元的新非流動股權投資資產。另外，我們對所有剝離的智慧財產權保留了永久免版稅許可，允許 Urgently 利用所需的功能來增強 Urgently 平台。

This license was independently valued at approximately $1.4 million and is classified under property, equipment and software on the balance sheet. The write-off of all the divested assets and liabilities and the write-off of both the equity investment asset and the IP software license resulted in a reported book loss within the third quarter of $3.3 million.

該許可證的獨立價值約為 140 萬美元，在資產負債表上歸類為財產、設備和軟體。所有剝離資產和負債的沖銷以及股權投資資產和智慧財產權軟體授權的沖銷導致第三季帳面虧損達 330 萬美元。

Now let's move on to the financial results. For the third quarter, revenues were $36.2 million, which was within our guidance range of $35 million to $38 million and a decline of 21% or $9.8 million from the same quarter last year. The year-over-year revenue decline was in line with our expectations and was primarily driven by the reduction in dispatch volume from the customer partner nonrenewal that we had previously announced in January of 2024. This was partially offset by net volume and rate increases from new and existing customer partners.

現在我們來看看財務業績。第三季營收為 3,620 萬美元，在我們 3,500 萬至 3,800 萬美元的指導範圍內，比去年同期下降 21%，即 980 萬美元。營收年減符合我們的預期，主要是由於我們先前於 2024 年 1 月宣布的客戶合作夥伴不續約導致派送量減少。這部分被新舊客戶合作夥伴的淨銷售和費率成長所抵銷。

For the third quarter, gross profit was $7.8 million compared to $9.2 million in the prior year period. Again, the decline was driven primarily by the customer partner nonrenewal from January 2024.

第三季毛利為 780 萬美元，去年同期為 920 萬美元。同樣，下降的主要原因是自 2024 年 1 月起客戶合作夥伴不再續約。

Gross margin for the third quarter was 21% compared to 20% in the prior year period. This is the sixth consecutive quarter of gross margin exceeding 20%, and we remain focused on executing against our strategic initiatives to drive profitable growth and achieve our long-term gross margin target of 25% to 30%.

第三季的毛利率為 21%，而去年同期為 20%。這是毛利率連續第六個季度超過 20%，我們仍然專注於執行我們的策略性舉措，以推動利潤成長並實現 25% 至 30% 的長期毛利率目標。

Now let's move to operating expenses. Operating expense for the third quarter was $13.7 million, an improvement of 9% from $15 million in the prior year period. The prior year included transaction costs and was part of the premerger Urgently financial results. We remain focused on driving operational efficiencies, which includes changes in business processes such as eliminating redundancies within the organization and reducing operating expenses.

現在讓我們轉向營運費用。第三季營運費用為 1,370 萬美元，比去年同期的 1,500 萬美元成長 9%。上一年包括交易成本，是合併前緊急財務表現的一部分。我們仍然專注於提高營運效率，其中包括業務流程的變化，例如消除組織內的冗餘和減少營運費用。

As previously discussed, most of our operating expenses are headcount related, so we will focus on this initially. At the end of the third quarter of this year, we had 188 total employees, a reduction of 160 employees or 46% when compared to the fourth quarter of last year, just after we completed the merger with Otonomo. This number also includes the divestiture of 64 employees as previously referenced.

如前所述，我們的大部分營運費用與員工人數有關，因此我們首先將重點放在這一點上。今年第三季末，我們剛完成與 Otonomo 的合併，員工總數為 188 人，比去年第四季減少了 160 人，即 46%。這一數字還包括之前提到的 64 名員工的剝離。

In further support of driving operational efficiencies, operational and support costs during the third quarter of this year were $3 million compared to $5.4 million during the same period last year, a decrease of $2.4 million or 45%. We also reduced our reliance on customer support representatives who are employed through our BPO partners.

為了進一步支持提高營運效率，今年第三季的營運和支援成本為 300 萬美元，而去年同期為 540 萬美元，減少了 240 萬美元，即 45%。我們也減少了對透過 BPO 合作夥伴聘用的客戶支援代表的依賴。

In the third quarter of this year, we had 223 full-time customer support representatives compared to 404 during the same period last year, which is a reduction of 181 customer support representatives or 45%. These reductions are in part due to the hard work from the operational and technology teams to modify business processes and implement new technologies over the last several quarters, resulting in reduced operating expenses and the elimination of personnel.

今年第三季度，我們有223名全職客戶支援代表，而去年同期為404名，減少了181名客戶支援代表，即45%。這些減少的部分原因是營運和技術團隊在過去幾季中努力修改業務流程並實施新技術，從而減少了營運費用並裁減了人員。

We also review non-GAAP operating expenses, which is defined as GAAP operating expenses plus depreciation and amortization expense, stock-based compensation expense, nonrecurring transaction costs and restructuring costs. Non-GAAP operating expense for the third quarter was $10.7 million, an improvement of 16% from $12.7 million in the prior year period.

我們也檢視非 GAAP 營運費用，定義為 GAAP 營運費用加上折舊和攤提費用、股票補償費用、非經常性交易成本和重組成本。第三季非 GAAP 營運費用為 1,070 萬美元，比去年同期的 1,270 萬美元成長 16%。

This improvement is in line with our discussions throughout 2024 and more clearly shows the results of the operational efficiencies and leverage we've achieved along with the integration efforts with the Otonomo merger. Overall, we remain focused on optimizing our operating structure to drive further improvement in this metric.

這項改進與我們在 2024 年全年的討論相一致，並且更清楚地顯示了我們在 Otonomo 合併的整合努力中所取得的營運效率和影響力的結果。總體而言，我們仍然專注於優化營運結構，以推動此指標的進一步改善。

GAAP operating loss for the third quarter was $5.9 million, relatively flat as compared to the prior year. We also review non-GAAP operating loss, which is defined as GAAP operating loss plus depreciation and amortization, stock-based compensation expense, nonrecurring transactions and restructuring costs. Non-GAAP operating loss for the third quarter was $2.9 million, an improvement of 17% from $3.5 million from the prior year period.

第三季 GAAP 營運虧損為 590 萬美元，與去年同期相比基本持平。我們也檢視非 GAAP 營運虧損，定義為 GAAP 營運虧損加上折舊和攤提、股票補償費用、非經常性交易和重組成本。第三季非 GAAP 營運虧損為 290 萬美元，比去年同期的 350 萬美元增加 17%。

We continue to drive operational improvement initiatives as we realign our corporate structure with our current market opportunities. Our efforts are most notably reflected in the significant improvement of 70% in our third quarter non-GAAP operating loss when compared to the third quarter of 2023 combined company non-GAAP operating loss, including both Urgently and Otonomo, which was $9.9 million.

隨著我們根據當前的市場機會調整公司結構，我們將繼續推動營運改善計劃。我們的努力最顯著地體現在，與2023 年第三季合併後的公司非GAAP 營運虧損（包括Urgently 和Otonomo）的990 萬美元相比，我們第三季的非GAAP 營運虧損顯著改善了70 %。

Also an improvement of 63% when compared to the fourth quarter of 2023 non-GAAP operating loss, which was $7.9 million. Now a few comments on our balance sheet. As of September 30, 2024, Urgently had cash and cash equivalents of $17.4 million and a net principal debt balance of $54.3 million with the maturity in January of 2025.

與 2023 年第四季非 GAAP 營運虧損 790 萬美元相比，也改善了 63%。現在對我們的資產負債表進行一些評論。截至 2024 年 9 月 30 日，Urgently 的現金和現金等價物為 1,740 萬美元，本金淨債務餘額為 5,430 萬美元，將於 2025 年 1 月到期。

We continue to take important steps to address our capital structure, enhance our liquidity position and provide the company with additional financial flexibility. We are in discussions with lenders regarding a senior secured working capital line of credit solution, which would allow the company to meet its scheduled debt maturity on January 1, 2025. We are also considering a plan for this maturity, which could involve partial or full paydown of this obligation prior to maturity.

我們繼續採取重要措施來解決我們的資本結構問題，增強我們的流動性狀況，並為公司提供額外的財務靈活性。我們正在與貸方討論高級擔保營運資金信貸額度解決方案，這將使該公司能夠在 2025 年 1 月 1 日履行其預定的債務到期日。我們也正在考慮針對該到期日的計劃，其中可能涉及在到期前部分或全部償還該債務。

Further, the company continues to work with its second secured lender to modify the January 31, 2025 maturity to align terms with the new senior secured working capital line of credit solution. The complexity of our secured debt structure requires negotiation and collaboration amongst the various stakeholders.

此外，該公司繼續與其第二家擔保貸款人合作，修改 2025 年 1 月 31 日的到期日，以使條款與新的優先擔保營運資金信貸額度解決方案保持一致。我們擔保債務結構的複雜性需要各個利害關係人之間的談判和合作。

This would also contemplate a solution for the unsecured notes that matured on June 30, 2024. We look forward to providing further updates on our capital structure. During the third quarter, we capitalized approximately $1.4 million, mostly to make enhancements to our platform by adding features and functionalities, which benefit all of our customer partners. We expect this practice to continue with approximately $1.4 million to be capitalized in the fourth quarter of 2024.

這也將考慮針對 2024 年 6 月 30 日到期的無擔保票據的解決方案。我們期待提供有關我們資本結構的進一步更新。第三季度，我們籌集了約 140 萬美元的資本，主要用於透過添加功能和功能來增強我們的平台，這將使我們所有的客戶合作夥伴受益。我們預計這種做法將持續下去，到 2024 年第四季資本化約為 140 萬美元。

As of September 30, 2024, we had 13.4 million shares of common stock outstanding. Turning now to our outlook. We expect revenue in the range of $30 million and $33 million during the fourth quarter of 2024 and revenue in the range of $141 million and $144 million for the full year of 2024.

截至 2024 年 9 月 30 日，我們已發行普通股 1,340 萬股。現在轉向我們的展望。我們預計 2024 年第四季的營收將在 3,000 萬美元至 3,300 萬美元之間，2024 年全年營收將在 1.41 億美元至 1.44 億美元之間。

In addition, we are targeting our non-GAAP operating loss during the fourth quarter of 2024 to be approximately $2 million with the continued target of non-GAAP operating breakeven during the first quarter of 2025. Our expected common stock shares outstanding at the end of the fourth quarter is 13.5 million. With that, we will open the call for questions. Operator, please open the line for questions and answers.

此外，我們的目標是 2024 年第四季的非 GAAP 營運虧損約為 200 萬美元，並繼續在 2025 年第一季實現非 GAAP 營運損益平衡的目標。我們預計第四季末流通在外的普通股數量為 1,350 萬股。至此，我們將開始提問。接線員，請開通提問和解答線路。

(Operator Instructions) Chris Pierce, Needham.

（操作員說明）Chris Pierce，Needham。

Can you just give us a little breakdown? I know you talked about the renewals and three new partners and then the loss of a partner. Like what's the right way to think of the three new partners potentially replacing or replacing at a higher level of the partner that unfortunately is kind of pulling back on what they're doing?

能給我們簡單介紹一下嗎？我知道你談到了續約和三個新夥伴，然後又失去了一個合作夥伴。就像思考三個新合作夥伴可能取代或取代更高級別的合作夥伴的正確方式一樣，不幸的是，這有點阻礙他們正在做的事情？

So the renewals, Chris, as we went through this year, we've been pretty successful in the renewals. I think we've renewed on a run rate basis about 50% or so. Tim, keep me honest on that, 50% of the revenue, which is great. The three new partners as they're modeled out now will more than make up for the one that is discontinuing with us in terms of top line revenue. They're larger in scale and equal to or exceeding the margin contribution.

所以續約，克里斯，正如我們今年所經歷的那樣，我們在續約方面非常成功。我認為我們的續約率約為 50% 左右。提姆，老實說，50% 的收入，這很好。現在確定的三個新合作夥伴在營收方面將足以彌補我們終止合作的合作夥伴。它們的規模更大，等於或超過利潤貢獻。

Are they global OEMs or fleet managers? Like what's the right bucket that they fall into?

他們是全球原始設備製造商還是車隊經理？就像他們落入哪個桶子一樣？

It's a combination of fleets, and it's a combination of insurance and B2B2C.

是車隊的結合，是保險和B2B2C的結合。

Okay. Okay. And these are competitive processes that you guys won?

好的。好的。這些是你們贏得的競賽過程嗎？

Yes.

是的。

Okay. And then so if I think about the revenue that you guided to in the fourth quarter, can you remind me, is the first quarter of 2025 still sort of a messy comp because you had the larger customer that didn't renew as part of revenue in the first quarter and then the comps get more organic in the second quarter. Is that the right way to think about it?

好的。然後，如果我考慮一下您在第四季度指導的收入，您能提醒我嗎，2025 年第一季度仍然是一個混亂的比較，因為您有更大的客戶沒有續訂作為收入的一部分第一季度的比較結果在第二季變得更加有機。這是正確的思考方式嗎？

It is, Chris. That's right.

是的，克里斯。這是正確的。

Okay. And then just lastly for me. gross margins. I know there was a sort of a headwind last quarter on lower-margin jobs, which is sort of outside of your control. But from our kind of looking at things historically, we actually thought third quarter was the weakest quarter for gross margins because of summer travel and people traveling further and away from jobs like providers have to travel further to get to jobs. But gross margins were up sequentially. So just kind of can you just tie those two together for me?

好的。最後對我來說。毛利率。我知道上個季度利潤較低的工作遇到了某種逆風，這有點超出你的控制範圍。但從我們歷史的角度來看，我們實際上認為第三季度是毛利率最弱的季度，因為夏季旅行以及人們前往更遠的地方，遠離工作場所，例如提供者必須走更遠的地方才能找到工作。但毛利率較上月上升。那你能幫我把這兩個人綁在一起嗎？

Yes, it does turn into a -- I think your theory is right, Chris. I mean that's where all our conversations have been. It does come down to a bit of mix and how all the jobs come in and depending on the margin profile of each of those jobs. So it is mix driving a little bit of that.

是的，它確實變成了——我認為你的理論是正確的，克里斯。我的意思是我們所有的談話都是在那裡進行的。這確實歸結為一些混合以及所有工作的產生方式以及取決於每個工作的利潤狀況。所以這是混合驅動的一點。

Okay. But -- and how should we think about gross margins Well, I guess -- okay, we can leave it there.

好的。但是 - 我們應該如何考慮毛利率 嗯，我想 - 好吧，我們可以把它留在那裡。

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

我們的問答環節到此結束。我想將會議轉回給馬特·布斯（Matt Booth）發表閉幕詞。

Great. Thanks, everyone. In closing, we're proud of the significant progress we've made to position the company for profitable growth, and we look forward to providing you with further updates on our progress on future calls.

偉大的。謝謝大家。最後，我們為公司在獲利成長方面取得的重大進展感到自豪，我們期待在未來的電話會議上向您提供有關我們進展的進一步更新。

As a reminder, we'll be attending the Sidoti Virtual Microcap Investor Conference on August 14 and 15. We're also scheduled to host a fireside chat at 10:00 AM Eastern on August 15, which you can access live or as a replay via our Investor Relations website.

謹此提醒，我們將參加 8 月 14 日至 15 日舉行的 Sidoti 虛擬微型股投資者會議。我們還計劃於 8 月 15 日東部時間上午 10:00 舉辦爐邊談話，您可以透過我們的投資者關係網站觀看現場直播或重播。

If you're attending and you'd like to have a one-on-one meeting with us, please contact your Sidoti representative. If you're not attending and would like to meet with management, please reach out to us at investorrelations@geturgently.com, again, investorrelations@geturgently.com, and we can schedule a call. Thank you for interest in urgently and for joining our call today.

如果您出席並希望與我們進行一對一會議，請聯絡您的 Sidoti 代表。如果您未出席並希望與管理層會面，請透過investorrelations@geturgently.com 與我們聯繫，再次透過investorrelations@geturgently.com 與我們聯繫，我們可以安排通話。感謝您對我們的緊急關注並加入我們今天的電話會議。

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。您現在可以斷開連線。