Financial Data and Key Metrics Changes - The company reported an 11% revenue growth excluding Canada, with a year-over-year improvement in adjusted EBITDA of $2.3 million [7][9] - Adjusted EBITDA for the passenger segment improved by $2.7 million year-over-year, reaching $6.3 million as of Q1 2025, up from $3.6 million in Q4 2024 [9][16] - Medical revenue remained roughly flat year-over-year at $35.9 million, with significant variability in monthly growth trends [17][20] Business Line Data and Key Metrics Changes - Passenger segment revenue grew by 42% year-over-year excluding Canada, marking the first adjusted EBITDA profitable quarter since going public [7][9] - Short distance revenue increased by 28.1% year-over-year, primarily driven by growth in Europe [16] - Jet and Other revenue increased by 60% year-over-year due to higher flight volume and revenue per flight [16] Market Data and Key Metrics Changes - The European market showed strong revenue growth attributed to restructuring efforts, which improved operational efficiency and customer experience [8][16] - The medical business is expected to benefit from strong underlying transplant volume growth, with industry transplant volume rising 7% year-over-year [24] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, evaluating investments in aircraft and medical acquisitions to strengthen its competitive position [14][45] - The transition from helicopters to eVTOL is seen as a key strategic direction, with expectations for deployment in late 2025 to early 2026 [62] - The company aims to enhance profitability through cost rationalization initiatives and restructuring efforts, particularly in the passenger segment [10][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged economic uncertainty but expressed confidence in the resilience of their higher-end consumer base and ongoing demand in leisure markets [12][32] - The company expects continued revenue growth in the medical segment, with double-digit growth anticipated for the year [24][25] - Management noted that maintenance downtime is expected to moderate in the second half of 2025, leading to improved adjusted EBITDA margins [20][25] Other Important Information - The company ended the quarter with no debt and $120 million in cash and short-term investments, providing flexibility for strategic investments [23] - The company has implemented a withhold to cover method for taxes on employee stock-based compensation, effectively reducing outstanding shares [22] Q&A Session Summary Question: Themes for the year regarding passenger and medical segments - Management highlighted improved profitability in the passenger segment and the impact of maintenance on medical revenue, with expectations for better performance in the second half of the year [28][30] Question: Revenue contribution from Europe and sustainability of growth - Management confirmed approximately $6 million of revenue from Europe in Q1, attributing growth to restructuring and improved service [44] Question: Capital allocation priorities - The company is focused on tactical and strategic medical acquisitions, organic growth initiatives, and has a buyback authorization in place [45][46] Question: Bookings trends and impact of recent issues - Management noted that bookings for summer appear better than last year, but emphasized the on-demand nature of their service [50][53] Question: Repositioning aircraft strategy - Management explained that repositioning will always be part of the business, with a low to mid single-digit revenue headwind expected [71][72] Question: Impact of economic conditions on aircraft acquisitions - Management stated that there is no impact on their aircraft acquisition strategy, with plans to add a low single-digit number of aircraft over the next year or two [75][76]

Financial Data and Key Metrics Changes - Consolidated revenue decreased by 7% year-over-year to $967 million, with non-GAAP operating income from continuing operations at $17 million compared to $43 million in the prior year [24] - Adjusted earnings per share were $0.51, down from $1.34 in Q1 2024 [24] - The Asset Based segment saw a $27 million decrease in operating income, while the Asset Light segment's non-GAAP operating loss improved to $1 million from $4 million the previous year [24] Business Line Data and Key Metrics Changes - Asset Based business revenue was $646 million, a daily decrease of 3%, with an operating ratio of 95.9%, an increase of 390 basis points year-over-year [25] - Daily shipments in the Asset Based segment were flat year-over-year, while weight per shipment decreased by 4%, resulting in a 4% decrease in tons per day [25] - Asset Light segment revenue was $356 million, a daily decrease of 9%, with shipments per day down 4% due to a strategic reduction in less profitable truckload volumes [29] Market Data and Key Metrics Changes - In April 2025, the Asset Based business achieved a 4% year-over-year increase in daily shipments, despite a 3% decrease in weight per shipment [28] - The pricing environment remains rational, with a 4.9% average increase on contract renewals during the quarter [27][53] - The company noted a decline in shipments within the manufacturing vertical, impacting revenue per hundredweight [28] Company Strategy and Development Direction - The company is focused on driving profitable growth, advancing premium service for customers, and optimizing efficiency [13] - Investments in technology and operational efficiency are expected to enhance service levels and reduce costs [89] - The company is adapting to changes in trade policies and tariffs, aiming to support customers in navigating these challenges [6][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite challenges in the freight environment [12] - The leadership team highlighted a disciplined approach to pricing and operational efficiency to outpace rising costs [27][41] - Management noted that while external factors are unpredictable, the company is focused on controlling its operations and maintaining financial discipline [32] Other Important Information - The company expects capital expenditures for 2025 to be between $225 million and $275 million, focusing on maintenance and strategic investments [31] - The company has approximately $350 million in available liquidity, indicating a strong balance sheet [32] Q&A Session Summary Question: Near term setup and profitability targets - Management expects normal seasonality to drive revenue increases and continues to implement cost initiatives to align workforce with business levels [36][38] Question: Tonnage and revenue per hundredweight trends - Management noted a 1% sequential increase in tonnage but a 1% decrease in revenue per hundredweight, attributing this to a mix of easier-to-handle shipments [40][44] Question: Competitive environment and pricing dynamics - Management emphasized that the pricing environment remains rational, with no significant pressure from competitors to lower prices [53][66] Question: Retail exposure and inbound traffic from China - The company has around 10% exposure to the retail sector, with variations between asset-based and asset-light businesses [80] Question: Strategies in a stagflation environment - Management highlighted operational efficiencies and strategic investments as key levers to navigate inflationary pressures [88][91]

Financial Data and Key Metrics Changes - The company generated revenue of $18,700,000 for the year 2024, exceeding the guidance of $16,600,000 by $2,100,000, primarily due to the monetization of the ride-hailing service which began in October 2024 [21] - Adjusted EBITDA was negative $19,300,000, better than the guidance of negative $22,500,000, driven by operational efficiencies in the two-wheeled electric vehicle service [21][25] - Total rides increased from 21,900,000 in 2023 to 31,700,000 in 2024, with unique riders growing from 1,800,000 to 2,100,000 [21][22] Business Line Data and Key Metrics Changes - The number of unique ride-hailing riders increased from approximately 499,000 in 2023 to 1,660,000 in 2024, while registered drivers grew from 107,000 to 262,000 [10][22] - The average daily two-wheeled electric vehicles deployed decreased from 34,600 in 2023 to 32,600 in 2024 due to the gradual decommissioning of the fleet [22] Market Data and Key Metrics Changes - The company is the number one urban mobility app in Turkey, serving over 109,400,000 rides to 5,900,000 unique riders since launch [8] - The company operates in four of Turkey's largest cities, which account for 50% of the country's GDP and 34% of its population [9] Company Strategy and Development Direction - The company has shifted its primary focus to ride-hailing, aiming to double revenue to $34,000,000 in 2025 and achieve positive adjusted EBITDA [7][25] - Plans to expand into additional cities in Turkey are being considered for 2025 and beyond, with a focus on capturing a $3,000,000,000 annual revenue opportunity in the ride-hailing business [11][12] Management's Comments on Operating Environment and Future Outlook - Management believes that Turkey's ride-hailing market is underdeveloped and presents significant growth opportunities, with a strong demand for tech-enabled mobility solutions [12][42] - The company is prepared for competition and believes its first-mover advantage will help maintain market leadership [39][40] Other Important Information - The company has implemented a share repurchase program allowing for the purchase of up to $3,500,000 of ordinary shares [25] - The acquisition of Zoba's AI-powered software has improved operational efficiency in the two-wheeled electric vehicle business, achieving higher daily rides per vehicle [17] Q&A Session Summary Question: Can you talk about the dynamic pricing and its impact on ride-hailing monetization? - Management explained that dynamic pricing adjusts based on demand and supply, significantly improving match rates and overall metrics [30][31] Question: How is the driver supply growing on the platform? - Management noted that the demand for ride-hailing is high in Turkey, leading to strong growth in driver applications and increased activity among registered drivers [32][33] Question: How has the competitive environment evolved? - Management stated that they are the first mover in the market and expect to maintain a dominant position despite potential competition [38][39] Question: What is the regulatory backdrop for ride-hailing in Turkey? - Management indicated that Turkey is working on establishing regulations for ride-hailing, which is expected to align with global trends [41][42] Question: Can you discuss the assumptions behind the 2025 revenue guidance? - Management clarified that the guidance assumes continued operations in existing cities without new city launches and a similarly sized G&A team [52][54] Question: What is the company's cash position and monthly burn rate? - The company reported a cash position of approximately $5,000,000 at the end of the year, with a forecasted EBITDA of $3,000,000 for 2025 [71][72] Question: How does the company balance growth versus profitability? - Management emphasized a focus on growth in the ride-hailing market, with plans to explore other verticals only after fully capturing the ride-hailing opportunity [84]