Matt, Today, discuss for September you, XXXX. quarter Thank results our afternoon, the good and ended everyone. will XX, third I
me Otonomo Let strategic on business transaction unit. more information the Flow start by in providing the to divest
capital decision announced divest we Matt Urgently's to will highlighted, allocation resource believe core we which our focus in and September, greater business. As business advancing unit, to this enable
of business investment management XX% As the to and ownership transaction, XX% unit's retained part equity we returned ownership. the
and business from utilize valued we all immediate related equity on desired balance Urgently, including functionality in of and deconsolidation approximately at enhance asset license resulted million. divested write-off investment independently sheet. and IP on transaction assets reported under and retained loss of and Urgently IP, divested in of perpetual both the the to within platform. The assets a software Urgently the equity third $X.X $X.X unit to our This investment sheet new to the the the This a software royalty-free of an and liabilities Separately, the of allowing resulted balance a all asset approximately noncurrent the million. write-off license quarter and removal the book was $X.X is classified property, all license at million the liabilities equipment valued
results. Now let's the to move on financial
This third a decline The quarter, revenues $XX range year-over-year or $XX.X nonrenewal from and For from was with that primarily $X.X XX% by the quarter our our net in existing the driven by January in line million customer of of offset in and the XXXX. year. revenue which expectations same of and within previously was decline from million was $XX rate the was customer had announced partner guidance we dispatch and partners. partially last increases million were to new volume volume million, reduction
third customer the from prior the to partner profit XXXX. was nonrenewal the primarily in by period. $X.X gross For the $X.X year compared million was million decline quarter, driven January Again,
remain XX% quarter exceeding of our initiatives and Gross the drive gross gross growth sixth focused quarter XX%. year achieve margin the long-term our was XX% compared margin consecutive target to we for strategic margin executing to the in prior period. to XX%, of profitable third is XX% on against and This
$XX driving was premerger remain and results. million We within business $XX.X the Urgently million, expenses. the in prior includes in costs and expenses. on operating The to year year of which redundancies move operating from an as operational third improvement prior eliminating let's was reducing focused Now changes included organization for X% part Operating financial processes transaction the the period. such efficiencies, of quarter expense
end operating the operational divestiture million we focus discussed, costs this initially. on this This year, XX% quarter expenses the $X.X the XXX same year, when In last reduction and to of or XX driving merger the the will $X previously completed $X.X compared of further a just As with referenced. XX%. total compared Otonomo. employees to also as of of support last after had of third employees, of of million support this we related, the includes during period our operational year, a million headcount third of were At of we employees are quarter so XXX number during year efficiencies, decrease the or most fourth quarter previously
through employed support We are our customer who BPO also representatives reduced reliance partners. our on
business in In personnel. part the or and implement compared to a from teams operational modify year, we due quarter reductions is to support of the the are operating representatives this and processes representatives reduced new several the hard and reduction same period year, quarters, technologies of to had expenses XXX in resulting customer customer of last full-time the XXX These work XXX the during XX%. over third which last technology support elimination
defined as depreciation million, and transaction operating expense, is costs which also was nonrecurring the for of We expenses, GAAP expenses the year restructuring million review stock-based XX% compensation expense improvement operating costs. non-GAAP and third amortization $XX.X in from expense, $XX.X plus operating Non-GAAP period. an prior quarter
we is in we've relatively achieved throughout remain further to this leverage structure discussions the compared improvement XXXX Overall, the operational third with operating merger. metric. million, along the with GAAP prior the optimizing efforts results $X.X clearly of quarter in improvement drive on year. with focused our and Otonomo the This shows line integration operating and to efficiencies flat as for our was more loss the
loss which from is operating review for year the expense, GAAP from was depreciation costs. $X.X stock-based loss million third operating an prior of transactions operating quarter restructuring and as loss, improvement compensation plus period. also the non-GAAP nonrecurring $X.X XX% amortization, Non-GAAP and We million, defined
drive our opportunities. market corporate initiatives with continue as realign structure our improvement We operational current to we
Also of our loss operating quarter notably loss, most in quarter Urgently both reflected including third which to the compared XX% operating quarter the when the improvement XXXX to which of XXXX significant operating non-GAAP third when improvement and $X.X are in company million. $X.X was non-GAAP efforts of Otonomo, non-GAAP was of Our combined compared fourth loss, XX% an million.
few a comments sheet. balance on Now our
in maturity $XX.X cash a million Urgently of $XX.X net of with principal of XXXX, had and debt XX, September cash and equivalents January of million balance XXXX. the As
take important our capital company enhance to continue liquidity and financial additional position address the steps with structure, flexibility. We to our provide
solution, We its which in credit with X, XXXX. the of regarding allow a meet discussions lenders senior on company to January working are secured debt would maturity scheduled capital line
its a plan maturity, collaboration maturity negotiation XX, the stakeholders. and this this secured to full our company which maturity. terms lender to involve to the or to second with of paydown amongst of align are also The continues prior considering line structure requires Further, the January complexity with obligation work secured partial solution. could We new secured working for debt XXXX various senior the capital of credit modify
for updates our June matured to unsecured notes XXXX. This that capital further would look on the providing solution forward We XX, also a contemplate structure. on
capitalized features During the enhancements to customer of we all million, quarter, and partners. platform make our $X.X which third functionalities, mostly our to approximately benefit by adding
practice We expect to fourth capitalized quarter with be approximately the continue in of $X.X this million XXXX. to
As XX.X common outstanding. of had million stock September we shares XX, XXXX, of
Turning our outlook. now to
during $XX and in expect of and We revenue of XXXX revenue range $XX the million of the million of quarter the full year the XXXX. million for in $XXX million $XXX and fourth range
of first operating are continued during breakeven million of addition, operating XXXX In we loss quarter to targeting be $X non-GAAP non-GAAP with the approximately our target the the XXXX. during fourth quarter of
open will please open at the the for of call the stock is questions million. fourth questions. answers. we and With line for XX.X quarter end expected Operator, that, the Our outstanding common shares
