Urgent.ly Inc.

good morning and welcome to urgently third quarter 2023 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 in listen only mode a brief question and answer session will follow the formal presentation if anyone should require operator assistance during the conference please press star then zero on your telephone keypad with that i would like to to turn the call over to Jenny Mitchell, Vice President of Finance Strategy and Investor Relations. You may proceed.

Thank you, Operator. Good morning, everyone, and thank you for joining us for Urgently's Financial Results Conference Call for their third quarter ended September 30th, 2023. On the call today, we have Urgently's CEO, Matt Booth, and CFO, Tim Huffmeyer. Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, will include forward-looking statements, including statements regarding our services, market expectations, the integration of Urgently and Autonomo, the future financial performance of the combined companies, and other events. These statements are based on our current assumptions and beliefs, and we assume no obligation to update them. except as required by law. Our actual results may differ materially from the results predicted. For a discussion of material risks and other important factors that could affect our actual results, please refer to the section titled Risk Factors and our Final Perspectives filed with the SEC on October 19, 2023, our earnings press release issued earlier today, and our 10-Q for the third quarter, which we expect to file later today. We will also be discussing non-GAAP financial measures. These non-GAAP financial measures are not intended to be a substitute for or superior to our GAAP results. Please be sure to review the reconciliations of our GAAP and non-GAAP financial measures in our earnings press release available on our investor relations site and in our 10Q for the third quarter. This conference call will be available for replay through the investor section of our website located at www.geturgently.com. Today, Matt will begin with an overview of Urgently, followed by our third quarter highlight. Tim will then take you through a review of the financials before we proceed through a question and answer session. With that, I will now turn the call over to Matt.

Thank you, Jenny. Good morning, everyone, and thank you for joining us for our first earnings call as a public company following our completion of the merger with Autonomo. and listing on NASDAQ in October. As some of you may be new to the Urgently story, I would like to spend a few minutes taking you through a brief overview of who we are and what we do, the significant market opportunity that we believe is in front of us, and our strategy to drive growth and shareholder value creation going forward. I'll cap this off by telling you about our recent customer wins related to our expansion strategy, providing an update in our recent progress and performance, And then I'll turn the call over to Tim for an overview on our financial results. The traditional experience of a vehicle breakdown and roadside assistance is often stressful and inconvenient for stranded drivers. High customer frustration is often compounded by legacy processes such as high-touch call center interactions between the customer, the dispatcher, and the service provider, which lack transparency and can lead to long wait times. The roadside assistance service provider industry in North America is highly fragmented and is largely comprised of small and medium-sized owner operators that typically concentrate service on their immediate geographic area. In addition, service complexity has been increasing as the mobility market expands to include more connected vehicles, electric vehicles, and autonomous vehicles, all of which have their own unique service requirements and best practices. We view the mobility assistance matching process and roadside service delivery fundamentally as a geospatial software problem. Our software captures the various service request specific data points, such as the vehicle model, the service type, weather conditions, safety, traffic, time of day, and vehicle and service provider locations. And the algorithm automatically generates the best available experience for the given consumer and service providers. Urgently was founded over 10 years ago around the concept of streamlining the mobility assistance matching process and roadside service and delivery, and to digitally revolutionize the mobility assistance market and provide an innovative alternative to the friction-laden traditional experience. The Urgently software platform was built to dynamically match vehicle requirements and operator preferences, connected consumers with high-quality service professionals to deliver roadside assistance, proactive maintenance, and repair services. Our mission is to safeguard drivers, promptly assist their journey, and employ technology to proactively avert potential issues with the overarching goal of being able to deliver exceptional mobility assistance experiences to both fleets and drivers. We believe that we have been largely successful and at scale, as demonstrated by our high customer satisfaction scores of 4.5 out of 5 stars, on over 5 million dispatches service to date. We are working with over 50 customer partners, including some of the world's leading automotive brands, and partnering with over 12,000 service providers across all of North America. As we look ahead, our strategy is squarely aimed at driving sustainable, profitable growth in three key areas. Our first growth priority is to continue to expand our existing B2B incident business today. We have a track record of customer partner wins, including with the leading U.S. and international OEMs, top rental fleets, and top rental companies. We also have demonstrated strong growth after winning customer partners with our land and expand strategies. We have a robust pipeline to continue to maximize opportunities from the incident business, with the global vehicle roadside assistance market currently estimated to be a $25 billion global marketplace opportunity, and with the North American market comprising about half of that. The roadside assistance market is very large and undergoing technological changes that are driving increasingly more complexity. We believe Urgently's Digital Software First approach is well-positioned to capitalize on the following near-term tailwinds. First, U.S. EV sales are forecast to surpass 1 million units for the first time in 2023, and EV share is now approaching 7% of the total U.S. auto market, according to Cox Automotive. EVs have breakdowns, need charging, and have tire issues, just like internal combustion engine vehicles. Given that EVs are computers on wheels sending status signals about the state of the vehicle, we believe urgently software-driven solutions are well positioned to ingest these signals at scale and provide driver assistance services where needed. Second, the U.S. car park continues to increase year over year, now reaching 292 million in 2023. At the same time, the average age of the U.S. cars is over 12.2 years old. This is an important step urgently because older cars tend to break down more often. Vehicle miles traveled are also expected to increase from 8.9 billion in 2022, to 9.2 billion miles by 2024, and we believe vehicle miles traveled will continue to grow substantially as autonomous vehicles start to come online at scale. All of these factors together provide a consistently growing and stable market. Our second growth priority is to expand our reactive assistance incident business into offering more proactive and preventative service businesses. We believe that a key step towards unlocking a broader mobility economy which is estimated to grow to more than $100 billion by 2030, was our recent merger with Autonomo. Autonomo provides a highly complementary and synergistic portfolio of technologies and capabilities, such as real-time connected vehicle aggregation and processing platforms with integrations across multiple OEMs, fleets, and rental companies. In addition, Autonomo acquired a company called The Flow about a year and a half ago, which focuses on insurtech solutions like connected scoring, accident detection, usage-based insurance monitoring solutions, driver campaigns, and safety monitoring. We believe our acquisition of Autonomo will contribute to our ability to provide solutions in the connected vehicle ecosystem, and it enables us to ingest and process that data to provide an optimized customer experience and service delivery. We're excited to start focusing on enabling the delivery of real-world services from the connected vehicle signals with our customer partners. By expanding into the preventative and proactive service businesses, our goal is to get us closer and closer to zero mobility . The shift towards a vehicle-initiated service will mean, for example, not guessing why the check engine light is on, and we believe urgently strong platform foundation and technology expertise puts us in a position to benefit from the increasing vehicle complexity. We believe the increasingly accessible connected vehicle data will allow us to deploy innovative products that will eventually help us to determine the exact right way to intervene that's minimally disruptive to the customer. As an example, if you were stranded, we can get you a ride share so you can continue on your way, and with the driver's permission, We can lock and unlock your vehicle when the service provider arrives and notify you when the vehicle is dropped off for service. We're focused on using technology to improve the customer experience. We believe that services like this will help us create a competitive moat to win and retain more partners. Finally, our third priority is to further support our partners by creating new white label B2B2C subscription products. In the future, We believe these products will define a new way of service delivery, brand interaction, and enable our partners to meet their subscription revenue targets. In summary, Urgently is a leading mobility services platform that solves a key industry need across our partners today. We have a strong track record of new partner wins and expanding with current partners and have a robust pipeline to continue to maximize opportunities from the incident business. with the global vehicle roadside assistance market currently estimated to be a $25 billion global marketplace opportunity. In addition, we see opportunities to accelerate growth through innovation as the connected vehicle marketplace continues to evolve and grow in complexity. With that as a backdrop, I would like to now turn to this quarter's performance and strategic progress. As background, over the past year, we embarked on an initiative to look within our business and execute operational improvements to drive efficiencies to position urgently for sustainable and profitable growth over the long term. For urgently, this started with an in-depth analysis of partner-level profitability. As previously disclosed in our filings, this led to our decision to shift focus away from less profitable partner revenue activity. Second, Aided by technological improvements and optimization, we launched initiatives targeting gross profits improvement. We also transformed our customer service operations by leveraging near-shore business process organizations located in Central and South America and reduced call volume by moving away from partnerships that require first call support, focusing instead on partnerships that support digital-first interactions. Lastly, we took a solid look at our operational costs, span of control, team structures to better size the organization. In addition, our colleagues at Autonomo were executing similar strategies. Overall, I'm very pleased with our performance during the third quarter and year to date, which reflects the progress we have made against our strategic initiatives. Our Q3 revenue growth to date was 3% year-over-year as we successfully backfilled less profitable revenue with healthier revenue growth. In addition, our Q3 year-to-date gross profit improved 136% over the prior year-to-date. The combined company operational focus reduced the Q3 year-to-date non-GAAP operating loss by 69% compared to the prior year period. These results have also translated into recent company wins for us to date. First, we have recently signed and expect to launch a top five U.S. OEM in early 2024. Second, we have recently signed a high-performance OEM with an EV focus. Third, we have recently renewed a top mobility and ride share company providing support for their drivers. And number four, we have recently signed and expect to launch an emerging car share company. We're excited about these opportunities and look forward to providing further updates in the coming quarters. Thank you for your time and continued support. I'll now turn the call over to Tim to discuss our financial results for the quarter. Tim?