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ULY Nasdaq· Urgent.ly Inc
Earnings report Q3 2023

URGENT.LY Inc. Reports Decrease in Revenue for Q3 2023

Segments of revenue

URGENT.LY Inc. reported a decrease in revenue for the third quarter of 2023. Revenue decreased by $6.1 million, or 12%, to $46.0 million compared to $52.1 million in the same quarter of the previous year. The decrease was primarily driven by a reduction in dispatch volume from one insurance Customer Partner and the company's decision to shift focus away from certain less profitable activities, resulting in a decrease in revenue of $7.7 million. However, this decrease was partially offset by an increase in dispatch volume and rates charged to existing Customer Partners and one new Customer Partner.

Strengths

Despite the decrease in revenue, URGENT.LY Inc. has shown strength in its ability to generate revenue growth over the nine-month period. Revenue increased by $4.0 million, or 3%, to $139.6 million in the nine months ended September 30, 2023, compared to $135.6 million in the same period of the previous year. This increase was primarily driven by an increase in dispatch volume and rates charged to existing Customer Partners, which accounted for an increase of $8.3 million in revenue. The company's fleet management and auto manufacturer Customer Partners contributed to this growth through volume and rate increases driven by business growth and higher dispatch.

Challenges

URGENT.LY Inc. faced challenges in the third quarter of 2023, resulting in a decrease in revenue. The reduction in dispatch volume from one insurance Customer Partner and the company's decision to shift focus away from certain less profitable activities had a significant impact on revenue, leading to a decrease of $7.7 million. These challenges highlight the company's vulnerability to changes in customer demand and the need to carefully manage its business activities to maintain revenue growth.

Noteworthy

It is noteworthy that URGENT.LY Inc. experienced a decrease in revenue for the third quarter of 2023. This decrease can be attributed to specific factors such as the reduction in dispatch volume from one insurance Customer Partner and the company's strategic decision to shift focus away from less profitable activities. While these factors had a negative impact on revenue, the company's overall revenue growth over the nine-month period demonstrates its ability to generate consistent revenue.

Summary

URGENT.LY Inc. reported a decrease in revenue for the third quarter of 2023, primarily driven by a reduction in dispatch volume from one insurance Customer Partner and the company's decision to shift focus away from certain less profitable activities. However, the company has shown strength in its ability to generate revenue growth over the nine-month period, driven by an increase in dispatch volume and rates charged to existing Customer Partners. The challenges faced by URGENT.LY Inc. highlight the need for careful management of business activities to maintain revenue growth.

Source documents

Form 10-Q  filed on Nov 14, 2023
2 pages scanned

Reference data

Company financials Q3 revenue 46M
Analyst estimates Q3 EPS missed by NaN%
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