Urgent.ly (ULY) Q4 2024 Earnings Call March 12, 2025 10:32 PM ET Company Participants Jenny Mitchell - VP - Finance Strategy & IRMatthew Booth - President & CEOTim Huffmyer - CFO Conference Call Participants James McIlree - Senior Equity Research Analyst Operator Good afternoon, and welcome to Urgent Lease Fourth Quarter and Full Year twenty twenty four Conference Call. As a reminder, today's call is being recorded and your participation implies consent to such recording. At this time, all participants are ...

Revenue Performance - Fourth quarter 2024 revenue was $32.0 million, a decrease of 29% year over year[4] - Full-year 2024 revenue totaled $142.9 million, a decrease of 23% year over year[9] - Revenue for Q4 2024 was $32,030,000, a decrease of 29% compared to $45,051,000 in Q4 2023[17] Profitability and Loss - Gross profit margin improved by 160 basis points for the full year, reaching 22% compared to 21% in the prior year[9] - GAAP operating loss for the fourth quarter improved by 81% to $4.6 million from $23.8 million in the prior year[4] - Non-GAAP operating loss for the full year improved by 18% to $17.2 million compared to $21.0 million in the prior year[9] - The operating loss for Q4 2024 was $4,615,000, an improvement from a loss of $23,800,000 in Q4 2023[19] - Non-GAAP operating loss for Q4 2024 was $2,987,000, compared to a loss of $7,865,000 in Q4 2023[19] - Net income for Q4 2024 was a loss of $8,732,000, compared to a net income of $127,749,000 in Q4 2023[17] - Basic earnings per share for Q4 2024 was $(0.65), a decline from $12.13 in Q4 2023[17] Expenses and Cost Management - Total operating expenses for Q4 2024 were $11,728,000, significantly reduced from $33,984,000 in Q4 2023[17] - Research and development expenses for the year ended December 31, 2024, were $13,932,000, down from $16,907,000 in 2023[17] - Non-GAAP operating expenses for the year ended December 31, 2024, were $48,760,000, down from $58,844,000 in 2023[18] Financial Position - Principal debt was reduced by $17.5 million to $54.3 million as of December 31, 2024[9] - Total assets decreased to $54.1 million as of December 31, 2024, down from $121.2 million a year earlier[16] Strategic Initiatives - The company entered into a new credit agreement for an asset-based revolving credit facility of up to $20 million to enhance financial flexibility[3] - The company plans to execute a reverse stock split to regain compliance with Nasdaq listing requirements[3] Customer Metrics - Approximately 201,000 dispatches were completed in the fourth quarter, with a consumer satisfaction score of 4.5 out of 5 stars[4]

Core Insights - Urgently Inc. reported financial results for Q4 and full-year 2024, highlighting revenue in line with expectations and significant improvements in profitability metrics [1][2] - The company achieved a gross profit margin improvement of 160 basis points and a 41% reduction in GAAP operating loss year-over-year [2][6] - Urgently secured contract renewals and expanded services with existing customers, indicating strong demand for its technology platform [2] Financial Performance - Q4 2024 revenue was $32.0 million, a decrease of 29% year-over-year, with a gross profit of $7.1 million, down 30% from the previous year [6][17] - Full-year 2024 revenue totaled $142.9 million, a decrease of 23% year-over-year, while gross profit was $31.6 million, down 17% [6][17] - GAAP operating expenses for Q4 were $11.7 million, a significant improvement of 65% compared to $34.0 million in the prior year [6][17] Operating Loss and Expenses - GAAP operating loss for Q4 was $4.6 million, an improvement of 81% from $23.8 million in the prior year [6][17] - Non-GAAP operating loss for Q4 was $3.0 million, down 62% from $7.9 million year-over-year [6][19] - Full-year GAAP operating loss was $27.2 million, improved by 41% from $46.1 million in the previous year [6][17] Capital Structure and Stockholder Actions - In February 2025, the company entered a new credit agreement for an asset-based revolving credit facility of up to $20 million, enhancing financial flexibility [3] - A reverse stock split was approved by stockholders at a ratio to be determined, aimed at regaining compliance with Nasdaq listing requirements [3] Customer Engagement and Satisfaction - Approximately 201,000 dispatches were completed in Q4 2024, with a consumer satisfaction score of 4.5 out of 5 stars [6][12] - The company continues to focus on enhancing user experiences through its technology platform, which integrates location-based services and real-time data [8]

Core Insights - Urgently, Inc. will host a conference call on March 12, 2025, at 5:00 p.m. Eastern Time to discuss its financial results for Q4 and the full year ended December 31, 2024 [1] - Financial results will be released in a press release prior to the conference call [1] Company Overview - Urgently is a leading provider of digital roadside and mobility assistance technology and services, focused on ensuring safe and uninterrupted movement for drivers [3] - The company utilizes a digitally native software platform that integrates location-based services, real-time data, AI, and machine-to-machine communication to enhance roadside assistance solutions [3] - Urgently aims to fulfill the demand for connected roadside assistance services, enabling partners to deliver exceptional user experiences that foster high customer satisfaction and loyalty [3]

Core Insights - Urgently Inc. has reached an agreement with lenders to improve its capital structure, including a new credit facility of up to $20 million to support business growth initiatives [1][2] - The new credit facility will be utilized to repay existing debt and advance Urgently's mission to transform the roadside assistance market and develop connected mobility assistance services [1][2] - The support from financial partners indicates confidence in Urgently's business model and growth potential [3] Financial Structure Improvements - Urgently has entered into a new asset-based revolving credit facility for up to $20 million with MidCap Financial [1] - Certain funds managed by Highbridge Capital Management, Onex Credit, and Whitebox Advisors have agreed to forego certain fees in exchange for 1,358,073 shares of Urgently's common stock and an extension of second lien term loans until July 31, 2026 [2][3] Business Strategy and Market Position - Urgently aims to transform the legacy roadside assistance market and develop new connected mobility assistance services on a global scale [2] - The company utilizes technology to enhance the consumer roadside experience, indicating a strong focus on innovation and customer satisfaction [2][3] - Urgently's digital platform combines location-based services, real-time data, AI, and machine-to-machine communication to deliver exceptional user experiences [4]

Core Viewpoint - Urgently Inc. has reached agreements with its lenders for short-term extensions on its term loan agreements as it works on improving its capital structure [1][2] Company Overview - Urgently is a leading provider of digital roadside and mobility assistance technology and services, focusing on enhancing driver safety and experience through innovative technology [2] - The company's platform integrates location-based services, real-time data, AI, and machine-to-machine communication to deliver roadside assistance solutions [2] Financial Developments - The maturity date for first lien term loans has been extended to February 15, 2025, while second lien term loans have been extended until March 17, 2025 [1] - The CFO of Urgently expressed satisfaction with the extensions, indicating they align with the company's goals of reducing debt and improving capital structure [2]

VIENNA, Va, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Urgent.ly Inc. (Nasdaq: ULY) (“Urgently” or “the Company”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today its board of directors has appointed Alex Zyngier to serve as a member of the board, effective January 23, 2025. “Alex is a seasoned leader with a proven track record of navigating complex business challenges and driving growth,” said Matt Booth, Chief Executive Officer and President of Urg ...

VIENNA, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the date for the release of its third quarter 2024 financial results and its participation in upcoming investor conferences. Third Quarter 2024 Earnings Urgently will host a conference call on Tuesday, November 12, 2024, at 5:00 p.m. Eastern Time to discuss its financial results for the third quarter ende ...

VIENNA, Va., Sept. 20, 2024 (GLOBE NEWSWIRE) -- Urgent.ly, Inc. (Nasdaq: ULY) ("Urgently"), a U.S.- based leading provider of digital roadside and mobility assistance technology and services, today announced the strategic divestiture of its wholly owned subsidiary, The Floow, a leading provider of connected insurance technology. The transaction is part of Urgently's strategic effort to divest non-core assets and dedicate its resources to advancing its core business. Urgently powers the roadside assistance p ...

VIENNA, Va., Aug. 12, 2024 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2024. "We are pleased with our second quarter results, which were in line with our revenue expectations. I am proud of the effort across the entire team to deliver renewals of all three customer partner contracts that were set to conclude, and which c ...