Earnings call transcript Q2 2023

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Operator

Good day, and welcome to the AAMC Investor Call. Today's call is being recorded. At this time, I would like to turn the conference over to Danya Sawyer. Please go ahead.

Danya Sawyer

Good afternoon, everyone, and welcome to AAMC's Q2 2023 Earnings Conference Call. Chief of the AAMC. Operations Sawyer, Danya Operating Lending Officer at I'm

forward-looking the we to Private this made constitute like I Securities conference covered everyone may Before of would statements Litigation remind Reform begin, XXXX. of harbor safe provisions that Act certain call statements the by during

nature. Forward-looking in statements are not historical

to and forward-looking subject to results a described Factors our from in company's are As differ could annual report the of expectations, statements projections. risks uncertainties beliefs, under Risk on that cause Form estimates XX-K, its variety actual and

any as Consequently, of this result a rely you as the update should on information, forward-looking not new are of revise no call events. these of events during statements, forward-looking made whether undertakes or statements date, otherwise. and to company predictions as Statements today's future made future obligation conference or

being call website to a mentioned, is to previously today. posted later recorded, As be webcast our this and will today's link

member to like to I'd Now Charlie? Frischer, turn Board call over of Directors. Charlie of the our

Charles Frischer

Thank York, the us investment on today. to a redeem an and the Luxor's new In shareholder considering the breach obligation contractual you, about held not for any on favor are company. that significant our we our preferred I Appellate for matters, update legal in and talk joining everyone, developments case in in report Lending positive potential will in AAMC's preferred ruled Operations New and June, Division we opportunity did thanks, Danya, provide shares.

appeal, Luxor have opposed. now we which second seeks take a to

to Federal PIMCO Superior Court lawsuit plaintiff. AAMC. former fiduciary Partner motion against to alleging duty converted a dismiss to have party Court, has separate AAMC Blackrock breach a in Redleaf, and our We Luxor been status USVI and also USVI of action AAMC in against In Director, Nathaniel opposed

defendants Blackrock tort of damage a to X The also his by the PIMCO should the claims jurisdiction X and He defendants. review Staff that issued over exercise Master the Staff claims of the AAMC recommendations. all motions and month, that both permitted assigned entity of to proceed. CICO pending court be concluded Master court Last recommended --

responses recommendations the this to due month. later Staff to The party's are be Master's filed

regarding second disclosures XX-Q please to and litigation For prior quarter refer detailed our in public contained matters, these filings. information

Let line now the The Board the turn Board be done Directors determine and to Operations. can comprehensive to undertaking with of assessment of me expectations a performance Lending company's the the business it our of what in improve bring to this is to shareholders.

as lending fix as programs Our initially fast other profitability anticipated. achieved have flip, construction and not and

address enhance We multiple reduce are to reviewing initiatives costs, improve operational performance. and capacity issues, overall liquidity

ongoing, During taking are of this to quickly is move our lines review, loans pendency of the credit. we more which steps off

opportunity. call AAMC received to by present a We today new William by management accretive Bill venture to this shareholder, additional to report R&D technology Erbey. join invited recently interesting asset a an As search we we business businesses continue our to and review for and as an business value, that shareholder capital-light regarding could our be We the led opportunity. Lending our proposal we developed want

As and range designed increasing thereby efficiency. vehicles, breakthrough energy he heat explain, to in electric and patented is reduce this loss their technology will generation substantially

with upside potential. market, is intellectual low enormous have play the Given technology addressable these advances property requirements. pure capital EV significant licensing a The opportunity

full working is as million company's out-of-pocket but the million we primary company's for next commitment have positioned Structure be to that would X. and in cash amounts the XX be other would be over details are in upfront the agreed XX These would still extended $X principle approximately technology under to capital discussion, expenses commercialization. $X The months.

$XXX and as threshold a also attributed the company thereafter earned be price above each and going of presentation stock of give Any that Bill would, and is website. placed when subject appreciation to exceeds is upon share documents be to our There course, be share for contract definitive stock-based to going lending. of to XX% our transactions adjusted $XXX would climbs earn-out increments the onto

At invite Bill? technology. Bill this I present this time, to

William Erbey

you, Thank Good Charlie. afternoon.

efficiency presentation First, at let System caused the represent that saying me The vehicles range there be torque a all narrow Control caveat principal or elements are our this electromotive successful will range, electric by is eye and challenge of that of [Alpha] of which having by present speed. of the is guarantees and high lack their no technologically commercially or presentation an understanding of motors the time. over

drive physical Beginning efficiency problem. optimization efficiency, always and high throughout of multiple utilize peak combinations motors torque utilized. declined. speed unique and through engage with my eye efficient motors concept and rapidly our various XXXX, efficiencies the range the or as in a standard Outside motors is mathematics to such the motor being using algorithm, most cycle those to We're are solve at

resulting XX% heat -- range. increase an a indicate and loss and energy in Our in reduction generation in X% test results

by The we with with the construction efficiency outstanding engaged graph market of To industry The the Peter the steps and next Rawlinson, electric a equipment being cars, is representation market, motor. are rapidly Lucid commercialization. penetrate of and an is CEO engineering of and greatest range curve world-class The electromotive for growing. and one contacts mining vehicles, prototype both of Motors. vehicles heat Elon trucks, two Musk with challenges dissipation development are the corroborated large electric team as and

selecting opportunity at of electric very narrow and that motors motor multiple range lies selection, speed, and a system control combinations electric of given various efficiency speed efficient. highly range and There Outside range, is torque a in peak rapidly. combining hence significantly where with optimizes is which efficiency efficiencies and multiple motor torque motors enhances having range. declined The

the point patents speed, Alpha the the owns and patent Controls with key efficiency U.K. greater with additional pending. patents increase our and The to is X torque the opportunity in variability greater patent. U.S. X

motor select the motors only to vehicle. utilized of can driving combination given but optimized not cover selection a also of for to a be patents be electromotive particular conditions motors optimal installed in under Our set

patent which in simulation, at testing value assessment University covered We've commercial world technical at Propulsion our Advanced the of IAAPS occurred with and England and Bath evaluation, completed the the Simulation assessment. feasibility Center. and modeling partner, renounced commercial and

fossil generated. Model less not pollution, for to concluded X, patent will technology significant that are simulation a impact generate to generate vehicle by far will heat also the The the the Tesla electricity, the have environment, the used less heat and can increase This on range the again, but less extent fuels X.X%. only

results with that granted Please these actual mind keep are simulations in motors.

the commercial created created our by widely for Tesla which enhancement commercial in performance Model year. concluded assessment $XXX may under X, value However, represents and vary application. ultimately was business cases The results in sales value million $XXX per terms of partner that X of between Tesla and million XX% that the

motor potential improvement. existing in on is design conditions. use. and single automotive and range are There motor motors very inefficient focused Current upside is The low torque speed

is partner applications, motors motor utilized a be speaking for developed can application. as for with as other which manufacturers Our this well evaluating develop motor specifically to

total of a $X.X market annually. $XX.X is of Our available billion serviceable the IP of the billion market partner's and preliminary evaluation available

not translate a into model should Of be At course, is projections a earnings. licensed and in tax mind, however, revenue after-tax are highly any location. scale, Alpha Keep relied should these in advantaged upon. most

racing; develop commercialize and E, the vehicles. the neither the Alejandro Formula patent. SeaBird along sought Agag I able at E, of one recognized responsible I Early expertise EX, and had and Extreme electric the with of X; contacts electric that an electric the is is It nor companies I the industry off-road to in group Therefore, agreement was the boat electromotive Technologies, leading the on, reach is firms with to out which development. which the motor is Formula of equivalent for racing, which

is Many sector Research Nissan have in Formula Formula former E, of and Supporting team. Powertrain the Chief and is Jaguar, Mathieson Maserati, McLaren Engineering. led constructors his same of Porsche. SeaBird at X in Mark a participated by participated Engineer Mark purple McLaren,

protocol and up XX technology commercial a and significantly project in partner. The that months. development projected commercialization, demonstrates contract next world-class will application phase partner the conviction will The require our Richard increase million The and of commercial commercialization both development by believe million returns. $X between prototype developing and in is Mark across to a $X and are prototype

SeaBird million distributor million you up your worldwide receive $XXX receives exceeds per model. licensing of a year. XX% per XX% $XXX and million efforts time. years, partner's exclusive for ownership when Thank $XXX this and of revenues XX% in attributable to revenue Again, revenue a is to our is annum. Alpha for over SeaBird we'll X

Charles Frischer

of end the on was I'll really at the happy At presentation. on people technology to call. comments presentation also the and for hope That helpful, the special Bill. this a be have we'd time, questions I appreciated Operator? Alpha the take Thanks. few folks this,

Operator

will [Operator Moore Instructions] [Borough] Capital. And take we with Jeff first from our question

Unidentified Analyst

I'm Is or... curious, on call where Jason? is the he

Charles Frischer

No, Jason we've on the on not strategic -- to is the the is Jason but our have on had him call. that And review. call. make not working decision

Unidentified Analyst

you. Got Okay.

Can guess, the status Okay. you any the the Operations? Lending general I on comment -- of

Charles Frischer

decision make make proactive tell we because in are We're see it review or we're until quarterly I to by Operations, Yes. just our our make being the with wasn't position to profitable completed. that Operations -- our in will what is operation to not looking overall in do specifics the you, Lending the its results, take you on of questions as meeting to can Jeff, the expectations, to and Lending it's this trying adjustments entirety.

Unidentified Analyst

about Okay. Well, proactive thanks for that. being

stuff you were but looking that mentioned you effect, and I to something about anything? think that talk misremembering I asset-light earlier you be managers management could at. that something -- services And about that, may

Charles Frischer

Yes.

business licensing. about The it's the largely revenues have presented, with will asset-light it We'll business. I that is we think, way be the Jeff, Bill the no ultimate think production.

no have speak really of. will manufacturing We to

drop of the would majority vast the the revenue bottom And line. to down

of that So a is I we're really great do. to trying example what think

you if question, So Jeff? one have more

Unidentified Analyst

Yes.

know then and like if more than total the listing? to I'll of It that. more cap right, New about $XX one the company, commitment up. Exchange Stock to the are What's that hours, half looks market needs be remember you after million? I Just shut York guys I your

your What's that and commitment listing whatnot? to maintaining

Charles Frischer

Yes, have acceptable that's we'll best shareholders. maintaining efforts in I a listing taking proactive to think to -- be

Operator

[Operator have no Instructions] And further phone we questions.

Charles Frischer

helpful. comments. few operator. to a I'd That's very final Okay, make like

I and like gotten I've be today. us to joining hard-working I for know over well would you and weeks thank and to found all, judgment. pretty last to few that say Bill very the excellent smart, of Erbey him with First months,

strong think create I be value shareholders. company and addition, will for having with a will he Bill in the the future hopefully involved help

mortgage shareholder over time. business higher over more incentive tremendous continue few and look company, the details the of largest we XX% to the the the stock to with improvements. move next I with he price as providing the the has review As also evaluation months ownership regarding see of forward

I've is to also the comments. to risk, control put significant the my or assets of Board folks extend but the possibilities is shareholders, if questions press vehicles excited to electric about if range [indiscernible] successful. company's additional of information without designed IP technology. release venture system licensing No on the return have The provide

We've consideration AAMC also no oversized your very today potential quite return that and if one Thank much returns. to seller for cash with for hard today. you worked time create a a acquisition stock enjoys earns the only

Operator

participation, today's you your disconnect. concludes you This and Thank now may for call.

Altisource Asset Management (AAMCF) 14 Aug 232023 Q2 Earnings call transcript