Earnings call transcript Q4 2022

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Operator

Greetings. Welcome to EzFill Holdings Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

the to turn McNamara. host, now will conference your over John I you begin. Sir, may

John McNamara

and joining Chief financial Thank. the you Officer; management thank Welcome for Chief McConnell, fourth With today Executive and are call. Mike EzFill Art us quarter full Officer. conference year Levine, results and us from Financial XXXX for today

statements that expects, we such are intended as expressions may, may during today's discussed forward-looking begin, certain that matters questions securities federal as identify Before under believes, variations similar should, to to or defined usual, hopes, may answers laws. everyone constitute as of provided we and and estimates, forward-looking intends, would remind such anticipates, be call words Words plans, projects, statements.

numerous the are these are to XX-K on those as well of statements filed section as Risk including company, report the are control of the the forth the SEC. conditions, beyond the documents in website. set the company's Form available on website with of on Factors subject which SEC's many annual of company's These Copies

with statements -- changes the now company -- required as forward-looking date no this The materially update implied by that expressed or would actual such statements. differ results undertakes to call except obligation from for I revisions those these may or of after by law.

Mike Go ahead, CEO. McConnell, Mike. I'd now, to the to like over And call turn

Michael McConnell

to fourth review Thanks John. XXXX today Good financial afternoon our us you everyone. and joining full Thank quarter for year results.

company. release, full year while XXXX first ago, our calendar in short press public was a noted which we we a issued As as EZFill's

$X.X trucks location we had in of operating and from annual more fleet half which quarter had in about about that came generating serviced one out revenue, At the a our under full approximately one were end belt, we of customer. Miami customers XX million one we than of with we that dozen XXXX

public as company, of small for significant to in we full the report growth after growing Today, our of can and look a to results we're very investors operating first most point companies. year that pleased metrics key

revenue We we $XX across XXX operating widely by to with million and customers five out that across XX That increased is $X.X much of our trucks, Florida. revenue XXX% more more other than service fleet spread from accounts million. locations

in As previously announced new February, added January we and counts. XX fleet

like Our we nation's diverse agreement our moving organizers the of with Grand customer and would base companies is Miami from you grooming in Florida, a Most grocers. small state large also expect the of retail extension a pet ranging one as Formula recently, to One three-year announced companies of largest Prix.

see to We known expect the as count widely and continue the more EZFill to respected. fleet brand becomes number grow

pricing purchasing on sale We're average We're the margins. have a improving efficiencies. higher improved existing other of driver and and cost margins focused customers combination into new and for throughout fuel of looking also types higher of that fuels

and strategic continue will the sources services careful focused arriving and marketing. other innovative likely to investments look technology revenue We fuel companies of for partnerships trend add from than products. out to and complementary supported generate will additional leverage solutions of on-demand with This that other to to in have our involve with opportunities

state to market a environment, in is but in the that billion in competitive doubt growing in in we grow we our room of with no plenty short-term. $XX There's operate the there fueling believe Florida, home

expand to XXXX. and evaluate in opportunities out the later continue state of will We

financial With you that, I'll the through ahead, let Go Arthur Arthur. walk results.

Arthur Levine

Thank you, Mike.

the in driven average gallons delivered an total up from both in million per As year quarter. as as full prior -- year from by to revenues million an a Mike fourth The fourth basis, increase. in revenue the gallon. $X.X On well XXXX, XXX% in increased million quarterly the million, noted, increase a increase $X quarter increase was for periods $X fuel in margin $X.X

year total compared increase in and million XXXX, delivered $X.X in XXXX, to our increase. XX% the margin from to in a For $X.X XXXX, XXXX XX% million were $X.XX rose gallons $X.XX the per gallon

mentioned, and increasing where gallon As adding we've customers. we're and customers new at for margin been fuel Mike [Indiscernible] also fees existing possible,

marketing, million our order Operating company Florida. were million and infrastructure during and first mainly compared our growth to three $XX.X payroll, expansion expenses in XXXX increase. sales public XXXX, were grew in we our as The quarters to expenses in $X.X accommodate a XX% in increases technology, throughout the and insurance,

premiums, operating compensation, operating quarter stock efficiencies fourth approximately due other D&O realized were insurance and in expenses lower lower expenses. $XXX,XXX to lower Our year-over-year, primarily

than a by was delivery year and OpEx up XXXX full in due Depreciation was amount. vehicles. to increase million of for $X.X million, quarter lower Our $X.X the sequentially similar in amortization purchases from the with mainly the third

Interest the expense from payments primarily was compared $XXX,XXX XXXX, to early $XXX,XXX pre-IPO in in decrease the XXXX of debt.

million majority $XX.X in GAAP $X.X million impairment is to the quarter, does impairment we a million that loss using charge, a On In loss period. prior a goodwill not to for intangibles. compared in a this and a of and not into net factor license $X.X basis, primarily future the included technology of related XXXX fourth to plans. The of our related company -- reported the

on adjusted to million in significant the XXXX EBITDA Adjusted in compared loss business. reflects the during was to adjusted $X.X $XX.X loss million XXXX EBITDA for spending grow infrastructure The XXXX EBITDA increase of loss

to year-over-year Our on a focus to sequentially topline. result improved our for a and slightly limiting of fourth quarter the mainly other adjusted tighter to spending compared without marketing, as technology, our EBITDA and the continue grow ability

be We focused will grow to to in the continue business. we as our spending continue

in XX the much room with trucks is our we to utilization Mike increase As fleet still for now fleet. our and have mentioned, existing there

the if We will year needs we'll review as our additional order trucks. necessary, and progresses

the $X.X in full million million and approximately quarter year. in used the during cash We for $XX.X operations fourth

XXXX. $X.X end XXst million cash position Our at was December $XX.X compared to year million at

detail provide on the number We're to at position, there efforts a Difficulty]. evaluating that [Technical is cash can of our moment. increase Outstanding we options those borrowings limited but

We will any to the new community them. look soon have on update as as developments investment we

to any questions. happy With that, take be we'll

Operator

conducting a time, we question-and-answer this will At Instructions] [Operator session. be

comes Our Tate Maxim from Sullivan first the from Group. question

Alejandro Nuno

Alejandro Tate Can my Hi, on it's question. for for you guys taking you me? Sullivan. Nuno hear Thank

Michael McConnell

Yes. are you? Hi, Tate. How

Alejandro Nuno

Tate Alejandro Hi, for it's Sullivan. on

Michael McConnell

Alejandro. Hi,

Okay.

Alejandro Nuno

little of start the the event? to the Grand recent wondering related was to on started will prior to or Based you event earning Prix, to I revenue announcement earn for yet you the Miami kind that of preparation revenue a prior have May

Michael McConnell

revenue been there, day engaged be to of six-month continue getting grow a to every we the but getting January. construction, all site doing up the Alejandro, event. and period, in probably volume more we've as going ready for started the Yes, it's work to earning the the more in get ready, activities ramp

Arthur Levine

to add I'll Yes, that.

largest biggest work and amount during Difficulty]. event concentration from the QX. our there's that that expect way be of revenue of in QX will That's the just the is We event happens the the [Technical

Alejandro Nuno

And result have well. competitively your Understood. contracts I of mostly sales bid the are as efforts? I one if are a follow-up or was wondering, fleet

Michael McConnell

I of would team majority are and the efforts. say them the through sales sales the

Alejandro Nuno

Thanks so really much. Great. appreciate it. I

Michael McConnell

Okay.

Operator

Instructions] [Operator

over session. remarks? the and questions in now no end the to for to closing call will John the Anyone's we reached have queue, remarks. I be McNamara closing appear further of turn question-and-answer the There

Michael McConnell

and McConnell. forward We're QX our obviously so extremely mute. looking year progress may say very be call. prosperous Mike This in is the on just pleased this far we're thanks XXXX. I joining with would to John for

appreciate you. call. joining the So, everybody Thank

Operator

Okay. And conference Thank may This your call. time. disconnect today's at participation. does you conclude your you this lines for

NextNRG (NXXT) 16 Mar 232022 Q4 Earnings call transcript