Q2 2022 Wejo Group Limited Earnings Call

We the the ition Bing. We ition ION fin ition ING rard. We are off to a for the year is we continue to ill business. We reported the record level of Ross bings cur revenue or a in the period. Ross bookings and customer activity continue to be very strong. Our ings transs ated in the strong reven growth and we will continue to do as we. More bus revenue up 200% two over the prior year. These case powerful of customers ING up to UE that we the liver.year most of our business continue to be from our traffic ment in market offering where we are the cle lead year. But reichard dis cusst we are focus on the Liver cts and services across multiple product verticals as ARS our solutions. Our total number of customers oued over the period last year continue a strong customer TH we expect to continue to expand customer activity by bring significant number of smaller organizations as well and we exexpand in the new market placees and exexpand opportunities. Customer activity will continue to total contract value IL the customer activity more oued in the OD compared of the prior year. T C a Der impact on revenue in the cur period really tr the book business, the company Bing for future revenue. Th Ross bookings continue strong case. We saw one and one hundred Twenty 6% fromfor the period last year. Our most significant new bookings the high line from customers, traffic management, traf signal timing and just ES. We are focus on other market verticals pect that we will further proading of our customer Bas as our product offering exp Ross bookings vehic also hundred 1% to thedollar thirtwenty time which was record. leves during period was up over 50% versus the second courarter and twent one case that a large number of our customers or moing to subscription based model as posed a one time year. Our business continue to sure from prove of Con cept agement with customers to long subscription based contr we to 36 mon. All of these factors. Revenue for the courarter was one point six million dollars, represent ING a one hundred nine cent increase compared to the same peri in prior year. two thir of the revenue for market place and we are early revenue from opportunities as well. We are maintaining our revenue guidance of $1 million for the full year. 2020 two revenue form ments to two point two million dollars, which one hundred 50% year over year and line sent ES that we will have the generate just under eight million llars of additional revenue in the of year. As of call we visiability to 60 to 70% of the fourll year AR $1 million. Based on the comination our previous bookings lead stage pipeline place ES in the range of six to $7 million. Any to our pipeline court. weare allalways add ING new deals to the pipeline but these numberers ref what we as of make up the differenference. We have several protentionally large deals prog in the insurance market place and in we believe will get our revenue to $1 million. The pending on the TIM fin structure of the deal revenue re itionion be impact by number of factors, including of T timing but also the structure of the de for exam ther the customer deal off ER licen agreement that has a one time license or agreement services ID over time will have a meaning impact on the revenue in period. The T C off the around the same leve specificant deal to licen or of dri more revenue recognion with the smaller level reven recognized over time. Al will gener be recogiz over the of the agreement J? Ion deal dri large booking and ING C significant increase revenue in the same period. We will focus our customer law for the tomer relation and couning take cour. These pes of differenferences will be driversers of revenue coun one of these customer deals gener several million dollars of revenue in year respected of the couning reement the new customer deals dri significant Ross bookings total contract value law and, we believe, incremental revenue to or our guidance for year the re of our an ual and other for second courarter versus the prior year. The Justed the law ofand Y eight $9 million and the 29% increase one able hicles platform. We expect to continue to vehicles two our atform support expansion in multiple AP outside of our just Ed. The lllaw during the period was impact by cost management forts our previous cost struction initati further re or Justed lo in the second. Our based on guidance for the full year was $1 million per ING Justed pros C. we expect to that to about five million. The six million dollars we 2020 two the improvement in our cost structure has will UE to be reven by a iring ination of on revenue generating project and prior itization of flows of quarly focus the livering revenue goars for 2020 two P some of these actions, our planans of change the, except ION of the timing of unch of some new CT verticals which will move the two thousand and 23. the only M est revenue expectations for 2020 two we continue to be focusused on the verics of traffic insurance and ud med as ment for the balance of the year is our reven driers. We have cour on central on revenue focus projects, the future period to allow for additional abity. We also focus our ending on product ercial development has revenue impact in 2020 and two thousand and 23. finally, we are focus on ING our and St as off ION possible. We believe the all of these asers the marg expansion business calals over time and result of these initiatives we are argeting improved just Ed law in the range of 8, five in $5 million for the fullor year. Finally, we are maintaining our guidance pect vehicles on atform full year 2020 two pite our courst prior itization forts. We will still on ard vehicles thetwenty 7, the thirty two million this year focus ING vehicles incremental since or D the hics and the hicles of the Li which R with dri and vehicle of suppcour or 2020 , two and 23 revenue plan. The will represent vehicle growth of 70, 5%. The point of R including our pipera and cash LL. Our pro form cash the of courarter was about three million doll IM. Our counital run are allalso reduc cash reverag our partners to improve resu ARS AC cess additional counital from the commited ility the, the initiatives and Su ING cour market conditions per while we AC cess in the we will have access to sufficent courid ity two thousand and 23 year R ard we for cour ill doll ION. We co condation the ations. We cour ation ation ation ation ation, the ation, the deal ION. We ation, the ION the any ation. We the re .ation, ation. We not law the we, we the pro illion hundred LL continue ings cour cre the a the abing number. Question ION. The question one under one question. Question tr one about the revenue guid tained ment ary vis ability six Ty 70%. The guid ING could contr the reregional guidance from ly the year Min understanding that that based of revenue Ed contract customers pipeline ING under under ce ING LL that based exist ipeline pipeline ression lowing the impact the cost structure prior iz ation and market place or ization to ING stand the feren the AL guid comment ary seven mill ability the piline exact we we IL the one million doll cost ID ING of year talking line law that we talk tenmillion cost we our pipeline activity clos law $1 million re ING the guidance based the deals med pipeline Clo 60 sevent Y per and the deals that very state ES dis cus ION that have a range want the under cost range to cour line pected the on boarding ate a partner ship still re or ING the guid of vehic on Form to be new on part the talking point where there comment prior ING certain as we look out over the several year focus n ING St structure are the UL year for the number of the cours that expected be on Form part of the trade off the manage and the number of vehicles we should more taling bring have may ization for hic opportunity rich couritical, central to relation ill re continue strate really change terms the prior ING where ort ter really focus generate the revenue the ter not change manage IC the when we re relation our parters change we tr point will we when we will vo voing. But we have ION ING icles the POS able ION STS reated any and cour that remain initi manage cour cost manage co structure general believe sent we we ING ING .ation we continue to be tr our ending C the insur market place progress re initi the four partnership opening the first Mar where are on would that that ket would be long ven relation and the large sure still Con ation that one the deals T the illion year ation the the 1, ation the addition, the questionion ION the time the C we we line ING Com ation any ION ation ING that one be the one we further for their that agement further Clo ING the we ING have have have C? R co management the. We continue that ud the conferen have a we.