Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Urgently Announces Third Quarter 2023 Financial Results By: Urgent.ly Inc. via Business Wire November 14, 2023 at 07:00 AM EST Strong Gross Profit Growth Reflects Operational Execution Against Strategic Initiatives Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today reported financial results for the third quarter ended September 30, 2023. As previously announced, the acquisition by Urgently of Otonomo Technologies Ltd. (“Otonomo”) (the “Merger”) closed on October 19, 2023 during Urgently’s fourth quarter, and Urgently’s common stock began trading on Nasdaq on the same day. This press release reflects financial results for the three and nine months ended September 30, 2023 and 2022 for each of Urgently and Otonomo on a standalone basis. Also presented herein are certain non-GAAP financial measures presented on a standalone basis for each of Urgently and Otonomo and on a combined company basis. Urgently’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 that will be filed with the Securities and Exchange Commission (the “SEC”) only reflects Urgently’s financial results for the periods presented therein. The Annual Report on Form 10-K for the fiscal year ended December 31, 2023 that Urgently will file with the SEC will be presented on a combined company basis. Urgently's Third Quarter 2023 Highlights: Revenue of $46.0 million, a decrease of 12% year over year. Gross profit of $9.2 million, an increase of 52% year over year. Gross margin of 20% compared to 12% from the prior year period. GAAP operating loss of $5.8 million compared to GAAP operating loss of $13.1 million from the prior year period, a reduction of 55%. Non-GAAP operating loss of $3.5 million compared to Non-GAAP operating loss of $12.4 million from the prior year period, a reduction of 71%. Approximately 290,000 dispatches completed. Consumer satisfaction score of 4.5. Urgently's Third Quarter Year-to-Date 2023 Highlights: Revenue of $139.6 million, an increase of 3% year over year. Gross profit of $27.7 million, an increase of 136% year over year. Gross margin of 20% compared to 9% from the prior year period. GAAP operating loss of $22.3 million compared to GAAP operating loss of $45.1 million from the prior year period, a reduction of 51%. Non-GAAP operating loss of $13.1 million compared to Non-GAAP operating loss of $42.1 million from the prior year period, a reduction of 69%. Approximately 879,000 dispatches completed. Consumer satisfaction score of 4.5. “I’m pleased with our solid performance during the third quarter, which reflects the progress of our profitability-driven organizational optimization initiatives,” said Matt Booth, CEO of Urgently. “We believe we are in the very early stages of a large and transformative market opportunity driven by technological innovations. As we look ahead, we are committed to leading the transformation to connected mobility and we look forward to continuing to improve proactive and preventative customer experiences.” Booth continued, “We are incredibly proud of the significant milestones we achieved over the past month. We successfully completed the acquisition of Otonomo, which further strengthens Urgently’s unique market position as a leading roadside assistance software provider. In addition, we completed our listing on Nasdaq, which underscores our belief in the long-term growth prospects of this business and the strategic steps we are taking to drive value to shareholders. Finally, we are showing tremendous improvements from our profitability led initiatives.” Earnings Conference Call and Audio Webcast Urgently will host a conference call to discuss the third quarter 2023 financial results on November 14, 2023 at 8:00 a.m. Eastern Time. The conference call can be accessed live over the phone by dialing 1-844-825-9789 (USA) or 1-412-317-5180 (International). The conference call replay will be available from 11:00 a.m. Eastern Time on November 14, 2023, through November 28, 2023, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The replay passcode will be 10183996. The call will also be webcast live from Urgently’s investor relations website at https://investors.geturgently.com. Following the completion of the call, a recorded replay of the webcast will be available on the website. About Urgently Urgently keeps vehicles and people moving by delivering safe, innovative, and exceptional mobility assistance experiences. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com. Non-GAAP Financial Measures In addition to our financial information presented in accordance with GAAP, we believe Non-GAAP Operating Loss is useful to investors in evaluating our operating performance. We use the non-GAAP financial measure to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that the non-GAAP financial measure, when taken together with the corresponding GAAP financial measure, may be helpful to investors because it provides consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. The non-GAAP financial measure is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP and may be different from a similarly-titled non-GAAP financial measure used by other companies. In addition, other companies, including companies in our industry, may calculate a similarly-titled non-GAAP financial measure differently or may use other measures to evaluate their performance, which could reduce the usefulness of the non-GAAP financial measure presented herein as a tool for comparison. A reconciliation is provided below for the non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of the non-GAAP financial measure to our most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate our business. We define Non-GAAP Operating Loss as operating loss, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs. For a discussion of Non-GAAP Operating Expenses, please see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Urgently’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, which will be filed with the SEC by November 14, 2023. Forward Looking Statements This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s profitability; the expected benefits of the Merger; the market position of the combined company against current and future competitors; and any assumptions underlying any of the foregoing, are forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release and our earnings call, including but not limited to: risks associated with our ability to raise funds through future financings and the sufficiency of our cash and cash equivalents to meet our liquidity needs; our history of losses; our limited operating history; our ability to integrate and realize potential benefits from the Merger; our ability to service our debt and comply with our debt agreements; our ability to retain customers and expand existing customers’ use of our platform; our ability to attract new customers; our ability to expand into new solutions, technologies and geographic regions; our ability to adequately forecast consumer demand and optimize our network of service providers; our ability to compete in the markets in which we participate; our ability to comply with laws and regulations applicable to our business; and expectations regarding the impact of weather events, natural disasters or health epidemics, including the COVID-19 pandemic and the war between Hamas and Israel, on our business. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission, including in our Registration Statement on Form S-1, as amended, which was declared effective by the SEC on October 19, 2023 (the “Registration Statement”), our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements. Unaudited Condensed Consolidated Balance Sheets for Urgently (in thousands) September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 8,673 $ 6,357 Restricted cash 1,050 1,050 Accounts receivable, net 25,719 33,966 Prepaid expenses and other current assets 1,773 2,102 Total current assets 37,215 43,475 Right-of-use assets 1,977 2,485 Property and equipment, net 308 414 Intangible assets, net 31 31 Other non-current assets 456 538 Total assets $ 39,987 $ 46,943 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 12,692 $ 7,536 Accrued expenses 18,203 13,122 Accrued interest 13,368 6,689 Deferred revenue, current 154 349 Current lease liabilities 636 740 Derivative liability, current 31,142 — Current portion of long-term debt, net 62,710 — Total current liabilities 138,905 28,436 Long-term lease liabilities 1,674 2,120 Long-term debt, net 65,560 99,443 Derivative liability 928 32,765 Warrant liability 11,479 13,957 Other long-term liabilities 9,076 5,059 Total liabilities 227,622 181,780 Redeemable convertible preferred stock 46,334 46,334 Stockholders' deficit: Common stock — — Additional paid-in capital 48,549 48,327 Accumulated deficit (282,518 ) (229,498 ) Total stockholders' deficit (233,969 ) (181,171 ) Total liabilities, redeemable convertible preferred stock and stockholders' deficit $ 39,987 $ 46,943 Unaudited Condensed Consolidated Balance Sheets for Otonomo (in thousands) September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 45,448 $ 22,448 Restricted cash 291 346 Short-term deposits 10,423 62,262 Marketable securities 57,456 55,587 Accounts receivable, net 930 1,271 Prepaid expenses and other current assets 1,004 3,043 Total current assets 115,552 144,957 Right-of-use assets 1,061 2,040 Property and equipment, net 657 1,043 Other non-current assets 426 606 Total assets $ 117,696 $ 148,646 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 775 $ 1,020 Accrued expenses and other payables 8,725 11,123 Deferred revenue, current 378 216 Current lease liabilities 441 729 Total current liabilities 10,319 13,088 Long-term lease liabilities 560 1,225 Warrant liability — 155 Other long-term liabilities — 750 Total liabilities 10,879 15,218 Stockholders' deficit: Common stock — — Additional paid-in capital 374,957 370,412 Accumulated deficit (268,140 ) (236,984 ) Total stockholders' deficit 106,817 133,428 Total liabilities, redeemable convertible preferred stock and stockholders' deficit $ 117,696 $ 148,646 Unaudited Condensed Statements of Operations for the Three Months Ended September 30, 2023 (in thousands) Urgently Otonomo Revenue $ 46,047 $ 1,570 Cost of revenue 36,869 442 Cloud infrastructure — 493 Gross profit 9,178 635 Operating expenses: Research and development 3,667 2,683 Sales and marketing 899 1,407 Operations and support 5,418 — General and administrative 4,978 4,874 Depreciation and amortization 64 164 Contingent consideration expense — 6 Total operating expenses 15,026 9,134 Operating loss (5,848 ) (8,499 ) Other income (expense), net: Interest expense (15,438 ) — Interest income — 1,159 Change in fair value of derivative liability (5,504 ) — Change in fair value of warrant liability (2,035 ) — Other (27 ) (610 ) Total other expense, net (23,004 ) 549 Loss before income taxes (28,852 ) (7,950 ) Provision for income taxes — 298 Net loss $ (28,852 ) $ (8,248 ) Unaudited Condensed Statements of Operations for the Three Months Ended September 30, 2022 (in thousands) Urgently Otonomo Revenue $ 52,134 $ 1,965 Cost of revenue 46,078 1,002 Cloud infrastructure — 1,342 Gross profit (loss) 6,056 (379 ) Operating expenses: Research and development 4,552 5,750 Sales and marketing 1,431 5,398 Operations and support 9,976 — General and administrative 3,152 4,417 Depreciation and amortization 77 955 Contingent consideration income — (6,191 ) Impairment of goodwill — 12,687 Impairment of intangible assets — 13,569 Total operating expenses 19,188 36,585 Operating loss (13,132 ) (36,964 ) Other income (expense), net: Interest expense (11,324 ) — Interest income 3 219 Change in fair value of warrant liability 2,144 — Warrant expense (736 ) — Other (12 ) (300 ) Total other expense, net (9,925 ) (81 ) Loss before income taxes (23,057 ) (37,045 ) Provision for income taxes — 288 Net loss $ (23,057 ) $ (37,333 ) Unaudited Condensed Statements of Operations for the Nine Months Ended September 30, 2023 (in thousands) Urgently Otonomo Revenue $ 139,602 $ 5,035 Cost of revenue 111,905 2,086 Cloud infrastructure — 1,782 Gross profit 27,697 1,167 Operating expenses: Research and development 11,077 8,888 Sales and marketing 2,846 7,919 Operations and support 18,665 — General and administrative 17,215 15,782 Depreciation and amortization 198 312 Contingent consideration expense — 2,067 Total operating expenses 50,001 34,968 Operating loss (22,304 ) (33,801 ) Other income (expense), net: Interest expense (39,608 ) — Interest income — 3,540 Change in fair value of derivative liability 1,523 — Change in fair value of warrant liability 3,525 — Warrant expense (1,047 ) — Gain on debt extinguishment 4,913 — Other (22 ) (410 ) Total other expense, net (30,716 ) 3,130 Loss before income taxes (53,020 ) (30,671 ) Provision for income taxes — 374 Net loss $ (53,020 ) $ (31,045 ) Unaudited Condensed Statements of Operations for the Nine Months Ended September 30, 2022 (in thousands) Urgently Otonomo Revenue $ 135,623 $ 4,916 Cost of revenue 123,870 2,343 Cloud infrastructure — 3,834 Gross profit (loss) 11,753 (1,261 ) Operating expenses: Research and development 12,951 16,406 Sales and marketing 4,275 15,901 Operations and support 28,918 — General and administrative 10,515 15,489 Depreciation and amortization 221 2,683 Contingent consideration income — (7,732 ) Impairment of goodwill — 49,687 Impairment of intangible assets — 22,354 Total operating expenses 56,880 114,788 Operating loss (45,127 ) (116,049 ) Other income (expense), net: Interest expense (20,523 ) — Interest income 6 221 Change in fair value of warrant liability 3,916 — Warrant expense (962 ) — Other (75 ) 128 Total other expense, net (17,638 ) 349 Loss before income taxes (62,765 ) (115,700 ) Provision for income taxes — 568 Net loss $ (62,765 ) $ (116,268 ) Non-GAAP Financial Measures: Reconciliation of Operating Loss to Non-GAAP Operating Loss (in thousands) For the Three Months Ended September 30, 2023 Urgently Otonomo Combined Operating loss $ (5,848 ) $ (8,499 ) $ (14,347 ) Add: Depreciation and amortization expense 64 164 228 Add: Stock-based compensation expense 69 1,052 1,121 Add: Non-recurring transaction costs 1,970 852 2,822 Add: Restructuring costs 201 46 247 Add: Contingent consideration expense (income) — 6 6 Non-GAAP operating loss $ (3,544 ) $ (6,379 ) $ (9,923 ) For the Three Months Ended September 30, 2022 Urgently Otonomo Combined Operating loss $ (13,132 ) $ (36,964 ) $ (50,096 ) Add: Depreciation and amortization expense 77 955 1,032 Add: Stock-based compensation expense 110 2,571 2,681 Add: Non-recurring transaction costs 120 31 151 Add: Restructuring costs 427 — 427 Add: Contingent consideration expense (income) — (6,191 ) (6,191 ) Add: Impairment of goodwill and intangible assets — 26,256 26,256 Non-GAAP operating loss $ (12,398 ) $ (13,342 ) $ (25,740 ) For the Nine Months Ended September 30, 2023 Urgently Otonomo Combined Operating loss $ (22,304 ) $ (33,801 ) $ (56,105 ) Add: Depreciation and amortization expense 198 312 510 Add: Stock-based compensation expense 222 4,231 4,453 Add: Non-recurring transaction costs 8,449 4,920 13,369 Add: Restructuring costs 337 1,654 1,991 Add: Contingent consideration expense (income) — 2,067 2,067 Non-GAAP operating loss $ (13,098 ) $ (20,617 ) $ (33,715 ) For the Nine Months Ended September 30, 2022 Urgently Otonomo Combined Operating loss $ (45,127 ) $ (116,049 ) $ (161,176 ) Add: Depreciation and amortization expense 221 2,683 2,904 Add: Stock-based compensation expense 411 7,451 7,862 Add: Non-recurring transaction costs 1,339 1,083 2,422 Add: Restructuring costs 1,054 — 1,054 Add: Contingent consideration expense (income) — (7,732 ) (7,732 ) Add: Impairment of goodwill and intangible assets — 72,041 72,041 Non-GAAP operating loss $ (42,102 ) $ (40,523 ) $ (82,625 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20231113242127/en/Contacts For media and investment inquiries, please contact: Press: media@geturgently.com Investor Relations: investorrelations@geturgently.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Urgently Announces Third Quarter 2023 Financial Results By: Urgent.ly Inc. via Business Wire November 14, 2023 at 07:00 AM EST Strong Gross Profit Growth Reflects Operational Execution Against Strategic Initiatives Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today reported financial results for the third quarter ended September 30, 2023. As previously announced, the acquisition by Urgently of Otonomo Technologies Ltd. (“Otonomo”) (the “Merger”) closed on October 19, 2023 during Urgently’s fourth quarter, and Urgently’s common stock began trading on Nasdaq on the same day. This press release reflects financial results for the three and nine months ended September 30, 2023 and 2022 for each of Urgently and Otonomo on a standalone basis. Also presented herein are certain non-GAAP financial measures presented on a standalone basis for each of Urgently and Otonomo and on a combined company basis. Urgently’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 that will be filed with the Securities and Exchange Commission (the “SEC”) only reflects Urgently’s financial results for the periods presented therein. The Annual Report on Form 10-K for the fiscal year ended December 31, 2023 that Urgently will file with the SEC will be presented on a combined company basis. Urgently's Third Quarter 2023 Highlights: Revenue of $46.0 million, a decrease of 12% year over year. Gross profit of $9.2 million, an increase of 52% year over year. Gross margin of 20% compared to 12% from the prior year period. GAAP operating loss of $5.8 million compared to GAAP operating loss of $13.1 million from the prior year period, a reduction of 55%. Non-GAAP operating loss of $3.5 million compared to Non-GAAP operating loss of $12.4 million from the prior year period, a reduction of 71%. Approximately 290,000 dispatches completed. Consumer satisfaction score of 4.5. Urgently's Third Quarter Year-to-Date 2023 Highlights: Revenue of $139.6 million, an increase of 3% year over year. Gross profit of $27.7 million, an increase of 136% year over year. Gross margin of 20% compared to 9% from the prior year period. GAAP operating loss of $22.3 million compared to GAAP operating loss of $45.1 million from the prior year period, a reduction of 51%. Non-GAAP operating loss of $13.1 million compared to Non-GAAP operating loss of $42.1 million from the prior year period, a reduction of 69%. Approximately 879,000 dispatches completed. Consumer satisfaction score of 4.5. “I’m pleased with our solid performance during the third quarter, which reflects the progress of our profitability-driven organizational optimization initiatives,” said Matt Booth, CEO of Urgently. “We believe we are in the very early stages of a large and transformative market opportunity driven by technological innovations. As we look ahead, we are committed to leading the transformation to connected mobility and we look forward to continuing to improve proactive and preventative customer experiences.” Booth continued, “We are incredibly proud of the significant milestones we achieved over the past month. We successfully completed the acquisition of Otonomo, which further strengthens Urgently’s unique market position as a leading roadside assistance software provider. In addition, we completed our listing on Nasdaq, which underscores our belief in the long-term growth prospects of this business and the strategic steps we are taking to drive value to shareholders. Finally, we are showing tremendous improvements from our profitability led initiatives.” Earnings Conference Call and Audio Webcast Urgently will host a conference call to discuss the third quarter 2023 financial results on November 14, 2023 at 8:00 a.m. Eastern Time. The conference call can be accessed live over the phone by dialing 1-844-825-9789 (USA) or 1-412-317-5180 (International). The conference call replay will be available from 11:00 a.m. Eastern Time on November 14, 2023, through November 28, 2023, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The replay passcode will be 10183996. The call will also be webcast live from Urgently’s investor relations website at https://investors.geturgently.com. Following the completion of the call, a recorded replay of the webcast will be available on the website. About Urgently Urgently keeps vehicles and people moving by delivering safe, innovative, and exceptional mobility assistance experiences. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com. Non-GAAP Financial Measures In addition to our financial information presented in accordance with GAAP, we believe Non-GAAP Operating Loss is useful to investors in evaluating our operating performance. We use the non-GAAP financial measure to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that the non-GAAP financial measure, when taken together with the corresponding GAAP financial measure, may be helpful to investors because it provides consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. The non-GAAP financial measure is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP and may be different from a similarly-titled non-GAAP financial measure used by other companies. In addition, other companies, including companies in our industry, may calculate a similarly-titled non-GAAP financial measure differently or may use other measures to evaluate their performance, which could reduce the usefulness of the non-GAAP financial measure presented herein as a tool for comparison. A reconciliation is provided below for the non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of the non-GAAP financial measure to our most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate our business. We define Non-GAAP Operating Loss as operating loss, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs. For a discussion of Non-GAAP Operating Expenses, please see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Urgently’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, which will be filed with the SEC by November 14, 2023. Forward Looking Statements This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s profitability; the expected benefits of the Merger; the market position of the combined company against current and future competitors; and any assumptions underlying any of the foregoing, are forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release and our earnings call, including but not limited to: risks associated with our ability to raise funds through future financings and the sufficiency of our cash and cash equivalents to meet our liquidity needs; our history of losses; our limited operating history; our ability to integrate and realize potential benefits from the Merger; our ability to service our debt and comply with our debt agreements; our ability to retain customers and expand existing customers’ use of our platform; our ability to attract new customers; our ability to expand into new solutions, technologies and geographic regions; our ability to adequately forecast consumer demand and optimize our network of service providers; our ability to compete in the markets in which we participate; our ability to comply with laws and regulations applicable to our business; and expectations regarding the impact of weather events, natural disasters or health epidemics, including the COVID-19 pandemic and the war between Hamas and Israel, on our business. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission, including in our Registration Statement on Form S-1, as amended, which was declared effective by the SEC on October 19, 2023 (the “Registration Statement”), our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements. Unaudited Condensed Consolidated Balance Sheets for Urgently (in thousands) September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 8,673 $ 6,357 Restricted cash 1,050 1,050 Accounts receivable, net 25,719 33,966 Prepaid expenses and other current assets 1,773 2,102 Total current assets 37,215 43,475 Right-of-use assets 1,977 2,485 Property and equipment, net 308 414 Intangible assets, net 31 31 Other non-current assets 456 538 Total assets $ 39,987 $ 46,943 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 12,692 $ 7,536 Accrued expenses 18,203 13,122 Accrued interest 13,368 6,689 Deferred revenue, current 154 349 Current lease liabilities 636 740 Derivative liability, current 31,142 — Current portion of long-term debt, net 62,710 — Total current liabilities 138,905 28,436 Long-term lease liabilities 1,674 2,120 Long-term debt, net 65,560 99,443 Derivative liability 928 32,765 Warrant liability 11,479 13,957 Other long-term liabilities 9,076 5,059 Total liabilities 227,622 181,780 Redeemable convertible preferred stock 46,334 46,334 Stockholders' deficit: Common stock — — Additional paid-in capital 48,549 48,327 Accumulated deficit (282,518 ) (229,498 ) Total stockholders' deficit (233,969 ) (181,171 ) Total liabilities, redeemable convertible preferred stock and stockholders' deficit $ 39,987 $ 46,943 Unaudited Condensed Consolidated Balance Sheets for Otonomo (in thousands) September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 45,448 $ 22,448 Restricted cash 291 346 Short-term deposits 10,423 62,262 Marketable securities 57,456 55,587 Accounts receivable, net 930 1,271 Prepaid expenses and other current assets 1,004 3,043 Total current assets 115,552 144,957 Right-of-use assets 1,061 2,040 Property and equipment, net 657 1,043 Other non-current assets 426 606 Total assets $ 117,696 $ 148,646 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 775 $ 1,020 Accrued expenses and other payables 8,725 11,123 Deferred revenue, current 378 216 Current lease liabilities 441 729 Total current liabilities 10,319 13,088 Long-term lease liabilities 560 1,225 Warrant liability — 155 Other long-term liabilities — 750 Total liabilities 10,879 15,218 Stockholders' deficit: Common stock — — Additional paid-in capital 374,957 370,412 Accumulated deficit (268,140 ) (236,984 ) Total stockholders' deficit 106,817 133,428 Total liabilities, redeemable convertible preferred stock and stockholders' deficit $ 117,696 $ 148,646 Unaudited Condensed Statements of Operations for the Three Months Ended September 30, 2023 (in thousands) Urgently Otonomo Revenue $ 46,047 $ 1,570 Cost of revenue 36,869 442 Cloud infrastructure — 493 Gross profit 9,178 635 Operating expenses: Research and development 3,667 2,683 Sales and marketing 899 1,407 Operations and support 5,418 — General and administrative 4,978 4,874 Depreciation and amortization 64 164 Contingent consideration expense — 6 Total operating expenses 15,026 9,134 Operating loss (5,848 ) (8,499 ) Other income (expense), net: Interest expense (15,438 ) — Interest income — 1,159 Change in fair value of derivative liability (5,504 ) — Change in fair value of warrant liability (2,035 ) — Other (27 ) (610 ) Total other expense, net (23,004 ) 549 Loss before income taxes (28,852 ) (7,950 ) Provision for income taxes — 298 Net loss $ (28,852 ) $ (8,248 ) Unaudited Condensed Statements of Operations for the Three Months Ended September 30, 2022 (in thousands) Urgently Otonomo Revenue $ 52,134 $ 1,965 Cost of revenue 46,078 1,002 Cloud infrastructure — 1,342 Gross profit (loss) 6,056 (379 ) Operating expenses: Research and development 4,552 5,750 Sales and marketing 1,431 5,398 Operations and support 9,976 — General and administrative 3,152 4,417 Depreciation and amortization 77 955 Contingent consideration income — (6,191 ) Impairment of goodwill — 12,687 Impairment of intangible assets — 13,569 Total operating expenses 19,188 36,585 Operating loss (13,132 ) (36,964 ) Other income (expense), net: Interest expense (11,324 ) — Interest income 3 219 Change in fair value of warrant liability 2,144 — Warrant expense (736 ) — Other (12 ) (300 ) Total other expense, net (9,925 ) (81 ) Loss before income taxes (23,057 ) (37,045 ) Provision for income taxes — 288 Net loss $ (23,057 ) $ (37,333 ) Unaudited Condensed Statements of Operations for the Nine Months Ended September 30, 2023 (in thousands) Urgently Otonomo Revenue $ 139,602 $ 5,035 Cost of revenue 111,905 2,086 Cloud infrastructure — 1,782 Gross profit 27,697 1,167 Operating expenses: Research and development 11,077 8,888 Sales and marketing 2,846 7,919 Operations and support 18,665 — General and administrative 17,215 15,782 Depreciation and amortization 198 312 Contingent consideration expense — 2,067 Total operating expenses 50,001 34,968 Operating loss (22,304 ) (33,801 ) Other income (expense), net: Interest expense (39,608 ) — Interest income — 3,540 Change in fair value of derivative liability 1,523 — Change in fair value of warrant liability 3,525 — Warrant expense (1,047 ) — Gain on debt extinguishment 4,913 — Other (22 ) (410 ) Total other expense, net (30,716 ) 3,130 Loss before income taxes (53,020 ) (30,671 ) Provision for income taxes — 374 Net loss $ (53,020 ) $ (31,045 ) Unaudited Condensed Statements of Operations for the Nine Months Ended September 30, 2022 (in thousands) Urgently Otonomo Revenue $ 135,623 $ 4,916 Cost of revenue 123,870 2,343 Cloud infrastructure — 3,834 Gross profit (loss) 11,753 (1,261 ) Operating expenses: Research and development 12,951 16,406 Sales and marketing 4,275 15,901 Operations and support 28,918 — General and administrative 10,515 15,489 Depreciation and amortization 221 2,683 Contingent consideration income — (7,732 ) Impairment of goodwill — 49,687 Impairment of intangible assets — 22,354 Total operating expenses 56,880 114,788 Operating loss (45,127 ) (116,049 ) Other income (expense), net: Interest expense (20,523 ) — Interest income 6 221 Change in fair value of warrant liability 3,916 — Warrant expense (962 ) — Other (75 ) 128 Total other expense, net (17,638 ) 349 Loss before income taxes (62,765 ) (115,700 ) Provision for income taxes — 568 Net loss $ (62,765 ) $ (116,268 ) Non-GAAP Financial Measures: Reconciliation of Operating Loss to Non-GAAP Operating Loss (in thousands) For the Three Months Ended September 30, 2023 Urgently Otonomo Combined Operating loss $ (5,848 ) $ (8,499 ) $ (14,347 ) Add: Depreciation and amortization expense 64 164 228 Add: Stock-based compensation expense 69 1,052 1,121 Add: Non-recurring transaction costs 1,970 852 2,822 Add: Restructuring costs 201 46 247 Add: Contingent consideration expense (income) — 6 6 Non-GAAP operating loss $ (3,544 ) $ (6,379 ) $ (9,923 ) For the Three Months Ended September 30, 2022 Urgently Otonomo Combined Operating loss $ (13,132 ) $ (36,964 ) $ (50,096 ) Add: Depreciation and amortization expense 77 955 1,032 Add: Stock-based compensation expense 110 2,571 2,681 Add: Non-recurring transaction costs 120 31 151 Add: Restructuring costs 427 — 427 Add: Contingent consideration expense (income) — (6,191 ) (6,191 ) Add: Impairment of goodwill and intangible assets — 26,256 26,256 Non-GAAP operating loss $ (12,398 ) $ (13,342 ) $ (25,740 ) For the Nine Months Ended September 30, 2023 Urgently Otonomo Combined Operating loss $ (22,304 ) $ (33,801 ) $ (56,105 ) Add: Depreciation and amortization expense 198 312 510 Add: Stock-based compensation expense 222 4,231 4,453 Add: Non-recurring transaction costs 8,449 4,920 13,369 Add: Restructuring costs 337 1,654 1,991 Add: Contingent consideration expense (income) — 2,067 2,067 Non-GAAP operating loss $ (13,098 ) $ (20,617 ) $ (33,715 ) For the Nine Months Ended September 30, 2022 Urgently Otonomo Combined Operating loss $ (45,127 ) $ (116,049 ) $ (161,176 ) Add: Depreciation and amortization expense 221 2,683 2,904 Add: Stock-based compensation expense 411 7,451 7,862 Add: Non-recurring transaction costs 1,339 1,083 2,422 Add: Restructuring costs 1,054 — 1,054 Add: Contingent consideration expense (income) — (7,732 ) (7,732 ) Add: Impairment of goodwill and intangible assets — 72,041 72,041 Non-GAAP operating loss $ (42,102 ) $ (40,523 ) $ (82,625 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20231113242127/en/Contacts For media and investment inquiries, please contact: Press: media@geturgently.com Investor Relations: investorrelations@geturgently.com
Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today reported financial results for the third quarter ended September 30, 2023. As previously announced, the acquisition by Urgently of Otonomo Technologies Ltd. (“Otonomo”) (the “Merger”) closed on October 19, 2023 during Urgently’s fourth quarter, and Urgently’s common stock began trading on Nasdaq on the same day. This press release reflects financial results for the three and nine months ended September 30, 2023 and 2022 for each of Urgently and Otonomo on a standalone basis. Also presented herein are certain non-GAAP financial measures presented on a standalone basis for each of Urgently and Otonomo and on a combined company basis. Urgently’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 that will be filed with the Securities and Exchange Commission (the “SEC”) only reflects Urgently’s financial results for the periods presented therein. The Annual Report on Form 10-K for the fiscal year ended December 31, 2023 that Urgently will file with the SEC will be presented on a combined company basis. Urgently's Third Quarter 2023 Highlights: Revenue of $46.0 million, a decrease of 12% year over year. Gross profit of $9.2 million, an increase of 52% year over year. Gross margin of 20% compared to 12% from the prior year period. GAAP operating loss of $5.8 million compared to GAAP operating loss of $13.1 million from the prior year period, a reduction of 55%. Non-GAAP operating loss of $3.5 million compared to Non-GAAP operating loss of $12.4 million from the prior year period, a reduction of 71%. Approximately 290,000 dispatches completed. Consumer satisfaction score of 4.5. Urgently's Third Quarter Year-to-Date 2023 Highlights: Revenue of $139.6 million, an increase of 3% year over year. Gross profit of $27.7 million, an increase of 136% year over year. Gross margin of 20% compared to 9% from the prior year period. GAAP operating loss of $22.3 million compared to GAAP operating loss of $45.1 million from the prior year period, a reduction of 51%. Non-GAAP operating loss of $13.1 million compared to Non-GAAP operating loss of $42.1 million from the prior year period, a reduction of 69%. Approximately 879,000 dispatches completed. Consumer satisfaction score of 4.5. “I’m pleased with our solid performance during the third quarter, which reflects the progress of our profitability-driven organizational optimization initiatives,” said Matt Booth, CEO of Urgently. “We believe we are in the very early stages of a large and transformative market opportunity driven by technological innovations. As we look ahead, we are committed to leading the transformation to connected mobility and we look forward to continuing to improve proactive and preventative customer experiences.” Booth continued, “We are incredibly proud of the significant milestones we achieved over the past month. We successfully completed the acquisition of Otonomo, which further strengthens Urgently’s unique market position as a leading roadside assistance software provider. In addition, we completed our listing on Nasdaq, which underscores our belief in the long-term growth prospects of this business and the strategic steps we are taking to drive value to shareholders. Finally, we are showing tremendous improvements from our profitability led initiatives.” Earnings Conference Call and Audio Webcast Urgently will host a conference call to discuss the third quarter 2023 financial results on November 14, 2023 at 8:00 a.m. Eastern Time. The conference call can be accessed live over the phone by dialing 1-844-825-9789 (USA) or 1-412-317-5180 (International). The conference call replay will be available from 11:00 a.m. Eastern Time on November 14, 2023, through November 28, 2023, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The replay passcode will be 10183996. The call will also be webcast live from Urgently’s investor relations website at https://investors.geturgently.com. Following the completion of the call, a recorded replay of the webcast will be available on the website. About Urgently Urgently keeps vehicles and people moving by delivering safe, innovative, and exceptional mobility assistance experiences. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com. Non-GAAP Financial Measures In addition to our financial information presented in accordance with GAAP, we believe Non-GAAP Operating Loss is useful to investors in evaluating our operating performance. We use the non-GAAP financial measure to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that the non-GAAP financial measure, when taken together with the corresponding GAAP financial measure, may be helpful to investors because it provides consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. The non-GAAP financial measure is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP and may be different from a similarly-titled non-GAAP financial measure used by other companies. In addition, other companies, including companies in our industry, may calculate a similarly-titled non-GAAP financial measure differently or may use other measures to evaluate their performance, which could reduce the usefulness of the non-GAAP financial measure presented herein as a tool for comparison. A reconciliation is provided below for the non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of the non-GAAP financial measure to our most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate our business. We define Non-GAAP Operating Loss as operating loss, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs. For a discussion of Non-GAAP Operating Expenses, please see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Urgently’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, which will be filed with the SEC by November 14, 2023. Forward Looking Statements This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s profitability; the expected benefits of the Merger; the market position of the combined company against current and future competitors; and any assumptions underlying any of the foregoing, are forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release and our earnings call, including but not limited to: risks associated with our ability to raise funds through future financings and the sufficiency of our cash and cash equivalents to meet our liquidity needs; our history of losses; our limited operating history; our ability to integrate and realize potential benefits from the Merger; our ability to service our debt and comply with our debt agreements; our ability to retain customers and expand existing customers’ use of our platform; our ability to attract new customers; our ability to expand into new solutions, technologies and geographic regions; our ability to adequately forecast consumer demand and optimize our network of service providers; our ability to compete in the markets in which we participate; our ability to comply with laws and regulations applicable to our business; and expectations regarding the impact of weather events, natural disasters or health epidemics, including the COVID-19 pandemic and the war between Hamas and Israel, on our business. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission, including in our Registration Statement on Form S-1, as amended, which was declared effective by the SEC on October 19, 2023 (the “Registration Statement”), our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements. Unaudited Condensed Consolidated Balance Sheets for Urgently (in thousands) September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 8,673 $ 6,357 Restricted cash 1,050 1,050 Accounts receivable, net 25,719 33,966 Prepaid expenses and other current assets 1,773 2,102 Total current assets 37,215 43,475 Right-of-use assets 1,977 2,485 Property and equipment, net 308 414 Intangible assets, net 31 31 Other non-current assets 456 538 Total assets $ 39,987 $ 46,943 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 12,692 $ 7,536 Accrued expenses 18,203 13,122 Accrued interest 13,368 6,689 Deferred revenue, current 154 349 Current lease liabilities 636 740 Derivative liability, current 31,142 — Current portion of long-term debt, net 62,710 — Total current liabilities 138,905 28,436 Long-term lease liabilities 1,674 2,120 Long-term debt, net 65,560 99,443 Derivative liability 928 32,765 Warrant liability 11,479 13,957 Other long-term liabilities 9,076 5,059 Total liabilities 227,622 181,780 Redeemable convertible preferred stock 46,334 46,334 Stockholders' deficit: Common stock — — Additional paid-in capital 48,549 48,327 Accumulated deficit (282,518 ) (229,498 ) Total stockholders' deficit (233,969 ) (181,171 ) Total liabilities, redeemable convertible preferred stock and stockholders' deficit $ 39,987 $ 46,943 Unaudited Condensed Consolidated Balance Sheets for Otonomo (in thousands) September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 45,448 $ 22,448 Restricted cash 291 346 Short-term deposits 10,423 62,262 Marketable securities 57,456 55,587 Accounts receivable, net 930 1,271 Prepaid expenses and other current assets 1,004 3,043 Total current assets 115,552 144,957 Right-of-use assets 1,061 2,040 Property and equipment, net 657 1,043 Other non-current assets 426 606 Total assets $ 117,696 $ 148,646 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 775 $ 1,020 Accrued expenses and other payables 8,725 11,123 Deferred revenue, current 378 216 Current lease liabilities 441 729 Total current liabilities 10,319 13,088 Long-term lease liabilities 560 1,225 Warrant liability — 155 Other long-term liabilities — 750 Total liabilities 10,879 15,218 Stockholders' deficit: Common stock — — Additional paid-in capital 374,957 370,412 Accumulated deficit (268,140 ) (236,984 ) Total stockholders' deficit 106,817 133,428 Total liabilities, redeemable convertible preferred stock and stockholders' deficit $ 117,696 $ 148,646 Unaudited Condensed Statements of Operations for the Three Months Ended September 30, 2023 (in thousands) Urgently Otonomo Revenue $ 46,047 $ 1,570 Cost of revenue 36,869 442 Cloud infrastructure — 493 Gross profit 9,178 635 Operating expenses: Research and development 3,667 2,683 Sales and marketing 899 1,407 Operations and support 5,418 — General and administrative 4,978 4,874 Depreciation and amortization 64 164 Contingent consideration expense — 6 Total operating expenses 15,026 9,134 Operating loss (5,848 ) (8,499 ) Other income (expense), net: Interest expense (15,438 ) — Interest income — 1,159 Change in fair value of derivative liability (5,504 ) — Change in fair value of warrant liability (2,035 ) — Other (27 ) (610 ) Total other expense, net (23,004 ) 549 Loss before income taxes (28,852 ) (7,950 ) Provision for income taxes — 298 Net loss $ (28,852 ) $ (8,248 ) Unaudited Condensed Statements of Operations for the Three Months Ended September 30, 2022 (in thousands) Urgently Otonomo Revenue $ 52,134 $ 1,965 Cost of revenue 46,078 1,002 Cloud infrastructure — 1,342 Gross profit (loss) 6,056 (379 ) Operating expenses: Research and development 4,552 5,750 Sales and marketing 1,431 5,398 Operations and support 9,976 — General and administrative 3,152 4,417 Depreciation and amortization 77 955 Contingent consideration income — (6,191 ) Impairment of goodwill — 12,687 Impairment of intangible assets — 13,569 Total operating expenses 19,188 36,585 Operating loss (13,132 ) (36,964 ) Other income (expense), net: Interest expense (11,324 ) — Interest income 3 219 Change in fair value of warrant liability 2,144 — Warrant expense (736 ) — Other (12 ) (300 ) Total other expense, net (9,925 ) (81 ) Loss before income taxes (23,057 ) (37,045 ) Provision for income taxes — 288 Net loss $ (23,057 ) $ (37,333 ) Unaudited Condensed Statements of Operations for the Nine Months Ended September 30, 2023 (in thousands) Urgently Otonomo Revenue $ 139,602 $ 5,035 Cost of revenue 111,905 2,086 Cloud infrastructure — 1,782 Gross profit 27,697 1,167 Operating expenses: Research and development 11,077 8,888 Sales and marketing 2,846 7,919 Operations and support 18,665 — General and administrative 17,215 15,782 Depreciation and amortization 198 312 Contingent consideration expense — 2,067 Total operating expenses 50,001 34,968 Operating loss (22,304 ) (33,801 ) Other income (expense), net: Interest expense (39,608 ) — Interest income — 3,540 Change in fair value of derivative liability 1,523 — Change in fair value of warrant liability 3,525 — Warrant expense (1,047 ) — Gain on debt extinguishment 4,913 — Other (22 ) (410 ) Total other expense, net (30,716 ) 3,130 Loss before income taxes (53,020 ) (30,671 ) Provision for income taxes — 374 Net loss $ (53,020 ) $ (31,045 ) Unaudited Condensed Statements of Operations for the Nine Months Ended September 30, 2022 (in thousands) Urgently Otonomo Revenue $ 135,623 $ 4,916 Cost of revenue 123,870 2,343 Cloud infrastructure — 3,834 Gross profit (loss) 11,753 (1,261 ) Operating expenses: Research and development 12,951 16,406 Sales and marketing 4,275 15,901 Operations and support 28,918 — General and administrative 10,515 15,489 Depreciation and amortization 221 2,683 Contingent consideration income — (7,732 ) Impairment of goodwill — 49,687 Impairment of intangible assets — 22,354 Total operating expenses 56,880 114,788 Operating loss (45,127 ) (116,049 ) Other income (expense), net: Interest expense (20,523 ) — Interest income 6 221 Change in fair value of warrant liability 3,916 — Warrant expense (962 ) — Other (75 ) 128 Total other expense, net (17,638 ) 349 Loss before income taxes (62,765 ) (115,700 ) Provision for income taxes — 568 Net loss $ (62,765 ) $ (116,268 ) Non-GAAP Financial Measures: Reconciliation of Operating Loss to Non-GAAP Operating Loss (in thousands) For the Three Months Ended September 30, 2023 Urgently Otonomo Combined Operating loss $ (5,848 ) $ (8,499 ) $ (14,347 ) Add: Depreciation and amortization expense 64 164 228 Add: Stock-based compensation expense 69 1,052 1,121 Add: Non-recurring transaction costs 1,970 852 2,822 Add: Restructuring costs 201 46 247 Add: Contingent consideration expense (income) — 6 6 Non-GAAP operating loss $ (3,544 ) $ (6,379 ) $ (9,923 ) For the Three Months Ended September 30, 2022 Urgently Otonomo Combined Operating loss $ (13,132 ) $ (36,964 ) $ (50,096 ) Add: Depreciation and amortization expense 77 955 1,032 Add: Stock-based compensation expense 110 2,571 2,681 Add: Non-recurring transaction costs 120 31 151 Add: Restructuring costs 427 — 427 Add: Contingent consideration expense (income) — (6,191 ) (6,191 ) Add: Impairment of goodwill and intangible assets — 26,256 26,256 Non-GAAP operating loss $ (12,398 ) $ (13,342 ) $ (25,740 ) For the Nine Months Ended September 30, 2023 Urgently Otonomo Combined Operating loss $ (22,304 ) $ (33,801 ) $ (56,105 ) Add: Depreciation and amortization expense 198 312 510 Add: Stock-based compensation expense 222 4,231 4,453 Add: Non-recurring transaction costs 8,449 4,920 13,369 Add: Restructuring costs 337 1,654 1,991 Add: Contingent consideration expense (income) — 2,067 2,067 Non-GAAP operating loss $ (13,098 ) $ (20,617 ) $ (33,715 ) For the Nine Months Ended September 30, 2022 Urgently Otonomo Combined Operating loss $ (45,127 ) $ (116,049 ) $ (161,176 ) Add: Depreciation and amortization expense 221 2,683 2,904 Add: Stock-based compensation expense 411 7,451 7,862 Add: Non-recurring transaction costs 1,339 1,083 2,422 Add: Restructuring costs 1,054 — 1,054 Add: Contingent consideration expense (income) — (7,732 ) (7,732 ) Add: Impairment of goodwill and intangible assets — 72,041 72,041 Non-GAAP operating loss $ (42,102 ) $ (40,523 ) $ (82,625 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20231113242127/en/
For media and investment inquiries, please contact: Press: media@geturgently.com Investor Relations: investorrelations@geturgently.com