IDEX - Earnings call transcript Q4 2019

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Operator

Greetings, and welcome to the Ideanomics Q4 2019 Conference Call. At this time, all participants are in listen only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Tony Sklar. Tony. ahead, go Please

Tony Sklar

and call. the operator XXXX QX earnings conference welcome you, Ideanomics to and Thank

today, pleased Chief XX me archived our Officer webcast Joining corporate I'm today's available and Chief Alfred and a presentation Mr. Executive in Poor, website events Conor section will for days. McCarthy, call Financial and A to Officer. be have of Mr. of minimum

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caution undue a as result to law. information a looking by as update and you obligation As future events statements or against any no these we reliance forward of statements. assume facing required result, forward We looking except on new

more the in www.sec.gov. Commission, fully risks public filings Ideanomics with In other can be addition U.S. and Exchange and at Securities described which viewed

release March XXXX, the results. announcing press after financial filed the issued its company which XX-K Today, a XX, and with the SEC

already provide the wish done So if a may have on the participants as listening of results call. so not call to need may summary those this to who documents we

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Alfred Poor

Tony which and two you which and confident subsequent joining will thank value, those term are term our industries, important our long increase services. business saw transformative everyone in transformation call. financial We've began focus you, taken revenues us XXXX near the our and the both on we to two Thank XXXX. company in industries, vehicles it shareholder complete electric provide and steps

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developments shift moving serves industry, the vast electric key economies helps to us and sensitive was one significant division. formation mobile catalyst the environmentally of XXXX our which global in areas in change fleets of as Most a of most of the for is commercial world's energy MEG operators and vehicles energy, to nationally levels, at our two keep Enabling all fleet saving commercial from clean that vehicles to locally, areas. in based vehicles globally. diesel gasoline

helps by powered by it fuels. leasing environment fossil First, our vehicles preserve pollutants the mitigating natural

benefits an which fleet return compared on EV an costs. investment Second, cost speak for to or gasoline operating of course, it the now fuel provides the several times the by fleet powered this equivalent is benefit expense from The operator operators, running fleet largest less the for tremendous is when trucks running about activity and like diesel. of That's of the Ideanomics. I'd but and of the MEG the to fleet environment

we vehicle away procurement to on decided on moves from services to as into take focus electricity. cannot opportunity through commercial acquiring the represent the fossil segments scale made opportunities EV. trucks small this in taxis. provide that with that can in buses clean fleet the achieved We vans and coaches, offer, this to which fleet commercial trucks, be so the we of believe the scale these the and time. the a is major we heavy commercial consumption and fleets of we vehicle fuels be as in company market to at profitability, and it energy We focus and financing MEG's advantage of of level transitioning in logistical large consumer and fleet money operators focus position and commercial The our shift

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as EV access lifeblood needed that enablement, sourced which significantly the partner funds Equally financing make, support liquidity capital. of of fleet companies the commercial insurance large form is to operators. the utility to We to these to we've and financing with will needs provide companies scale

be We planning late an EV XXXX Asia assuming ex-China manufacturer in with we also platform growth stake of controlling which and began market focus IPO a favorable are the Malaysia, strategy distributor Treeletrik, acquisition ex-China's will for our conditions. in and region

segments, Finally, our months. pipeline partnerships to the team's strategic and opportunities past JVs and the of terms have covering network, build MEG in XX of of commercial we established the a vehicle each four and diverse over leveraging orders

order sales, In these inquiries. customers us source flow generated level help have of and partnerships directly to fleet inbound our their addition direct operator from a consistent

EV provides long-term consumption fees This to spreads acquisition procurement from opportunities through vehicle revenues extends the electrical upfront services, customer revenues of with commercial earn energy. lifecycle us customers the and recurring origination from from fleet buying, or financing and

of our for slides you reference details with are revenue I the makes following now, go on but download. available deal model. over online those and announcements, this these your the for provide to won't X the and X – For slides details more all

improve as Ideanomics technologies portfolio Ideanomics management, and assets technologies now focused to and Intelligenta improved such potential division I'd greater disrupt minority as of indicators, as by the disruption of the as as to believe the in call including in services, about it, systems, like this the the financial division, some performance have customer these to our partnership invest agreements in. potential regulatory Liquefy. attrition, speak areas, as and capital. exciting Delaware can have financial transparency trading We Board which is primary downstream through market with portfolio controls, or well markets on and and and we two types we well Trade that services the investments DBOT, companies compliance we be

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ATS DBOT On not to mention that to trading OTC note, with in intention did the like the remain that market. acquire the we would I

clients, for perhaps businesses as those we the the from required development our the speak coming take to recent expedite gain of able dollar fee or industry approvals is the trading. months types tonight line ATS the other of from sooner this So to we'll further as is DBOT other away be several adapting repurposing OTC of weeks of the all looking in zero been plan business. market or The And from non-core call be quickly decision will the the We assets to worked our at time. not that and compression deals untenable. to And QX for model to than that for in the to years. do and consolidation this earnings so. negotiations Prevention growing conclude adding has discussed, on be last divest on we'll deviation previously trading suffering trading action

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break. are Our infected China before Year been time. staffs have thankful point we since And staff did Chinese not in any just the we in this that New working have at remotely

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totting EUV Our largely teams in throughout operational Treeletrik climate. held cases is by the Malaysia, remained limited which relatively has

government in the similar there so today. U.S., place in some working a measures plan was the for today, Although remote what we're seeing to additional here took them put

to the have been advised as a remotely in New closed, this in temporarily case of temporary the York there teams And been – Our past closed since U.S. has last in building week. positive all work COVID-XX offices are week. our

for cleaning sanitized XXX and two remain Our will next Clorox agents offices weeks. the are with being least closed at

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I team Similarly, a the with development asked their modern because they number systems, of each are have internet company mean we case, accessible required there the all our work VPN, young business critical email long to has been and cases so our our remotely to as a software networks, In to in positive in staff are infrastructure. run Ukraine our the in to be and city. cloud are an connection. fortunate services

our due of conditions China in coronavirus quarter, last two in over cities terms first In the has in quarantine to deliveries ordered months. that most place major were strict the impeded

down the weather impact there in expectations lot returned some the We restrictions of of worked in and like to to virus. so week begins past that we work return QX, remains or to time warmer being set to things of slow That this has which as travel that the the further China do we QX still a only in closer are at anticipate to normal China. said, in would level and something expect expect to beginning revenues on

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the fact have in the China, staff been masks it's our that conference trying shareholders calls business. ensure and to be on wearing the limit attending our witness; of numerous we to and But and should by face been protective meetings clothing, impact tough outbreak partners encouraged

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of family, as you well finance behalf McCarthy his So, as team, accounting and to big auditors thank on our the to Ideanomics Conor entire partners. and

to Tony back you. over

Tony Sklar

and much show Conor. Alf pleasure to introduce the to your Thank you our now. Absolutely, Conor. conversation is so it and over is Please it CFO, turn my

Conor McCarthy

on Thank you, kind Tony to call the words. thank welcome Alf and the everybody and you for

vehicles financial As long-term Alf to shareholder value. in near two discussed focus complete and and began we will XXXX two taken are We've These subsequent important and in which saw transformative with which both business transformation, industries industries, electric provide the steps services. increase on confident, our the us earlier, company revenues are XXXX.

XXXX non-operating the the work number December items to discuss will significant I as business. incurred include my statements XX, a remarks. in non-cash part the Financial of year one-time these further transition for of ended management's

Revenues.

the from industries For very as $XXX different revenues $XX.X are year different compared very readily not The revenues and with million XXXX. full XXXX they the to XXXX, of margins. profit come generated company for XXXX as comparable in million

electronic asset were in revenues digital trading, from revenues oil that industries revenues high services were new the XXXX exited first both XXXX from components margin we management from business. electronic and and generated The our low volume generated The XXXX. vehicles

and this do management not asset quarter activity in and There of third any first we were XXXX. digital were revenues no and fourth the quarters revenue this revenues from The anticipate from second XXXX. in earned in services contract

transitioned the was my margin that XX% million versus an gross X% echoing a for XXXX, was comments forward. compared margin into ended XXXX profit million $X.X in of in for and higher in going low earlier a almost as gross December have of Our year million. XXst $XX.X XXXX, in to we businesses increase The margin XXXX XXXX business out $XX

were XXXX one-time was Total non-operating by $XX.X which increase operating charges prior expenses we the the million an year, for transition business. $XXX.X driven million, versus in of $XX.X non-cash million largely as

cost $XX combination We U.S. a then GTB GTB to performed million. a mechanism a in the of our conclude fees and holding for to that GTB concluded inability the price should impair a large and decline dollar at convert cryptocurrency of very of review converting, of cost that managements find of despite GTB a into of the efforts versus huge we holdings

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the would XXXX $X.X was U.S. XXst year. Interest increase in the cash expense for was prior we like expense engaged during ended interest the versus due for funding in large of convertible I Finally, expenses to interest December paid in note the accounting Interest number. GAAP $XXX,XXX XXXX. to the $XX,XXX. year million in briefly treatment The discuss

non-cash interest. So, is X.X the which billion GAAP accounting U.S. is charge, of reported a as these bulk

for countries. vehicle China non-cash a XX position year management the the the non-operating the in business and results include financial To that to the reflect number opportunities has for work of market large done significant one-time conclude, Asian in very ended which electric the December charges

Back Tony. to you,

Tony Sklar

prepared investor analysts This and could Kevin, operator, get period. everybody -- I'm so ready remarks excited gives concludes who the our and very you question-and-answer you to Conor. for instructions to Thank the please management's much, audience?

Operator

is this conducting At question-and-answer a Instructions] today Absolutely. coming a private time, Our [Operator Hodgkin, investor. from we'll session. be first Derrick question

now Your line is live.

Unidentified Analyst

Hi.

if some I your term just give shows looking investments. balance long color $XX.X could on at was Just it here, wondering in that. sheet million wondering, you

Alfred Poor

you to that? take Conor, like would

Conor McCarthy

didn't was question. I that mute. on I Sorry, hear

Unidentified Analyst

just what's wondering investments of? and in that was long the made million I about XX.X term

Conor McCarthy

work trying to on my just And find Sure. paper -- that.

me give you if moment, So question. I'll back that come to one

Unidentified Analyst

problem. No

Tony Sklar

at Okay. line. We'll Kevin? next in look one the

Operator

Sure.

from is Stone from question coming Wall Next Alan Research. Street

now Your live. line is

Alan Stone

Conor. you, Tony, and Thank Alf Yes.

that that, it charges. charges or from write one-time was say non-cash is downs having So XXXX, fair in as of loss that we're year seems most or company flow? Is last to the cash positive for it now the

Alfred Poor

Thank it. on you, want Alan. question. the you speak Thanks Yes, to Conor, do for Sure.

Conor McCarthy

much is, investment still the are mode. in we very an reality think, I

have We that to public because out become head electronic also are as responsible will going DBOT the is business U.S. of build require the hopes and sometime is filings. in this which corporate this year. high our operations generative most vehicle for cash we still office, our business our But in China funding, in the

Alan Stone

intangible still sheet. Okay. and is could some that the that that or assets the And carried used the under you that is also, goodwill, on balance cryptocurrency address include -- the the I you or? segment know assets I to of to know –

Conor McCarthy

wrote off and other relates the the at this our we the single largest in in and $XX DBOT, in we entirely Malaysia No, was year end to -- our our And of principally. took Goodwill impairment investments of that million. investment charge cryptocurrency

Alan Stone

Okay. intangibles? the And

Conor McCarthy

that. related trade where term to have names, we long some DBOT, The things also intangibles contracts, like and

Alan Stone

Thank you. Okay.

Operator

you. Thank

Our next private Joseph coming question is David [ph], from a investor.

now Your live. line is

Unidentified Analyst

with quickly of lot very sales… Moving

Alfred Poor

mind apologies question, Mr. repeating ahead. go do Joseph, I you would your

Unidentified Analyst

a But coming I've in excellent other financings any noticed the China? competitors that electric gentlemen. are there's and wondering sector that vehicle in work, I'm space? been there news lot other are through there any in competitors of

Alfred Poor

manner has is part within what year a partners combustion space that secured XXXX one. half the financing in This to with is because the vehicle vehicle very unable were previously David. Last had Alfred. fund truck, large Primarily the battery latter in or of the we internal pack the were confronted the they it of question, the XX%. -- such and for in that in been of it's a similar we XX%, to been battery Thank vehicles. large around The fact bus funding EV be Tesla, engine you the could the cost interesting

are the industry the typically having to to fleet deposits pay operators financing So that used was for. looking the not

up this to we've the pools tell efficient. very these that point, direct competitors, But liquidity the aware markets of at you can set least are large we're I financing. any capital not because do

there's sure will to where receive but made, future, money are in inquiries to place I'm there So people competitors we commercial time. to be continue vehicles that this at unable for be the the EV for financing inbound

Unidentified Analyst

-- then you're to to business would we or say you first So could with that plan structure? regards market this

Alfred Poor

it's to partners fair I China. any find we in work think to couldn't us with say that

effectively typically we we cash to So insurance people help on out corporate of them would their fill the us marketplace. debt. buy balance consortium went to and utilities in space sheet with companies, And ask the

So people of are a not sure pretty said, first Like start this efficient mover we and I'm money. they'll feel sure while we're -- when come we do competition markets I'm capital to have welcoming. any is aware us point, advantage. the I will making of see

Unidentified Analyst

put in as announcements cetera? together this close I the was I you and saw the release I completed company the doing then, to your and still trust fund and is back fund the it believe a mark. in previous -- going was -- And that to coordinating be it fund $X I organizing I announcements, the also read Absolutely. gathered being being was et is XXXX, in billion leasing, that or news in September, in electrification that's this

Alfred Poor

two financing. RMB that not the Yes. that who we've that pools LVs are will doing up one belong what This billion these -- funds, for the better of a supplying At are are of movement, liquidity obviously, about leasing. our lease the XXX These set the to term of funds are is one funds each. the funds be

built sized First going were financing. share market that previously of a hit EV we the we're it in a to business operators requiring for is for which have didn't partners, deposit which We roadblock, thought was partner then for And the a good And engine kind part us. larger model billion lease Loan, great for Auto around X this that, status of that combustion has than our fleet extra of one they much company be lease every As China to quo. vehicles. just was traditional providing was of financing qualified who typically was

us gives in to So appropriate. not it's ability gap to bridge where bringing these do liquidity pools but the XXX% that financing, financing together also only

Unidentified Analyst

Very What you're building do is of Ideanomics Obviously, what company? core the the at the sectors. What focused and strengths. -- strength of think you are is And two say present you core time? now on strength good. those this is core would

Alfred Poor

I to of ABS would Because feedback the that company mass rebate commercial or on chain EV, capability IP the side of takes we're the don't everything, through us manufacturer, every And financing I of now, it refinancing. out there's it. this Right right say, to as the for level another there aspect enable involved believe side such, covenant kind were and partners get EV wanting without partners, markets. with in involved battery from of supply without to what

take trust now, time how us. understanding of And right have at as bit for it'll really to a with enablement brain So scale. I of to good catch think think a a I up others we EV some do

Unidentified Analyst

I hear you.

break I of I will financing…? all, to for need example, you from guys electrify need into to take mister to I'm China your I them the and if I So come way care convert in everything it works me, and XXX your and -- is have fleet hub for that's with vehicles them operator to would

Alfred Poor

were hub. of EV mean, we as the to that Yeah. cities Absolutely. looking number were themselves the establish -- aware I an

them. partnered the of of city. because across It's city to Korea. with a it's spoke port we We Qingdao the So water and from many Japan

of business countries their from auto lot it manufacturers. a So those attracts in

also services the hub over we'll of and will and help best a above all to be get But insurance our on us. of So from site manufacturing financial partners. strategic obviously, purchased, vehicles have site. services showcase hub a have and battery for vehicle on our the that registration to also but we'll But people the services seemed very that,

equivalent will vehicle the every aspect be needs whatever of in And commercial local next can developing of for the site the that DMV of time. hub something So partners so care Qingdao, are. on we we're take into

So if you and whatever operator, kind to can stop Qingdao, are are. to your and of needs you market can very fleet be see a best the available shop to come what's the you of do a one catered

Operator

Thank you.

Our Private [ph], next is question David coming Lula from a Investor.

is line live. now Your

Unidentified Analyst

see was third Well, revenues or exponential eventually MEGs I have quarter or quarter? really just effect, greatly in revenues wondering, perhaps come you to second in but starting come to and is a fourth when will do an start their

Alfred Poor

XX similar follow of We measures tapering don't if to coronavirus the within We're here the hours. see revenues. news like measures some XX We've China. be. starting will you full know get what quickly, taken to It impact because the last the it's looks to off very managed of in

is return We we'll move on transportation. like which place, But province-to-province, extent haven't the to revenues be interstate QX in But in well. to anticipating likely there's can't That's listing will are from of faster QX, it those a there yet, we and restrictions entirely. speak are the while finished that’s the we restrictions moving from state-to-state better. are lift, to so to that we to restrictions normal the record full moment done can't what in the so lot in see list the dependent get as revenues quarter to US, the QX, of in for China those deliveries still

Unidentified Analyst

that that? how future for or And update about the Fintech All village, on right. any what's

Alfred Poor

taking and the slower some Environmental on with VAT because a look of the long weapons, a we're it's buildings approvals Agency, from and because commission's everyone Department property. others the village, of particularly hard much Protection longer of the of the that. been through got the It's contamination through Environment Fintech the at grind process

our So at this life to at help moment we're attention into some reinvigorate more bring make put looking time while to the point. to in partners we of there, and some

Operator

you. Thank

is from Tim question from Moynihan coming next Our Janney.

Your line now is live.

Tim Moynihan

you you? how can And guys hear me? Hey, are

Alfred Poor

hear to good It’s your voice.

Tim Moynihan

Can brand update -- and is right, mall with new status give a Okay. kind us purchasing structure, you it, what's the confused, I’m the just on not that? or mall it it the you're saying MEG is probably the an revamping an and of it's old

Alfred Poor

Okay.

by is that this an been to down in site be very to of across environment. been It's will out it industry; manufacturers what the So square being be There'll be a it. slowed has in and EV us provided mostly idea refurbished and is, you on a because would of facility. about there, was one was million Qingdao MEG attract to of similar friendly, Several from The But showroom. obviously is high-end be already were coronavirus. the City try competitive it space. feet of the finished. the the existing idea vehicles see multiple into hub, of partners The it's it be there looking a they were an went there. building will there will

MEG for for everything there from and its free. for that. It systems, offices administrative the rebates of is processing, through things all invoicing be the will centrally, MEG. like be also They'll for the It base accounting rent

you it's City a as an the of free rent aware has But very releases. also made the project investment from us. us. made for into They've So us, that exciting probably press Qingdao to

It's completely refurbished. or doesn't the new it building old. is matter us, if For been

display. going going in new the of as glass insides shown fronted to of and terms be all So it's kind be are it the in to vehicle of style

to the is incredible an prepared of Qingdao City and well as us, where up So synced put We've what opportunity. to for it's investments with their been the And mouth really achieve. is their they've well. money with province looking

lines So that investment -- part of now that negotiations relationship. them expanding of we're with of part as well other in for still as

Tim Moynihan

you expense no said So rent free and in well? as to get

Alfred Poor

provide recently free, with They us rent period is free allow get they obviously rent in. rent the be us somebody and for building partners, Investor won't won't of well. XX they out it inquiry asked Relations, as rent to initial to allow charge profit, to us Absolutely expense as -- this because to no partners free years. subleasing don't The had to want all will rent participating us so from to of a sublease free

with tax already the activity the is large sales some of but purposes, that. go At folding for is at along They're vehicle in currently a of existing that site. breaks a portion used moment, a it also number the the There's site. site

part So the contributing invested that they're going into. subsidiary of they to to the business be folding of that that in MEG and

Operator

Thank of the to like you. comments. over to floor for question-and-answer end I’d We've reached closing any the session. our or management further back turn

Alfred Poor

Just of the Tony, Conor, rest behalf of on and Ideanomics…

Tony Sklar

and Al, all on was sorry. for much Yes, I was the sorry encourage that. thank this to that. we our first earnings this appreciate as others send please answered investor's today. And you to Ideanomics call. who about end that any out up that into very ir@ideanomics.com. Kevin, for operator. you, thank listeners, shareholders, to to to continue to analysts do us, not them didn't have mute. I conference Quarter very And well XXXX the taken is listen thank like to This the getting concludes I time as We call. we you, much. community reach questions have our hesitate -- We'd time

our we our our social other alerted you information website you explore website section news, find be available channels, www.ideanomics.com. newsletter any will timely manner, events there. following you information with in the link to latest refer in Investor all and our to urge SEC on call us that the This up recommend could on filings and sign our for need. We at be you for To the and a Relations

Thank this today. and you call participating for listening everyone on

Operator

does That today's teleconference and webcast. you. Thank conclude

line and disconnect your You may at a day. today. for you wonderful time We this have thank participation your

Ideanomics (IDEXQ) 16 Mar 202019 Q4 Earnings call transcript