IDEX - Earnings call transcript Q1 2021

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Operator

Greetings and welcome to the Ideanomics First Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tony Sklar, Vice President of Communications and Head of Investor Relations.

Tony Sklar

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

days. Kristen minimum Revenue Joining and the have our call our corporate Ms, will Mr. our today, Chief Presentations Alford our of me I webcast for and website Poor, sections Chief am Financial Officer. be Executive of of Conor archived and Events Mr. Officer; pleased XX A to Helsel, a McCarthy, Chief today's Officer; in available

a is As conference this recorded. reminder, being

variety During forward-looking revenue will full made expectations and XXXX These be or results of XXXX described expectations assumptions. of available risks, as the and today, current business. related have factors filings of uncertainties information with may year the quarters statements a result statements call materially SEC. on regarding are to our a Actual and forecast various as risk our periodic been our for fiscal that based and the and are in to differ and subject

a a against risks as statements. caution filed Ideanomics future forward-looking new company except described reliance release or as and law. obligation its by a be Exchange announcing Commission undue you update XX-Q statement reviewed to information placing the we assume the no forward-looking result We events fully these which are press of the public the on U.S. with more in required Other As and result, any can XX, its May at with filings Securities issued afterwards XXXX, and financial www.sec.gov. results. SEC Today,

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Alfred Poor

the in and is company. the automotive and Tony shortages Financial that of and healthiest, you And as looking say from exceeded Ideanomics component second future quarter-over-quarter. organic benefit through acquisitions our it revenues across increase almost Ideanomics joining from and was being quarter the to that company XXXX and our back industry continue sector for EV in expectations, our forward today. my and a continuing sustainable fortunate of the our the containers results is of regardless balance market are QX, transforming industry. various broad of call we although blend peer delays, to you, COVID-XX significant to the pleased the Thank everyone, I'm has sentiment. thank on value future. shipping the along to we in growth results. only proud both management continue to market the has confident group cash is in to to And today seek three pull foreseeable to sheet our The years the prior segments been exciting capitalize with dramatically everything for scarcity viable, business will with Despite

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start valued for you term. stocks in sector Although to we do to short all to Kristen few I'll the consider herself their responsibility Ideanomics. our try now CRO, our revenues the of in earnings areas new ourselves the Helsel our hand in derive in to over will today. on you forward. tuning Thank going of in introduce Kristen ability to feature one calls

Kristen Helsel

Thank you, Alf.

colleagues both Clean am have in scale business units while electrification simultaneously this the I a well are QX, space our the time technology, have challenges incredibly our to of operations Revenue working revenue businesses, very WAVE opportunities be in international as the and the I scale. in revenue. I and WAVE a support well quarter several scaling Asia. team that stream worldwide companies the beautiful businesses developing I both travel directly appropriate demonstrated driven had XXXX, our synergistic current years. revenue. lead new that each ready reinforced as and each a for with excited has how visited about engineering a joined In and - and future our real conditions, challenging traditional adoption and - to entities its such weeks organization as As that and line. until strong some in has when several product visit been best time have I and developed meaningful and introduction, and operating Officer. in by build join brief to I are working last our charging. that say for current on way, expand learning is delivering I ecosystem as we and spent and technical pleased At over at at in and I'm to Timios, growth on in opportunities disruptive and Ideanomics cases both are for a piece in past much product we have of building a aligning change background electrified years we to unique. am to the have the business our of United number The a for States, case, with focusing of me and is Europe we their Ideanomics strong be overseas CleanTech recently visit My technical will my inductive reliable Chief the to and robust XX and belief and therefore EV business

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focus in For three the will balance XXXX, revenue be XXXX ways. and my of to drive

building grow expanding operating top numbers ecosystem launching priority products, customers, backlog. company to line within Ideanomics First each with new our delivering and on

to in and human all both business we supported within marketing of activities and capital. unit will sales, pricing This investments be business scale. achieve Second, by effort working each align our to want development,

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businesses ground look partners. for I spend With the in to open for our international the and time learning performance detail hope QX to on this I this hand to quarter, over now with Conor that sharing the will our our sometime quarter, I financial will world CFO, and travel, you. with McCarthy will our early XXXX. later forward third the or progress visiting

Conor McCarthy

Thank first work for building & last started come the In to divisions you, in Ideanomics done Capital growth Kristen. over Good foundation months quarter afternoon. the XX Mobility in the to fruition.

and quarter $XX.X the consecutive of This gross growth profit marks quarter of $XX.X fifth million revenue a both quarter million. in gross and The highlights the of are for profit. revenue

The first Capital escrow were revenues in business inductive business million investment cash, & a with businesses January XXXX. $XXX Mobility service from in our of charging units. from in WAVE Title both Ideanomics pool We capital closed Ideanomics which for our the deep and companies acquired Timios, provides quarter

results million, $X.X to Revenue some the in financial revenues Title business. first escrow Timios quarter, financial were was $X Ideanomics the charging the quarter from WAVE of of for in line in of in revenues was for from date increasing just only million of million are businesses quarter consecutive the the in discuss Revenue Both and strength demonstrating more acquisition. XXXX. current the turning up and in million, the which first electric the $XX,XXX were fifth $XX.X the acquired performance consequently and XXXX, generated of revenue $XX.X quarter of batteries Now detail. the and reported business vehicles the these which represents of table. included quarter growth

discussed late operations on XXXX. quarter's EV the last in than earnings first in in Alf As achieved the were lower reorganizing quarter have our call, China. Revenues been we for levels

of quarter believe a expense that settlement the inclusion due expense the expense prior as margin class to the $X EV the of Timios all related period a included increase the operations to a acquisitions based of saving as variable relation in compared recorded period as to loss $X.X class to conversion. the The which acquisitions quarters. a for $XX.X million of prior $X compared net an $X.X The lawsuit. and profit million, in in million net related to first Operating debt to we in and related a million. will compared $X.X of $X.X almost the related The matters, repaid as charge to $XX.X principally investor which $X.X and of the prior million class However, compared expense action charges then to in quarter the fixed million of represents gross China coming $X.X legal to period. advice action loss period. was of in expense was in action growth operating debt, increase compared as lawsuits. loss were well, fees, million period restructure to in period. outstanding Professional quarter. and starting a settlement $XX.X raise new GAAP Gross Interest the outstanding the advice first services legal to result the a inquiries, to $X.X arising growth prior for to and prior the $X.X the million from million XX%. price the first revenues has for in for mergers million was The million million in from the XXXX. regulatory in was fees in cost operations return as to was the expense. of represents U.S. was The quarter included currently loss convertible a application was $XX the from The of was We the conversion a lawsuits. fees in in the related consulting related prior general The million increase million the relations corporate of the to

quarter to is team growth. Ideanomics demonstrate a million results Timios includes tax China first in over include into charging, the We out quarter remarks. sales non-cash that assets the the the to is to complete acquisition my the fruit our positioned the of Milestones in us. the and customers. In EV the gain company's rapid recorded quarter we business capitalize $XXX consecutive work sector the This of SXFXC Tony. a recruited of additional and XX of line and on of financing for model and to build U.S. bearing million opportunities. to an Ideanomics attractive the company of integrate revenue the That balance arising is our very in from concludes a well poised general, WAVE. I'll offering acquisition great of growth, last EV for get and sheet end-to-end the $XX.X conclude, the to ahead To opportunities months opportunities on benefit, fifth in cash back achieved for need summary, the take quarter members advantage that first

Tony Sklar

session. remarks you everybody's the prepared thank concludes management, favorite Conor. time, our very this Well, is That Q&A by I much, know and

mind, So Victor, to, or if on is hand. could give are instructions the there you operator, folks you if how wouldn't some

Operator

Capital question your from Craig Partners. ROTH [Operator Please proceed Instructions] first Our Irwin with question. comes with

Craig Irwin

Good evening impressive? the strong congratulations on and quarter,

Alfred Poor

you, Craig. Thank

Craig Irwin

there. about I mean, The products? drivetrain more engineering known the for he wrote first of fertilizes ask known today the What the a customers, little in is existing that the to components bit learn and we've name business unique electrification. very I over success many contribution a years rapidly to using Hybrid. a revenue where Abas his book but are repeatable of Dr. see you for are projects color the doing legend potential acquisition a demanding there about all This that U.S. really Abas company? rest bit you technology out is the textbook, for literally the this on for given and wanted of of students do question the XXXX? see a is for course technology more that Or I is is innovation know across is,

Alfred Poor

excellent take me to Thank Do Kristen, this you I'm would so. either to question. question? like question? of you want take an you, do Craig. to for this It's us happy

Kristen Helsel

Alf, start, any can if appropriate. you can and add I color

Alfred Poor

mentioned his of interesting. Absolutely, for pretty to so This the They've thank Craig. energy the probably in and years. past clean you, team Yes, OEMs worked sector. much Dr. Abas as vehicles the is and you and aerospace been and forefront defense zero-emission at from the emission at the XX low space everyone

eight So have innovation working him fully a served nine for there reach Abas start opportunity an - to his and is to produce every of on him center the up for to the year. that's lot units. seven and technologies of everything industry, something is his believe Abas from take the team future. to in to and figures licensing an figures folks into We healthy of in relied is prototypes allowed revenues him revenue

deal the conditions, it's few it month. this by to of closed closing close end hopefully traditional the a should still haven't We yet, - subject

been too him business. actively looking for an year to the this the figures believe seven to market eight partner in impact figures speak So probably to off, scale is we but the chances have growth. certainly to He's this from help business a to poised is early for pushing

with everybody's potential to hydrogen the much his partner. fortunate fuel and industry he EV such were is chose chord enough for And the we as radar. him us right Now strike the on cells very as

an revenue others and business we into for the dollars produce up is next of years. this over the OEMs move nine that a innovation figures millions So, of expect and to year hub figures few and a being does that eight

Craig Irwin

really It to fit looks the portfolio. Excellent, like congratulations. well a amazing

wanted Can for in a ask reported $XX the this little escrow market? quarter. in with levels that may so year? full persist the some business very interesting changes title of this are the so I Timios something in that thing business year strong you business, explain healthy Second persist margins and alchemy can over think last why year, something on Or be But million course I that going also is year, revenue to and in to to short-term did it this of pretty there? $XX.X the million is, you the seems strength, are the given the and bit likely is those they course over nature this the one-time about contributed profit

Alfred Poor

in incredibly well. business the companies obviously active, the market did Timios So Timios refinancing mortgage the and purchasing is like is involved

environment. what happen long with interest low interest rates a we interest So, perform are weeks like in know a a expect can rate we will There where low, was inflation. rates may period Timios as don't for to looked it of couple remain increase as to continue We well.

which aggressively that, inflation a we're uptick if Timios. business, in opened impact going up in be is that see to an very plans. and support a said, real headwinds we of we with those interesting. are Typically, the see They've But rates. that I everyone's uptick corresponding growth concerned do to their businesses like think types looking

very them within for forward and looking Group to So have business we're a in we strong vibrant us, Capital revenues more Ideanomics' the from future.

Craig Irwin

Thank build assembly and capital into when maybe you update potential plant to an much Indonesia describe new Can larger the last I shipped? is on sketched volumes delivery you. the for And out Technologies Indonesia? say My question mopeds. the is and Treeletrik in motorcycles there us or if needed Tree Malaysia have should for into about you schedule are being

Alfred Poor

timeline part the wise for CFO deliveries Conor Teoh. you begin any There to the beyond an with don't Craig and were we a are that. obviously, of We the of address slower. more know, is been well impacted. first quite July as international the supply the that it's his to tune in deliveries any Things includes a say question, so as little that start part But wouldn't which delays Yes, until moving perhaps Treeletrik, I'll chain early at. before QX. original second to look conversation automotive in has Richard We and foresee part opportunity at was starting mopeds were motorbikes

finished in delivered Indonesia said. from Malaysia the is we in think begin terms into in we product vehicles So previously of being QX that as will

In is facility, light this of be to terms assembly going the assembly.

on the thing. this coming siding and the isn't This steering, the in a plastic that on subcomponents. seats type putting call be heavily putting is they the of will So, battery, the assembly putting and vehicles around, of wheels, inserting the what

the put So dollars at further for we're know to facility have some if in don't and Conor? you looking cost a couple million shouldn't the comments, now. us any place more U.S., of and facilities, than I

Conor McCarthy

Your comments - this stuff plan, is capital the so like It's things like that. in assembly. of the money, - intensive page Alf there's many right on light bikes none and a the

time, think of range So million looking this - we at so assembly $X.X the line. are the million to will investment $X.X at in in we it be

Craig Irwin

was to the well, say much getting going now. hop all busy very in a Excellent, done progress. back should this you. quarter. and so I Thank this queue congratulations on I'm

Alfred Poor

Thank you, Craig.

Operator

Thank you.

your from Our Siu question. Mackie Nelson Please next Research. with comes question proceed with

Nelson Siu

is… again on everyone, My your question great congratulations Hi, and quarter.

Alfred Poor

you. Thank

Nelson Siu

investing it in included where of will And going the that? been be focus had planning. of company to Are human The you continued capital? strategic

Alfred Poor

revenues our Hybrid team capital the the as of Human amount We've as team service capital some acquired WAVE the internally needs to as mean I it. through recently. of business tremendous U.S. human course every grow well to grow people

team we So a I terms strong think there. in innovation, of have

also, had. I management positions filling coming Ideanomics, and open of number general XXXX are close the company. continue the think broadly more people, the candidate kind within but open hiring out of the We'll tiers of we are to We but we throughout

teams very bring approved. out closing people roles that hear pretty with we're close I the has in HR Our we think ability the to to and open we that been pleased

Nelson Siu

Okay, great. Thanks question. for answering my

Alfred Poor

Thank you.

Operator

Our Sean comes your Macdonald next with Partners. question with proceed question. Acorn Please from Management

Sean Macdonald

much, on phenomenal Thank again you and very quarter. congratulations a Ideanomics

Alfred Poor

Thank you.

Sean Macdonald

twofold. I question be note. like that I guess One thing my to would Actually would

that portfolio not portfolio, Hybrid over maybe Hybrid level bit integrated are your this lot that into the on in their generating process? acquisitions folded well vehicles, own be Regarding already explain touched then into some to their could your had fully and little once generated last for or components U.S. asset this? fuel that will assume newest apologize for being revenues would a on from products only own revenues that integrating Hybrid your services a cells is from in existing of And Ideanomics? drivetrain if been components, from transition going but I these phenomenal U.S. revenues, and high into of branded additional you the so, you allow generate year. the fits your U.S. complete a I own of But you to have

Alfred Poor

of for us much strategic because of focus in question, your us I Both Hybrid them offer preamble. so Sean. cross on Thanks to WAVE acquisition the for and did our capability very are commercial this sector. the mention U.S. vehicle sell. the

So, sell bus, system WAVE's that I by charging when sell we can truck we it. mean a inductive a or with

made we the in there through DC-DC to the One U.S. and needs acquisition be all, These acquired made America of are don't they chain, do wheels, want in are that's of the key and to of the think made type have the about global have really be automotive we've that is cells, of you such the The in in all as If really, is seats, because Hybrid a just what drivetrains, incomplete the electric Biden technologies we you fuel administration supply the but America now. a these windows, technology. component. important care an that's America, things underscored understanding put components assembly here, converters people these. that the that

So in you us sorry can as follow-on part of to there It administration is absolutely that that either tech wanted now American but stone why Ideanomics by jobs? it were second innovation? and acquisitions providing always we And pretty that really American to for take time terms is in this quickly fund, deliberate as - U.S. of case the deals Sean? stepping helping to could acquiring up say, where important question, period done back know. is, us. a Hybrid. going for was acquisition Biden can WAVE be important that's was a put it was as the Is the that been acquisitions what's your the What they're they the couldn't the really have to, was close but so acquiring and time, us a very get

Sean Macdonald

entity And was there part Sure, the out on a a as are attention. lot market. question U.S. sole of as gotten second of so the and services than my again Hybrid has their products anything much different

vehicles and wholly the this comes actually products vehicles? to exclusive will drivetrains and on into also when you Hybrid their a allow your will services to subsidiary own to additional U.S. pursue cells or core be transitioning the it own, owned your fuel components and So the

Alfred Poor

Abas things. important sell make even them end to exporting by his be this exclusive OEMs technologies America, It can as and can to in those The the et feature two and a to cetera, available Europe, we looking licensed technologies are help well not have well. so vehicles be The country One, partner the Latin our if make for scale. easily best-in-class very meet is vehicles America requirements we sure globally purchasing in Hybrid with OEMs will for they made also them vehicles. the really but our to is as do are to do U.S. scaled to up they and that as other intention team

innovation really see threads we So keep there one, two the pipe going.

products technologies can how and those broader but we automotive we to and their the and sector. technologies Okay, sell bifurcates it then into license use how out

Kristen Helsel

has things done able commercial last years. what to of most leverage Sean fuel support they're the to industry cell some being add forefront really the Alf, we want where he is the innovation Goodarzi at provide that I all that the his we part can well. keep important to think doing second over additional color opportunity. his the as doing to advance staying What sector the here think I this and sector, Dr. team some EV XX of What's Ideanomics team, can is and

around products in things not products only world. can and of huge and So develop our work, this in fully start but products of country, catalog taking that and the lots putting those to

Sean Macdonald

Great appreciate well, I it. sense. that makes

Alfred Poor

Thank you.

Operator

the at Sklar floor no Tony turn any back this like There for to I'd are further questions comments. to closing time.

Tony Sklar

all much, call. Ideanomics' the very that time is today, have This will investors we the and conclude everybody. XXXX you this first Thank quarter

team very excited Our XXXX. rest of for is the

and to shown reach will demonstrated out we to have with this very have Q we us. some think particular continued excitement, our to and allow come I great with we numbers and community

well sign-up manner. media their marketing Thank you social creation call. I today's amount SEC following us send any and our listeners at and for call. our continuing questions social you, ir@Ideanomics.com. have analysts come the listen to brought that into to We'd are our filings and latest our partners and you timely forget to be you hesitate along but refer call shareholders, who've recommend available further be excited way. can on with our thank find to and events the others to have to new branding, of only Investor all website to in to you in everyone the Don't section as this our urge thank Thank we participating our there. Relations the market and other the taken for please you will www.ideanomics.com. website efforts and from not am that We in to newsletter If we This that other time alerted our operator? news, media on content channels don't like team And link to individually, any explore questions we our those the very to information information of you need. in

Operator

Ladies concludes and web gentlemen, this today's conference.

this participation disconnect a now day. may time. for great your your lines have at Thank and You you

Ideanomics (IDEXQ) 18 May 212021 Q1 Earnings call transcript