Urgent.ly Inc. Common Stock (ULY) Q3 Earnings call transcript Nov 12, 2024
1min read In Urgently's Q3 2024 earnings call, the company highlighted its strategic initiatives aimed at accelerating profitable growth, delivering exceptional customer service, achieving operational efficiencies, and improving capital structure. The call, led by CEO Matt Booth and CFO Tim Huffmyer, provided insights into the company's performance, future prospects, and strategic moves.
Revenue and Operational Highlights
Urgently reported revenue of $36.2 million for Q3 2024, in line with expectations and a 21% decline from the same quarter last year. The revenue decline was primarily due to the reduction in dispatch volume from a customer partner non-renewal. Despite this, the company achieved a 16% year-over-year improvement in quarterly non-GAAP operating expenses and a 17% year-over-year improvement in quarterly non-GAAP operating loss. These improvements position Urgently well for future growth opportunities.
Strategic Initiatives and Customer Renewals
The call highlighted Urgently's focus on securing customer contract renewals, expanding relationships with existing partners, and developing new customer partner opportunities. Notable achievements include a 3-year contract renewal with a global automotive fleet management company and a 2-year contract renewal with a worldwide vehicle rental company. These renewals underscore Urgently's ability to foster growth, stability, and collaboration across its existing client base.
Operational Efficiencies and Capital Structure
Urgently announced the divestiture of its Otonomo business unit, a strategic move to dedicate resources to advancing its core business. This divestiture, along with operational improvements, has led to a significant reduction in operating expenses and a path towards achieving non-GAAP operating breakeven. The company is also taking steps to address its capital structure, enhance liquidity, and provide additional financial flexibility.
Future Outlook
Looking ahead, Urgently expects revenue in the range of $30 million to $33 million for Q4 2024 and revenue in the range of $141 million to $144 million for the full year of 2024. The company remains focused on achieving non-GAAP operating breakeven in the first quarter of 2025.
Investor Q&A
The call concluded with a question-and-answer session, providing further insights into Urgently's strategic initiatives, revenue expectations, and gross margins. The company's ability to secure customer renewals and win new business, despite challenging market conditions, underscores its resilience and strategic focus.
Conclusion
Urgently's Q3 2024 earnings call highlighted the company's strategic initiatives and operational improvements, demonstrating a clear path towards profitable growth and a focus on enhancing customer service and operational efficiencies. The company's ability to secure customer renewals and win new business, despite market challenges, bodes well for its future prospects. Urgently's commitment to optimizing its operating structure and addressing its capital structure positions it well for continued growth and success.