Wejo Group Limited (WEJOF) 14 Dec 212021 Q3 Earnings call transcript

Greetings, and welcome to Wejo's Business Update Call. At this time, all participants are in a listen only mode. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host to Tahmin Clarke, Senior Vice President of Investor Relations. Please go ahead.

everyone. morning, Good for you inaugural update business And joining call. thank Wejo's the With Maxwell, Richard call Barlow, on our our John are and today me CEO, Founder CFO. and

of to a looking. forward you As we'd discussed like matter, that will preliminary some the be items today inform

Reform subject Litigation of Forward-looking Private statements provisions the the to are XXXX. harbor safe of Securities Act

filings risks XX Forward-statements SEC. of SEC in in the taken are should such be outlined Super our guarantees not including well with on are of Wejo of other and the X-K as the the the that future filed documents SEC XXXX, performance, and with as uncertainties context filed as November

Forward-statements no speak the the update and the made company obligation future. only undertakes as such of date to statements in

this financial better US call, discussing to be conform not during metrics do as Accepted will Accounting in certain Generally GAAP. we addition, Principles that known the In

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you And John Maxwell, so I'll at this point, Wejo's over hand Financial to Officer. Chief

Thank you, Richard.

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which is our exciting activity marketplace represent long-term expanding are marketplaces into new customer current achieving substantial towards as progress goals. three Our we

our early 'XX. results after we close the year We in final will XXXX update

his our expect investments as transaction geographic period front, the can of September to goals, long-term in million from our year-over-year listing nine which On additional we well These as $XX we were the the continue market continue increases investments we new funding, the that development and expenses invest earlier. expansion, company XXXX many $XX you discussed same XXXX. as in make million in see expense Richard additional in in product our ended will of and made in from public to to with months supporting ahead comments readiness

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work us ongoing got customers, a marquee building revenue generation, a Our to and a automotive accelerate profitability. been with path advance expect Wejo to partnership our innovation, customer new product Laying of not XXXX. the foundation into network business in expect manufacturers. that focus companies Palantir our the of our power only And and and Palantir demonstrates how of we the has to growth this

me our initiatives. Let key outline specific

First, increasing of our growing enterprise customers. pipeline new

revenue a We of applications unlock as basis. on significant to these large expect variety sale our to marketplace utilize businesses enterprises types of across opportunities, platform a subscription of

monetization of customers Second, revenues. existing with recurring increased

insights the Wejo's by relationships solve using they business use feeds. just software analytics customers platforms, with of as their being we're Given and instead our existing expanding our unlocked data to challenges

maintenance. new these technology, electric now and accelerate expect solutions to verticals. are we adoption the towards solutions management, manufacturers, manufacturers we new investments to Fourth, vehicles. development licensing automotive Third, enter we predictive for customers ADEPT and in to cloud consent of and rapidly that mostly autonomous with develop we're marketplaces enable including product Wejo's their building expect believe us We ADEPT,

marketplace hugely. for to a look thanks to in markets forward we across investor building global we call. expand customers greater expansion your We're and also Japan, We unit and discussions verticals insurance time we're we're Sompo differentiation core to this in with measurement. We today, John future mentioned, marketplace, that on anticipate As in generate new enterprise new a our audience in focus to media actively partnering economics. expect and with the

Instructions] first Meuler [Operator is from today Baird. of Our question Jeff

Yes, thanks, to clear John, just it up.

And think income and change revenue net is the you just so or see like I cost etc. heard items line revenue, no to I dev free But there's to where X-K accurate? out. get tech that between there's I allocated flow. various This expenses correctly. an Is cash

more We Yes, people allocated of we certain preparing and Joe, looked of when we cost for we that it to sales to that we thank And said really marketing you, let's and forward it's the good important to was it that felt not it. lines, looked Because had the in set marketing revenue. also, sales a one, realized to trend reallocate number as some is treat accurate. But quarter way. we GAAP importantly, baseline. back, process

that investors forward revenue. understand could and get business we way So how into on develops the scale as move

why change, just do a But P&L was made valuable of was or that on we So any categories it time the the no flow. effects to good cash it. major

to Got think I it. XX That's, like that is a there think additional and up with you're up by more my said And major an relationships. prior Rich, you then agreement one memory. than the XX I OEM was per

any So and million relationships, greater you XXX on I vehicles on provide the referencing, can comment platform XX% out or to the additional the don't in that for have years. it's new for pipeline the your apples-for-apples, relationships support you're detail the visibility but know you that projected

well through to our can on Well, talk get and resolution Jeff. Yes, I we're as we new to what which add getting OEMs delivering. OEMs, relationships much so happy just is as about, even we're broadening we to right, more focusing up existing about adding data, ended hi, what XX than XX. It's higher with you're absolutely one

the we're we live no of that to going per average, on our we have So number next of XX varying sensors platform, recall those on vehicle have forecast as on number vehicles million business, you'll before forecasts of because coverage, a any the average, all. not going XX% is year, vehicles reason vary total total up at

when to revenue. is but know insights focus SaaS automotive substantial before you our is contract saw focus, our as So our we is first which business also

super So high margin revenue. it's

substantial sensors, also closer our amounts of we're -- getting now resolution we're to investment hybrid Wejo the are software, as so spending So so more seven well. is we're that are OEMs doing from from we're OEMs, license more with getting to what vehicles OEMs, OEM asking

a the offering understand I off think for kind much much acceleration. is of this and help Okay, of sales, us a and Wejo Could Studio? understand that then capabilities on then just transition? and of said one on annual data how was the recurring How help clients you expect just sale further us subscription from signing starting you you this as

All right. Yes.

metric, So business. in as that point that time, And you we just of were at the taken XX, point historical that of effectively September at measurement in terms are measure business of as XX. traffic a that September particular were in time the that

automotive a they're and seen, added types to insights the some as did move affect as move days on official time. for going early the those reason which well the build business come size, forward. a impact of revenue then, traffic building space have we of going the in the you're metric metric beta data but business going the have that But Wejo with Wejo the traffic of it's are traffic sources, a is value, important going subscription enterprise customers And add it, of few significant couple and to as based well customers what license go Studio quarter. that measuring type was to pre to as expect launch be we total opposed certainly use, and customers, the to in we start of metric And business. market. put metric type is we've model, they'll did to certainly Wejo of Studio; we recurring So forward, it think an outlets, third certainly you're over to the effectively of that as we other model, is the grow come. we as the understand is to going Studio of fields contract in some in we we the you've a in growth is a as part as we And recently, to from the more in going to investors also, is This how

additional and give of of can the Okay just color migration in you then value terms the stack. any for XXXX

when updates So use, of your via to Palantir guess the through clients other including access do I expect you Wejo fields do what foundry have to partnership? meaningful Studio.

about giving not So guidance, of sort as about the business yet sort conceptually we're of is 'XX, you we're just talk me know, the talking let headed. where

three call, which adding this talked into the of are automotive ones measurement. the year, insights, about insurance, We fields use immediate business on year next we early are and ultimately audience and

of developing the significantly also, partnership And may to and insurance a being thing, vertical with And the markets and significant the using to so of presence think those, partnership the business same insurance insights, in in we do add that. lot we Microsoft. able were market, also and the market. the be the do Palantir enable you opportunity are where platform, us a have Palantir, place color. we'll along Certainly And where that capabilities accelerate will a Richard, like developed. tools we're more with want our Palantir link Palantir is with in on independently to we to in other And automotive that some

unfortunately first sorry, I why which lost seconds of XX quiet. went the I I'm the call,

So about apologies that.

and Product where. relates Development trying how up like as understand was stack Throughout XXXX the the Wejo to just Studio, Okay, I just the Palantir, to solution it Plan. you either on plan value enhancing migration

into And driven so live when media rather easy data traffic sort Wejo organizations, of sort doing supplying a rather Studio occurring data while visualization broad moment market of subscription taking -- from recurring the updates We're are measurement. they're measurement audience upgrades, raw platform. DNA it's of management. at data potentially next further And it's our to the Wejo to when spot data and visualization put insights fed, of the of it or buying, media traffic revenue. Studio simply when means a we it supplying always so buying clients it's now Yes, for sorts moving to is own we're it it's a

for get as And data media going some vehicles when Studio So sort management, to we're such measurement we'll building raw we're marketplaces, tried vehicle to from showed, are go we're to of from which -- example John that to using not we've being driven the deeper now Wejo traffic we insights built into to also LiDAR, that visualizations of only we platform into having as for implementing broader going insurance. alpha our we're demonstrate Sompo and it data, data being also presentation. business. mentioned, as, business gave more and was of audience studios of into -- the deeper available end at of including end start the an demo now and for But autonomous we a

data and of the Studio is the data control absolutely, a value more So Wejo well out. all of driving raw our has feed way of data as rather displaying than

question of Dan The Ives Wedbush. from is next

thanks. Yes,

more how versus it of even about should first. a you that's could changed in with OEMs you today these hit terms that seems versus it the talk Maybe anecdotally, ago? and where maybe accelerate year like just you has was first can conversation and deals, something that So obviously, more

Yes.

that automotive that he contract, Look, ecosystem first automotive previous mentioned first multi our contract what, million thorough we commentary coming showing we've are more done contract. We've dollar now actually substantial John's are about from seeing in first did contracts. where we've to outsource overall looking and [Indiscernible] we Wejo. you're our OEMs So data Korea, to announced substantial the talked is

became as we call from preferred so X strong your have asked software for we, had that than find seeing now that. are elements of of supplier. Tier more Wejo, And we're their for marketplace inquiries, our and XX% growth our inbound business. at organization the embedded to in effect a licensing in embedded vast So more We've customers, what majority where look lot of we

of margin strong Wejo. So we area growth being see real a net that for

that add too? want to John, to So

I revenue also, that's that. it's have margin significant obviously, automotive business, for not we We, share a opportunities, component Yes, market right. do business, growth of mean significant a insights very as the well. opportunity,

and as go sales margin revenue, number gross in when gross huge they're and on impact So a revenue, profitability we're net that forward. effect has we talking the same about

there think also is opportunity market We the as well. huge,

as then And follow up. just a

when could So called mean, these about do what progress? given I the monetization more just Is think said. that's something you going and guys that just that the even to XX X deals, over you months, next to from we how of more expect accelerate ultimate sort

done of year. we've background this work so Yes, a lot

like the months also in new Sompo, So of a been products last of the media is market. so gusto insurance real we've with building sort sort partnership six in audience measurement

contract see not the only pipeline converting you'll unit of year, $XXX economics where that in traffic term sales opening then these particular territories also use. next new But to broadly. marketplace go up the further that as management, long to for were do So also more introducing such million fields that where total value APAC substantially for see then we we sector, particular

having effect as compounding and a it's per more and So well. vehicles more unit more marketplaces of market economics

next of Piper is question The from Alex Potter Sandler.

Great, thanks the guys. for taking question,

into be extent on something able or report, have within passed the be know benefits you I'm that get the US. embedded if was for one First curious infrastructure the bill in any to don't might you which could within you me, can that tangential you in may that be that I'd but interested to hearing benefits maybe bill. anything there. concrete, anything capitalize there's just I

Yes.

So there examples. a few are

$X there's example, charging for EV installation. for So billion allocated

can providing data about identify driven. working being where we're We but really site, number still holistically, actually also more Wejo how our a with already angle vehicles ESG of partners are charging with to

home need to driven miles less car a EV day, have for road, So need than infrastructure a typical XX on infrastructure don't they satisfactory at they the charging. is

organizations also That's providing probably should to be directly we're budget EV who receive $X broader to example a are But are in we examples. have billion we cite, number much looking installed. lens to on able where we other how be of advising So infrastructure the infrastructure. a

use that for data we this movements. about using our got at So Meta twin because city and we've now of can we're of twin to That's a beginning example, amount we simulate constructs huge call. or now talked for our digital the

would which sorts cities. help help all can help infrastructure moves, can highway areas, smart So help can their plan moves, design we we cities plan on we of

to and be we just So going bill -- to that. contributing the are infrastructure

our marketplaces angles, miles So multiple now data of contributor and massive can over data unique us we revenue where billion to Wejo. a a multiple and data a sort putting of in is be position different unique advise of we see our set, industries see which number we XXX --

their braking, or box software; sensors or disparate X control data. Then them if own on there's has the now control, you sort changed the over stability each centralization potentially Interesting, have couple question accurately. on right, articulate okay. to the speaking, and question But compute toward Tier see may more potentially that platforms the one of think this follows I over we have years their migrating and lots you're vehicles, associated can their regarding I conversations regarding generally Whereas that. of of own last own other platforms. OEM centralized black systems used infotainment. OEMs more more And of with question had how with be have direct previous And

I are that? a negative trend? whether trend? guess, a, this, be guess Is built this how is any built agree trend would capitalize used you just now to vehicles and changes a then Is it hearing And on, neutral interested be they there. how it I'd you positive a Wejo? for is in I b, on comments can versus with your So

and have the way we've to leaves well. edge based deliberate, their discussed historically It and computing vehicle established cloud. by as well. centrally much quantum Microsoft with giving without is answer. And relationship getting better is capabilities without around have and that's to of processing some we've our easy the work of as the that too Yes, Wejo it the done car refine noted controlled for you may comes positive we data It before some well

data So from until from we for Wejo, already well. as doesn't very new to at massively of coming. bottleneck car saw the identified ways. much It relieve the building also we the a been We data And vehicle, the planning; we're much builds products the and very builds, moment as adaptive much had leaving improve provides that well. car come XG going resolution leaving XG the data very XG just this

huge autonomous time that license these process again have data vehicle have provided time like connected So we've and capability. with to got still need and volumes all be Wejo, to positives, as going there's that expertise we and things that to we're we vehicle who to understanding data. capability the see want that and and we got showing OEMs capability And of that

Okay, going which enterprise increase, is this likely contribution to enterprise customers good. is great. the And pretty likely forward then last of one, obviously, heavily you were going emphasizing customers,

types of customers some might is else talking what we're insurance area, but maybe you what in provide just I able potentially think anything is terms types could Thanks. examples, qualitative of what of segments? you of types to it about provide one be regions If

our year to varying and about five revenues revenues from the come years. are SaaS we expect where Yes, next we not over plan subscription five

are framework well. we we at requests in Japan OEMs. a And place in from we're we solutions building and US in building solutions as moment, So have global the the

globally will we spread. So we -- be need to

through OEMs. have We Wejo a And all OEM have on basis asked that go software marketplace say global of OEM from demands scoping demand. the global to support licensing of majority customers the out process to that now vast

Our next of Jack is question Needham. from Andrews

to be patents of of you conveyed number of there or morning. of property sort I may could at question. about my just the maybe point, taking point. intellectual was this for this do think pending to have and us even you patents that if advantages sort way frame at amount for you or is Good that what enables a discuss to wondering what Thanks you

Yes, so XX we're now patents. at

That's So we're not not adding satisfactory. typically a new two That's month. enough. patents

building autonomous vehicle strong that this licensing are unique from to But connected of why our up. broad in is scaling we covers portfolio us time. and IP volumes our building that near process data And capability. we're capability, really capability what data will are OEMs vehicle real a We huge be to a approach

same of example acknowledge we're having more, Palantir being that, the process we invest then point, of and of huge great data connected vehicles. able at we of is be vehicle and to the backing need this approach. a volume, And unique backing from but the real autonomous the most So -- to time to industry a recognized in

question, terms around management wondering with little follow of Appreciate the if up that. traffic a bit date. I And was get as to you more your could a in just color just granular maybe progress

could of with. solution us maybe catalyst, out some guess choose I been the existing you for traffic management Just the I working flush legacy they've over, solutions that would why that your people guess

have we're one X that who years can do won't of case data some be in in Yes, to Microsoft, are the a overnight and core world some previous addition. in about that's so because will intersection X, ATS we've mapping installed changes, most developed ago, our mapping a if what supplying very or new about the the has -- the closed, your numbers they there whereas of closure, we and will And real inform in data road miss change learn real traffic, won't studies will we and they'll to provider talked of open we X, on missing so we major of in road road set time capability and certain mapping providers well includes a mapping processing. real time real know time, that road X-K, fact roads, And identifying roads machine batch talking of their could that see time near product. those lot they because now they providers road

of ecommerce we've put, and us working deliver parcels more with they means lower Beyond can that identified quicker delivery that which with simply they're world's companies, one more emissions. routes, where congestion largest lower XX% the telling we're

all. for win-win a So

there because providers second, In that this just we're out capability showing points like launch built you seem they're from know mapping changes. up Wejo those that be live now XXX,XXX are traffic buying that's processes identifying that now, about invariably yes, we analysis, there So absolutely could existing to to competitors where Wejo. to Studio, every of analysis. intersection and we're data And

XXs real the red lights, of that's And time, in powerful can traffic changing things that's all in green, emissions. And terms very on fact of you about these traffic improved the we've focused yes, safety live roads. millions improve our this of from zero helping flows to of cities mantra at from safety coming zero vehicles. see to we're the the understand congestion, start; help on So got hugely and data

no closing back for to additional time. turn questions Wejo a There remarks. to I'd at are call the like this management team

update. done we've like on just And for never I everyone before. This to call. thank us Well, joining this first our today's is

you. I speak. further video you our you if to were time hope well. seat more of So do Q&A you. so the hesitate don't questions, But group pants, based sure we thank for we But learning today. you'll our any future I'm as Thank And have to enjoy out And next to your relations updates. reach investor the at who time to can please delight help can

This concludes today's conference.

this You you may disconnect lines participation. time. at your your for Thank