Wejo Group Limited

Greetings, and welcome to the WeJoe first quarter business update call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to WeJoe's Senior Vice President, Investor Relations, Kevin Clark. Please go ahead.

Thank you, Kevin. Thank you, Kevin. Good morning, everyone, and thank you for joining WeJo's Business Update call to discuss our first quarter 2022 operational and financial results. With me on the call today are Richard Barlow, our founder and CEO, John Maxwell, our CFO. Remarks made today on this call about future expectations, events, strategies, objectives, trends, or projected financial results, and other similar items are forward-looking. Forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance and as such should be taken in the context of the risks and uncertainties that are outlined in the SEC filings of WEJO, including our recently filed quarterly report on Form 10Q, as well as other documents filed with the SEC. Forward statements speak only as of the date made, and the company undertakes no obligation to update such statements in the future. In addition, during this call, we will be discussing certain financial metrics that do not conform to generally accepted accounting principles in the U.S., better known as GAAP. For a reconciliation of these financial metrics to GAAP, please refer to our quarterly report on Form 10Q filed with the SEC. And now, I'll turn the call over to Richard.

Thank you for joining Wejo's first quarter 2022 business update. So much progress has been made this year for Wejo as our smart mobility solutions gain traction across a wide range of sectors. And some of the biggest corporations in the world are starting to utilize autonomous, electric, and connected vehicle data to unlock incredible untapped value and revenue. Every day across the US, we are having conversations with public sector, governmental organizations about how Wejo can help deliver on the goals of the Infrastructure Investment and Jobs Act. As a result of these conversations and deals that have recently come to fruition, Ouija is on track to deliver our results consistent with our guidance, full year 2022. And we are excited about the progress that we have made so far. During the period, we expanded our relationship with Microsoft, and they are now using us to deliver the datasets that power their mapping solutions. We also continue to be a primary data source to Amazon Flex, delivering solutions that enhance our global logistics and help enable deliver millions of packages every day. I'm also pleased to announce we now have Renault live on platform, which supports our guidance of having more than 27 million vehicles live on platform, giving us data as well as supporting our substantial moves into Europe. Another significant update is with Honda. This is our first global OEM framework agreement where we'll have coverage including the Asia-Pacific regions. Which brings us to the paramount question, why do large companies like Microsoft and Amazon rely on Ouija's size for their traffic and mapping solutions? The reason they rely on Wejo is because creating real-time data solutions from connected vehicles is hard work and not easily replicated. Wejo's killer app is processing real-time data at scale, at speed. This is why some of the world's largest companies work with Wejo. It's our moat. No one else processes so much data as Wejo. Let me give you four examples of the type of companies we are attracting. First, there's a major US automotive company who are trusting us to design and manage their privacy operations around their connected vehicle data. Privacy platforms are going to be paramount as more OEMs engage in using vehicle data to deliver more valuable services to their customers. As part of our suite of products, we can customize privacy solutions to meet the specific needs of our OEM partners, and we expect to execute similar deals. Second, an insurance giant in the US are in discussions with Wejo to help develop its end-to-end insurance products and breakdown services. Our software and cloud solutions powered by autonomous, electric and connected vehicle data will reduce insurance fraud and premiums, improve repair times, ultimately help them improve their business offering to millions of Americans. The third relationship is with Japanese insurance provider SOMPO, who have progressed significantly over the last few months, resulting in the signing of a second services agreement. The fourth relationship is with Palantir. I'm pleased to announce that in addition to our recently announced electric vehicle infrastructure operating system, EVOS, that we've built in collaboration with Palantir, our relationship is now running deeper as we're also using Palantir's platform to build an autonomous vehicle operating system, AVOS, to help accelerate the advancement of autonomous vehicle future. And these deals are just the tip of the iceberg, as we closed other major deals in the period, including Telenaf, Recall, and Inrix, which substantially accelerated our gross bookings when compared to last year. And while we generated new business from larger accounts mentioned, we also added a number of smaller accounts, resulting in 25 new customer agreements in the first quarter. This underscores the significant customer activity that we're just experiencing. To speak more about the strength of our growth spookings and other key performance indicators, here is our CFO, John Maxwell.