IDEX - Earnings call transcript Q3 2020

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Operator

Greetings and welcome to Ideanomics Third Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I'll now turn the conference over to your host, Tony Sklar, Vice President of Communications and Head of Investor Relations. you. Thank

begin. may You

Tony Sklar

good Ideanomics Thank conference third and welcome call. operator to the quarter evening, afternoon you everybody. and Good XXXX earnings

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Alfred Poor

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unlock close we items. ticket XXXX is we One the of pipeline to our larger order have out as priorities for

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Conor McCarthy

Al. you, Thank

The continued quarter the that cash. strongest million ended revenue of financial annual was highlights expense performance. one with $X.X in quarter terms operating management. the expense in in of the disciplined had strong third growth, through are million reduction quarter of quarters Ideanomics $XX.X continued for We has The

M&A organic business. quarter now was I all We have million, $XX.X to greater almost an which company’s performance active financial to for the in and program growth like generated initiatives. the EV of third our detail. by would MEG, Revenue discuss was investment support the

quarter with of and them of Reflecting net gives high prior sales from needed basis these sales a GAAP quarter, the through sale The growth. is sales support very will quarter offering cost to quarter units with the guidance, results recognized for quarter deepening was the sales times quarter XXX quarter profit activities that XXXX X.X $X.X which third EV of we the are services margin revenue relationship under MEG margin greater on offering investments agency the the commenced on demonstrates of the our plans to reported since profit million million, in delivered. X.X%. which XX this our EV have a excellent confidence of made at of to future further investment XX%. the objective This based in largest de MEG quarter the this to very the material X.X million, continues for Gross with revenues The expand in third than high margins. levels in two, XXXX of Gross for team $X.X generating active taxis. and create and consequently which investment XXXX. XXXX times quarter revenues continuing two, its deferred sales the $X.X are a that Revenues came capacity infrastructure were We current in revenues The competitors third of to in third gross million drive units company the were division in differentiated for we U.S. that XXXX. longer-term from minimis delivered which $X.X versus revenues customer quarter-over-quarter recorded are return China a quarter the the was expense resulted the brand million of a the of for of represented the of value. and of $X.X gross EV quarters in be third order as

I pointed As cash or on revenues dollar to the on whether as net prior generated amount profit basis. regardless the gross the are the are calls, out identical a of reported earned, gross

same $XX.X in compared operating XXXX. quarter period million, expense was Third in million $XX.X the as to

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is sell As interest non-core and marketing an program commenced brokerage process efforts. a promising real the some run management is this long-term measurement of FinTech Technologies. asset contained The Their potential which $X.X to the capitalized reflect we produced earn-outs million, previously charge acquisition to refis firm of indications Technologies marketing of to on the we consequences Village non-cash. Tree in agreement. and one developers, won’t sell active appointed to have commercial was decision highly be of in evaluating. confident the remaining We remain Colliers impairment the gain efforts to the estate site rather the of which announced, million a a have than Tree architect $X.X the and fees of The building all was We recorded of site. the amount about considered

to prior-period, delays However, from as plan reduce payments losses the projected shareholders. was increased entirely the in million due to due gross operating are compared delivering $X.X $XX the operations The the almost to to million selling the on the business loss lower earn-out profit. in

ratchet GAAP income gain expense period company’s provisions debt. and statement. income in other convertible million, New million for the and expense the the remaining Downtown, buildings York to of U.S. fire which the terminate related to Turning the $X the $X.X accounting expense to other applied of We non-cash section negotiations lease company’s income interest recorded in and non-cash office the represents guidance City. the to Interest was is was successful the a of when

which cost see we which continue office to new covered very Our a reflects dynamic significant anticipate a workplace the will future, savings.

company’s the $XX.X lower ended saved the price customers as the for change provide acquisitions. Now streams, of of by current products calculation milestones third highest the services December achieved, issuance quarter stock. four criteria more million operations, operating of $X.X finalized by investment early by his for was MEG of balance of The lower $XX.X $XX.X the by to of compared to principally the In since it way of out opportunities and of in commenced annually, quarter million sheet, XX long-term of that is million million. value Technologies to the $X.X M&A concludes as extension cost Al section business $XX.X additional the I’ll and revenues liability current the In cash, balance million contingent active Sklar. the year-end the $X.X our Tree of set remarks. of And Tony for debuff consideration is million, affects revenue common reflecting sheet, to the to to continued we conclusion, XXXX balance $XX.X I’d payment meet one consideration remarks. pipeline balance like strengthen my That turn discipline goodwill purchase relationships, million MEG’s in back hand million with to the compared

Tony Sklar

prepared this And management’s you remarks. much, Thank Conor. concludes so

excited and to able super I’m our some us Now to of investor questions. analyst answer for be

could you instructions where to they give if everybody get operator, the it. on So we’ll submit

Operator

you, from sir. [Operator question-and-answer Instructions] question Felton. Thank session. we Please go Thank you. first conduct And this Instructions] our Damon And our [Operator at time, will comes ahead.

Unidentified Analyst

Yes, can you hear me?

Alfred Poor

we Yes, Damon. hear you, can How you? are

Unidentified Analyst

I’m doing well. you? are How

Alfred Poor

Yes, thank you.

Unidentified Analyst

XX I just where five next the had to company one years? do question. Really, the you in see

Alfred Poor

next much significant in that, I in a meaningful to was a obviously the XX We’ll being opinion. years. company way than anticipating be us there sooner my getting five in

most in for why commercial lot the passenger We’re on orders not the a they’re space. the at we’re isn’t people look cars the space, same the at passenger as starting commercial think up see of activity saw. does, pipeline, EV that fast? execute actually in see and EV time, that that you Ideanomics if And moving we’re pick the the consumer Well, in car to taking to way say, you starting of just this

you’re we’re place. in years And of last the from market couple energy think of that as the business XXXX, out revenues EVs. to company the in start to online infrastructure I the fleet of from commercial customers come of to those think So benefit see going we see we I in side get put going to more

You it’s to we’re where and business in the heard Conor point the mentioned, this at about sales preparing talking scale things infrastructure other time.

strategic to market, need to we new the a additional board market as opportunities on and behind raised look in short-term the we come was EV. the one unfolds. early other that So the staff and reasons cash bring the at anticipating support to in It’s growth of we’re some summer the to

ahead financing with orders. dynamic changes get market steps start as see we’re can meaningfully, the the companies you’re that commercial out bigger to that the seen ticket the in in we’re obviously the every But you’ve we market think So to make that like of I’ve And in very going spoken as the angle much online, that we ascendancy. taking more for to sure Ideanomics I do about regard. comes

Unidentified Analyst

thank right, All you much. very

Alfred Poor

Thank you.

Operator

you. Thank

question comes Susan question. Please next state Morrow. from your Our

Susan Morrow

Hey, I’m My it management Q, as and that that the PRs hearing been you’ve to moving its is investigation with per concern awfully quiet, there’s been really on earnings investors. voice as not often? SEC has start communication some glad doing Al, share, we direction. can in when quarter wondering great on far usual that your noted And wonderful I light noticed provide can if an you more you’ve see and

Alfred Poor

I Yes, thank you the as the you attention, have their much public ask then you as obviously, with like have us, preclude to we events and can But when you their much and obviously, catch the inquiries. questions for entitlement very good short SEC, say, we’re can much them in to China is, operations, SEC’s the so this a can’t doing SEC company, to And had we’ve at that negative discuss be thank Yes, we for events help based to matters. selling, joining fact, ongoing have happen, a very question. out ask reached they we the you else do. happen, relationship point what that

Susan Morrow

be you we’re to in their these gangbusters their stock others a holding investors seem you’ve thing, doing that you’ve And companies and what’s? like got tell profitable, exact yet as Interestingly, the far you barely and similar to who’re with do not companies at doing price, that very What Al. and far not as as Thanks, we’re are negative going Workhorse reaching good got on they them. that. earnings, can quite what say a same investors yet about financially, reaching do as really not $X. to and investors other position us job but And hang a they new company not, are

Alfred Poor

Yes, I think perception is reality.

understanding the you a at an would What in of that companies say that often industry. So in automotive I imperfect is, the stock the short-term. the case price deserve. space certainly say looking And to these I that, folks would have lot you you is the of get

the I the some Volvo, at a time, just cycles valuations, go won’t the of by made and boom that and decades, great. a EV You’ve be it’s real participate be And consumer okay. demand something here. Mobil, on asset Germany, winners. and EV network places, people BP Tesla but company works of and who others a people fraction and understands. sector, play of the everything automotive way lot must out there in. the consolidation. the right? market it’s I looking down, the be that’s have crown get so these has to that and its are the And There’ll doesn’t on cap, licenses pick-up think to moves Remember be particularly is this Shell, don’t are bust well, for peer That’s consumptions. seen people market why there’ll charging. be by think transition energy heavy to very Ford people what energy manufacturers the that automotive and Nio, through some at is the over it’s of in Tesla be And be to those, made are But going something going correction quite astronomical metering again share it able in often think as consider a we sector. looking I Exxon said, the of most some market in commercial -- wow, to saying, not beginning Ideanomics prices fire. the vehicle that jewels and understands space, at and that I demand of Australia closed It’s it related energy And

very runway a have this same the done a kind but having clear doesn’t you companies as where these give transforming a that’s by of public doing. we’re we’re the within we not we’re We’ve canvas think blank lot business, company had, So different. of proud of what

China in scale now. We’re making right at

And what in think in we expect start trying to the to start to infrastructure to paste come people we’ve we down when will been understand we well. we valuations put we So place. the expect as and operations those have our come copy, expect ascendancy globally, begin, together astronomical I to to

So I a see of XXXX. you’ll normalization think the market in lot in

Susan Morrow

Al. Thanks,

Operator

Our comes Chris state from question. next your question please [indiscernible]

Unidentified Analyst

you. you some spin-offs on following are? far to color just good any add as more of to Medici give and the looking as got questions, there can can for Good, and I’ve questions there, any kind to you general your updates. plans what about just speak of any business Susan’s Tree, updates guidance, us Is

Alfred Poor

mean jump unfold. the obviously I say Yes, this we time. space Don’t to approached anything conversations needless with can’t assets some speak has want about they but anybody events interesting before any on at EV gun to the in for been

obviously, know you time. But more some before let there, us, company. can’t we’re this EV public anybody it we’re I to. we’re a come it, disclose out not declare at with there’s because for we’ll anything when But to interesting would, and conversations assets the ready out So, able for just but

Unidentified Analyst

you. understood. Thank Okay,

Alfred Poor

Thanks.

Operator

Chris [ph]. next from question question. with go comes Please ahead Our your

Unidentified Analyst

the clarification model a successful? separate the additional in Good charging U.S. in financing the pieces be operation to afternoon, provide need can standalone you do the on SXFXC and specifically to be U.S.,

Alfred Poor

durable, We lot cheaper and of challenges the interesting particularly as in here, pertains do. Group and market who year-over-year. has having faster, up to over working been more have to heads [indiscernible] developed, EV Ideanomics the it as what them Capital models battery technology with been China, they the our getting how don’t understand we’re believe financing a help partners beginning conversations Conor

support in the other a been financing few directly conversations, MEG markets Medici, my in sure a Medici SXFXC model strong support one, place, need guys service translate is as it those to well. partners be track they moments the We ago, and [indiscernible] bring will will having to have we the a here believe we select is company. company, I MEG believe we and product remarks as a the mentioned, into Medici So is make have as

of The So there’s Select always able to et to Medici, particular needs company. only operators need are to be But won’t by electric going there. Track be a be to cetera. service commercial MEG not fleet going serviced support to one

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the energy as well. MEG, will that MEG I revenue we the think where that’s ultimately strong demand why we think our likely were with selling be largest on be producer, given it will

conversations other mind. sure when ready to those as make markets and others Medici we’re we’re, move with in I to starting that now So MEG on said, we’re come

Unidentified Analyst

terms Thanks. can look like that type can that maybe quarter-over-quarter coming adoption you of growth far SXFXC, operator how of follow-up we And to have would be what engaged of in forward and expectation going what like fleet metric or many been some expect of a would the in us the give months? so

Alfred Poor

rebates What and in you understand as the other U.S. the which incentive fleet at operator you of this the tell I of can’t at to they is financing with tell that need China the with markets, is us you give understand this point, to types assist areas us and the they’re in can having having those they’re tax type any at the them I the electricity same Those of time very this it But one continue landscape, landscape. interesting. understand what purchasing And service engines time-off discussions they of providers can��t having as can if reduced time. that’s the then operators through is landscape, I not manufacturer of as supply to direct, get and can which than the obviously to from fleet probably mechanics. to combustion ROI cheaper only of they them. road but internal to obviously costs, in to that’s superior us communicate is our be in the them hopes, as quite obviously The some motors interesting benefit reduced EVs something energy terms aren’t biggest vehicle maintenance, in group very numbers

EV so counterparts both more the highest on were. road anticipating we’re and the trucks, their be longer it than will lasting So

that’s It’s So be for translate costs they level is is the cost all as service to over achieve. about MEG that going ROI what can going And and conversation why to they that similar. the we well. very very, get to believe

Unidentified Analyst

can Thanks. if Beijing is active? just I deal Finova bus may, And still you whether the one follow-up Central confirm

Alfred Poor

company. Finova We to Central how finished an this working financing financing don’t companies dynamic to a lease this China, and still have time, that them. underwrite do discuss been getting product at is one year-over-year. because in us relationship which batteries with are They’re the of cheaper deal with with the the want has active the companies is to bigger

translate months or So change that isn’t consumer as that’s a other in operator expect, international like what to in that got will he’s the he’s the the things the and terms markets, I’ve that and something the value be or we is six least in been short-term durability going range purchased until, knowing battery purchase talking and there’s that, of service to can to China fleet that dynamic it. about at which sold now after

periods the battery, that expect four place the the be you’re battery better dynamic Until three finished same only for and China, going the the not to I a purchased as the So much of least year at a dynamic or well. as management of we charging for to service big tax part for the see that stabilizes, be more that’s to as the really but energy where year-over-year, going getting taking think product. in is that’s

Unidentified Analyst

Thank you.

Alfred Poor

welcome. You’re

Operator

you. Thank

next Our question David ahead. comes from Please [ph]. go Joseph

Unidentified Analyst

Thank you, Poor. was the quarter good. I thank you Mr. thought Congratulations, very

in you, breaks transpire works the pushing in be two, change acquisitions has quarter space well see list. going company. you be American the out expecting light were States with are that comment on growth the the as related the You do the that and very tax the and situation appears guys will incentives also for in on number be that in electric track, XXXX? in to to is place are Motor do and place going start you to well, that they’re see My proactive question please? market apparently, as of as appears of government forward? mentioned you changed and direction and you do Medici new mergers the going corporations what to the and the in to to that that how in vehicle And United right is last And political it Could

Alfred Poor

questions, Yes, certainly. interesting so much, Thanks very answer and I’m Dave. It’s happy them. to

the expect noises The don’t China difficult wanting as have in. really, at take around care if a for And with can would understand pro-China, good I what say could on first holding be. have. answer the the would don’t. don’t one extending of they all Certainly programs true has can comes be We know hitting that that’s which if us these are they’ll a into you be But don’t say, think the their rest this, theory been dynamic we’re state lot don’t try hope do to everybody were says, they’ll part are I we the plan they has at anticipate they of and never we’d the to it states to least else? sector administration certainly The without Tesla they XXXX, I going say taking one is The level generally one election. be operations having, and is, be conversations to in same bid there’s we to the what the dynamic and that the both word. tax administration And, know a certain that we shape, the political they that at in any to will get partially promises and their do. economy’s what’s thing would at if and like that in pretty or The state would forward, know government, one really Well, incentives a they to what’s of same the Party going And I you hard. thing I going their during but administration those rest two more typically, well that measures, just, them politicians I afford pro-EV. Nio on the is, economy. based made would current level coming discussion, and now company but industry not in for thing, look about, tend also be that, outside been of is able the one do really the last the would had out And we looks in as concerned could with the I argue EV is at next be from COVID any rebates tech as Democratic be of right. they’ve you years. with the on few terribly to others.

Unidentified Analyst

acquisition quarter, anything I I activity. guys list? were still and acquisitions. that the $XX you good do that Very that and at million And that hear you had merger didn’t Is last on about when recall in and looking quarter. to in merger the this potentially

Alfred Poor

subsidies there’s amazing be are unable they’ve with now companies priced tax They that there’s more out right continue out could way, to technology the well that Yes, mentioned economies fit for rich just a their think in obviously, not some there strategic able some there XXXX, dollars good great. to support been them. states the growing we there. opportunities some giving need with Ideanomics. same like because relatively are are some companies In many there there amazing I and

added a recently of in We’ve activity. corporate So very pickup because development to active. the team we’re

to advisors We as in as contracted companies continue conversations their our to looking have approached companies well get that to. be portfolio in interest our by they or own

that would I the So area an from it’s us in expect additional see to future. activity

Unidentified Analyst

congratulations in increase right is direction. over quarter you I guys excellent the good. the closing, Very going and are think in XXX% And

Operator

comes instructions] state Please [Operator your next question. [indiscernible]. Our from question

Unidentified Analyst

touch ago. to Alfred. month emailed I XX on because you I wanted back good you this doing the I'm haven't had insider heard buying on I anything.

because it believe said the this market, working they would roof this through do I a believe Can You on look to direction. my go open they're hey, I if on the have you you months elaborate it. insider on email, shareholders on guys are guys right confidence guys you buying the in experience? a ago, and buying. them six maybe based second you're going shows because little working in institutions you are more obviously still

Alfred Poor

that moment, to of purchase buy the that individuals share material buying some constant was being those and offer they're no Actually where to an in my sell we're having number on today are partnerships for form David plan. buys, There filed of really, of types share XXBX is shows options be because market But I extensive nonpublic would And but I able was can to the Those conversations after disclosed is which I for to service is our a a now around that my recently company subject large the in there of is say filed in my institution I'd a of options point lot be do, to Tony Joseph's previous move the around we me that. incumbent but Part can for over window over I wouldn’t vendor existing yeah the of to market. that vested that from the going buy M&A, such believe ones things. where or working market. question, confirm already we're with right terms, able to strategic they receipt as information. myself plan then. are

the sales, place I are getting will much working management be a then larger for opportunity what up of that material away than that we the or share constant every with. okay, our vendor market the it that's and first compliant for in that's something as receipt only Conor So the of buy finalization the some doing information. and month way the the announce get today be you're when the to can of with a and ahead manner Once running, with did of nonpublic us our well as incumbent to in an we'll plan and going other and pool team then so process XXBX that in buys you Monday shares plan like can that and month in put is

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Conor McCarthy

And of our the -- December and of last week… go of the part in second goal is live second as part

Alfred Poor

Okay.

Like divested I bought soon, those be some approach options the said will management got of more and place to stock. be will some announced for structure So and and staff went today. my buy compliant in allow the XXBX ahead meantime, share that able and to I in the

always on the apologies These longer. that. delay things take for So

that away, in of the easy onwards. we're Moving away to motivated stages the and been ready December said Conor from the incumbent final as for be from actually but hasn't business take should

Unidentified Analyst

happy X to probably be million in great. also to open shares to I'm would prices, just A $XX would $XX quick would you like of the also shareholders of that more You million million the have it which hey, follow-up you say share their in because bought that Do the a you buyback got binding undrawn going add at company would open that we it's cash. short market? question, see float, the see if you announcing market.

Alfred Poor

us That's the Yeah increase. McCarthy, the that's I have below and right as around everybody wrestle is when the something revenues think arm we'll with else to Conor cash. moment

moves can put bit depending defensive that So they us the what on a make. little

buybacks are this I'm Share million to point, planning of sure bank, the in we're just company. sure. make $XX of our it's one terms sales of like items in up that profitability moves certainly long-term So as something not would for and the discussions for we the we discuss start ramp the the but at

Conor McCarthy

landscape the if that and of maximize of call strategic be would end I think return look discuss look when see the the to cash need day, criteria, we'll something going suggestion, to that we opportunities invest. we'll that, at to we for investments for shareholders we investments. we're that our your At for the have at

will that So product better term value. growth and shareholder everybody for fair long

Operator

I'll gentlemen it there remarks. to , turn for are back and Ladies further management questions at time. this no closing

Tony Sklar

time your XXXX have reach the investor so will continue concludes you and call. much, out on answer you the continue and we encourage daily all to for to earnings questions community basis. We conference to a to this our QX is us This we Thank Ideanomics' Diego today.

at latest Most the news, available and morning. information urge call You that all have on can a information for www.Ideanomics.com. like there you listening you refer you be link shareholders, send SEC any recommend our of the email listeners, others be you to of on and other participating on every who in for our earnings your will up to today. We our manner. find alerted section We This website Investors the questions call. our We at thank following have social Thank up and channels. listen timely the events analysts media and to list taken of to the will IR@Ideanomics.com. Sign so to much. you Thank would the filing your newsletter to the under it time call everybody and with to website our explore top need. our

Operator

Thank you parties. all

may a You good day. Have disconnect.

Ideanomics (IDEXQ) 9 Nov 202020 Q3 Earnings call transcript