Urgently Announces Second Quarter 2024 Financial Results
Urgently Inc. (Nasdaq: ULY) reported its Q2 2024 financial results, showing a 21% year-over-year decrease in revenue to $34.5 million. The company's gross profit also declined by 21% to $7.3 million, while maintaining a consistent gross margin of 21%. Urgently's GAAP operating loss increased by 36% to $8.3 million, and its non-GAAP operating loss rose by 49% to $6.2 million. Despite these challenges, the company successfully renewed all three major customer partner contracts and secured new partnerships. Year-to-date, Urgently reduced its principal debt by $17.5 million to $54.3 million. The company completed approximately 205,000 dispatches in Q2 and maintained a high consumer satisfaction score of 4.5 out of 5 stars.
Urgently Inc. (Nasdaq: ULY) ha riportato i risultati finanziari del Q2 2024, evidenziando un calo del 21% dei ricavi rispetto all'anno precedente, arrivando a 34,5 milioni di dollari. Anche il profitto lordo dell'azienda è diminuito del 21%, scendendo a 7,3 milioni di dollari, mantenendo un margine lordo costante del 21%. La perdita operativa GAAP di Urgently è aumentata del 36%, raggiungendo 8,3 milioni di dollari, mentre la perdita operativa non-GAAP è salita del 49%, arrivando a 6,2 milioni di dollari. Nonostante queste sfide, l'azienda ha rinnovato con successo tutti e tre i contratti principali con i partner clienti e ha assicurato nuove collaborazioni. Fino ad oggi, Urgently ha ridotto il proprio debito principale di 17,5 milioni di dollari, portandolo a 54,3 milioni di dollari. L'azienda ha effettuato circa 205.000 spedizioni nel Q2 e ha mantenuto un alto punteggio di soddisfazione dei consumatori di 4,5 su 5 stelle.
Urgently Inc. (Nasdaq: ULY) reportó sus resultados financieros del Q2 2024, mostrando una disminución del 21% en los ingresos en comparación con el año anterior, alcanzando los 34,5 millones de dólares. La ganancia bruta de la compañía también decreció un 21%, bajando a 7,3 millones de dólares, manteniendo un margen bruto constante del 21%. La pérdida operativa GAAP de Urgently aumentó un 36% hasta 8,3 millones de dólares, y su pérdida operativa no-GAAP subió un 49% hasta 6,2 millones de dólares. A pesar de estos retos, la empresa renovó exitosamente todos sus tres contratos principales con socios clientes y aseguró nuevas asociaciones. Hasta la fecha, Urgently ha reducido su deuda principal en 17,5 millones de dólares, dejándola en 54,3 millones de dólares. La compañía completó aproximadamente 205,000 despachos en el Q2 y mantuvo un alto puntaje de satisfacción del consumidor de 4.5 sobre 5 estrellas.
Urgently Inc. (Nasdaq: ULY)가 Q2 2024 재무 결과를 보고하며, 작년 대비 21% 감소한 3천450만 달러의 수익을 기록했습니다. 회사의 총 매출 이익도 21% 감소해 730만 달러에 달하며, 21%의 일정한 총 매출 이익률을 유지했습니다. Urgently의 GAAP 운영 손실은 36% 증가해 830만 달러에 이르렀고, 비-GAAP 운영 손실은 49% 증가해 620만 달러에 도달했습니다. 이러한 어려움에도 불구하고, 회사는 주요 고객 파트너인 세 곳과의 계약을 성공적으로 갱신하고 새로운 파트너십을 확립했습니다. 지금까지 Urgently는 주요 부채를 1천750만 달러 줄여 5천430만 달러로 낮추었습니다. 이 회사는 Q2에 약 205,000건의 발송을 완료하였고, 소비자 만족도 점수가 5점 만점에 4.5점을 유지했습니다.
Urgently Inc. (Nasdaq: ULY) a publié ses résultats financiers pour le Q2 2024, montrant une diminution de 21% des revenus par rapport à l'année précédente, atteignant 34,5 millions de dollars. Le bénéfice brut de la société a également chuté de 21% à 7,3 millions de dollars, tout en maintenant une marge brute constante de 21%. La perte d'exploitation GAAP d'Urgently a augmenté de 36% pour atteindre 8,3 millions de dollars, et sa perte d'exploitation non-GAAP a grimpé de 49% pour atteindre 6,2 millions de dollars. Malgré ces défis, l'entreprise a réussi à renouveler tous ses trois contrats principaux avec des partenaires clients et à établir de nouveaux partenariats. À ce jour, Urgently a réduit sa dette principale de 17,5 millions de dollars pour la porter à 54,3 millions de dollars. La société a réalisé environ 205 000 envois au Q2 et a maintenu un score de satisfaction client élevé de 4,5 sur 5 étoiles.
Urgently Inc. (Nasdaq: ULY) hat seine Finanzresultate für das Q2 2024 veröffentlicht und dabei einen Rückgang der Einnahmen um 21% im Vergleich zum Vorjahr auf 34,5 Millionen Dollar festgestellt. Der Bruttogewinn des Unternehmens fiel ebenfalls um 21% auf 7,3 Millionen Dollar, während die Bruttomarge konstant bei 21% blieb. Der GAAP-Betriebsverlust von Urgently stieg um 36% auf 8,3 Millionen Dollar, und der Non-GAAP-Betriebsverlust erhöhte sich um 49% auf 6,2 Millionen Dollar. Trotz dieser Herausforderungen hat das Unternehmen alle drei Hauptverträge mit Kundenpartnern erfolgreich erneuert und neue Partnerschaften gesichert. Seit Jahresbeginn hat Urgently seine Hauptschuld um 17,5 Millionen Dollar auf 54,3 Millionen Dollar reduziert. Das Unternehmen hat im Q2 etwa 205.000 Einsätze abgeschlossen und eine hohe Kundenzufriedenheitsbewertung von 4,5 von 5 Sternen aufrechterhalten.
- Renewed all three major customer partner contracts
- Secured new customer partners and contract expansions
- No customer partner terminations
- Reduced principal debt by $17.5 million to $54.3 million
- Maintained high consumer satisfaction score of 4.5 out of 5 stars
- Revenue decreased 21% year-over-year to $34.5 million
- Gross profit declined 21% year-over-year to $7.3 million
- GAAP operating loss increased 36% to $8.3 million
- Non-GAAP operating loss rose 49% to $6.2 million
- Year-to-date revenue down 20% compared to previous year
Insights
Urgently's Q2 2024 results paint a mixed picture. While the company successfully renewed key contracts and expanded its customer base, financial metrics show concerning trends. Revenue declined by
On a positive note, the gross margin remained stable at
Urgently's performance reflects broader trends in the digital roadside assistance market. The 21% revenue decline might indicate increased competition or market saturation. However, the company's success in renewing contracts and expanding partnerships suggests a strong value proposition and customer loyalty.
The completion of 205,000 dispatches in Q2 and 436,000 year-to-date provides a solid operational base. The high consumer satisfaction score of 4.5/5 is a critical differentiator in this service-oriented industry. Moving forward, Urgently needs to focus on leveraging its technology and service quality to drive growth and improve profitability, possibly through increased market share or diversification of services to counter the revenue decline trend.
Second Quarter Results In Line With Expectations; Reflects Focus On Delivering Customer Partner Expansion and Renewals
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 collectively generated more than one third of our revenue for the second quarter. In addition, we secured new customer partners as well as contract expansion within our existing customer partners, and we had no terminations. We believe these renewals and new wins are a further validation of the significant value we deliver to our customer partners, through the strength of our service and cutting-edge technology,” said Matt Booth, CEO of Urgently.
Second Quarter 2024 Updates:
- Revenue of
$34.5 million , a decrease of21% year over year. - Gross profit of
$7.3 million , a decrease of21% year over year. - Gross margin of
21% , consistent with the prior year period. - GAAP operating loss of
$8.3 million compared to$6.1 million in the prior year period, an increase of36% . - Non-GAAP operating loss of
$6.2 million compared to$4.1 million in the prior year period, an increase of49% . - Approximately 205,000 dispatches completed.
- Consumer satisfaction score of 4.5 out of 5 stars.
Second Quarter Year-to-Date 2024 Updates:
- Revenue of
$74.6 million , a decrease of20% year over year. - Gross profit of
$16.7 million , a decrease of10% year over year. - Gross margin of
22% compared to20% in the prior year period. - GAAP operating loss of
$16.7 million compared to$16.5 million in the prior year period, an increase of1% . - Non-GAAP operating loss of
$11.3 million compared to$9.6 million in the prior year period, an increase of18% . - Principal debt reduction of
$17.5 million to$54.3 million as of June 30, 2024 from$71.8 million as of December 31, 2023. - Approximately 436,000 dispatches completed.
- Consumer satisfaction score of 4.6 out of 5 stars.
Earnings Conference Call
Urgently will host a conference call to discuss the second quarter 2024 financial results on August 12, 2024 at 5:00 p.m. Eastern Time. The conference call can be accessed live over the phone by dialing 1-888-243-4451 (USA) or 1-412-317-6789 (International). The conference call replay will be available from 8:00 p.m. Eastern Time on August 12, 2024, through August 26, 2024, by dialing 1-877-344-7529 (USA) or 1-412-317-0088 (International). The replay passcode will be 1485691.
About Urgently
Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. 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.
For media and investment inquiries, please contact:
Press: media@geturgently.com
Investor Relations: investorrelations@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 June 30, 2024, which will be filed with the SEC by August 14, 2024.
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; the ongoing review of our financial statements by our auditors and the potential for further adjustments identified in connection with the completion of audit procedures; 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 (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 2024, 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.
Consolidated Balance Sheets
(in thousands)
(unaudited)
| June 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 24,798 | $ | 38,256 | ||||
| Marketable securities and short-term deposits | 4,511 | 31,355 | ||||||
| Accounts receivable, net | 25,026 | 33,905 | ||||||
| Prepaid expenses and other current assets | 2,895 | 4,349 | ||||||
| Total current assets | 57,230 | 107,865 | ||||||
| Right-of-use assets | 2,118 | 2,437 | ||||||
| Property and equipment, net | 455 | 871 | ||||||
| Capitalized software costs, net | 2,495 | — | ||||||
| Intangible assets, net | 7,578 | 9,283 | ||||||
| Other non-current assets | 968 | 738 | ||||||
| Total assets | $ | 70,844 | $ | 121,194 | ||||
| Liabilities and Stockholders’ Equity (Deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,459 | $ | 4,478 | ||||
| Accrued expenses and other current liabilities | 25,625 | 22,730 | ||||||
| Current lease liabilities | 664 | 710 | ||||||
| Current portion of long-term debt, net | 53,272 | 3,193 | ||||||
| Total current liabilities | 83,020 | 31,111 | ||||||
| Long-term lease liabilities | 1,733 | 2,045 | ||||||
| Long-term debt, net | — | 66,076 | ||||||
| Other long-term liabilities | 39 | 12,358 | ||||||
| Total liabilities | 84,792 | 111,590 | ||||||
| Stockholders’ equity (deficit): | ||||||||
| Common stock | 13 | 13 | ||||||
| Additional paid-in capital | 165,934 | 164,920 | ||||||
| Accumulated deficit | (179,451 | ) | (154,769 | ) | ||||
| Accumulated other comprehensive loss | (444 | ) | (560 | ) | ||||
| Total stockholders’ equity (deficit) | (13,948 | ) | 9,604 | |||||
| Total liabilities and stockholders’ equity (deficit) | $ | 70,844 | $ | 121,194 | ||||
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 34,537 | $ | 43,977 | $ | 74,629 | $ | 93,555 | ||||||||
| Cost of revenue | 27,207 | 34,717 | 57,948 | 75,036 | ||||||||||||
| Gross profit | 7,330 | 9,260 | 16,681 | 18,519 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 3,797 | 3,668 | 8,040 | 7,410 | ||||||||||||
| Sales and marketing | 1,616 | 875 | 3,635 | 1,947 | ||||||||||||
| Operations and support | 3,572 | 6,046 | 7,893 | 13,247 | ||||||||||||
| General and administrative | 5,581 | 4,757 | 11,595 | 12,237 | ||||||||||||
| Depreciation and amortization | 1,104 | 62 | 2,206 | 134 | ||||||||||||
| Total operating expenses | 15,670 | 15,408 | 33,369 | 34,975 | ||||||||||||
| Operating loss | (8,340 | ) | (6,148 | ) | (16,688 | ) | (16,456 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest expense, net | (3,345 | ) | (13,219 | ) | (7,134 | ) | (24,170 | ) | ||||||||
| Change in fair value of derivative and warrant liabilities | — | 9,065 | — | 12,587 | ||||||||||||
| Change in fair value of accrued purchase consideration | 102 | — | 923 | — | ||||||||||||
| Gain (loss) on debt extinguishment | — | 4,913 | (1,405 | ) | 4,913 | |||||||||||
| Other income (expense), net | 26 | (1,031 | ) | (229 | ) | (1,042 | ) | |||||||||
| Total other expense, net | (3,217 | ) | (272 | ) | (7,845 | ) | (7,712 | ) | ||||||||
| Loss before income taxes | (11,557 | ) | (6,420 | ) | (24,533 | ) | (24,168 | ) | ||||||||
| Provision for income taxes | 110 | — | 149 | — | ||||||||||||
| Net loss | $ | (11,667 | ) | $ | (6,420 | ) | $ | (24,682 | ) | $ | (24,168 | ) | ||||
| Loss per share, basic and diluted | $ | (0.87 | ) | $ | (41.48 | ) | $ | (1.84 | ) | $ | (156.14 | ) | ||||
Non-GAAP Financial Measure: Reconciliation of Operating Loss to Non-GAAP Operating Loss
(in thousands)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating loss | $ | (8,340 | ) | $ | (6,148 | ) | $ | (16,688 | ) | $ | (16,456 | ) | ||||
| Add: Depreciation and amortization expense | 1,104 | 62 | 2,206 | 134 | ||||||||||||
| Add: Stock-based compensation expense | 438 | 76 | 1,156 | 153 | ||||||||||||
| Add: Non-recurring transaction costs | 207 | 1,756 | 933 | 6,479 | ||||||||||||
| Add: Restructuring costs | 425 | 111 | 1,124 | 136 | ||||||||||||
| Non-GAAP operating loss | $ | (6,166 | ) | $ | (4,143 | ) | $ | (11,269 | ) | $ | (9,554 | ) | ||||
FAQ
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What was Urgently's (ULY) GAAP operating loss for Q2 2024?
