Financial Data and Key Metrics Changes - The company reported a record backlog of $1,300 million, the highest in its history, with a $650 million increase in new projects secured during the quarter compared to the previous year [18][19] - Adjusted EBITDA guidance was lowered by $55 million, primarily due to a softer Oregon market and wet weather, with updated guidance for consolidated revenue between $3,100 million and $3,300 million [36][37] - The company ended the quarter with nearly $1,400 million of long-term debt, resulting in a net leverage position of 3.1 times, which is expected to decrease below the long-term target of 2.5 times by year-end [35][36] Business Line Data and Key Metrics Changes - Contracting services revenue declined by 8.5% year-over-year, while asphalt revenue volumes decreased by 9% [28][30] - Aggregate revenue increased due to the acquisition of Strata, with prices improving by almost 12%, although lower volumes impacted gross margins [30][31] - Ready mix volume and price improved, resulting in a 15% increase in revenue, with significant contributions from the Central segment and higher demand in Hawaii and Alaska [31] Market Data and Key Metrics Changes - In Oregon, aggregate volumes were down about 25% year-over-year, significantly impacting consolidated financial results, with over 50% of EBITDA variance attributed to this state [11][28] - The company noted strong demand in California, Hawaii, and Alaska, with aggregate volumes up almost 60% in Alaska and a 30% increase in contracting services revenue in California [12][31] - Record DOT budgets in the company's operating states are growing at 14% for fiscal year 2026, compared to just 3% for the U.S. average [19][80] Company Strategy and Development Direction - The company is focused on its competitive edge strategy, aiming for a long-term goal of a 20% adjusted EBITDA margin, with multiple paths identified to achieve this [20][100] - Recent acquisitions, including Kramer Trucking and High Desert Aggregates, align with the company's growth strategy and are expected to enhance its market presence [21][22] - The company continues to invest in process improvement teams to drive standardization, cost control, and pricing optimization [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of unfavorable weather and project delays in Oregon, but expressed confidence in the overall demand for infrastructure work and the company's ability to recover [5][36] - The integration of Strata is progressing well, and management remains optimistic about the contributions from recent acquisitions [41][58] - The company expects to see improved volumes and pricing in the second half of the year, driven by a strong backlog and favorable market conditions [20][30] Other Important Information - The company has maintained an active deal pipeline and continues to pursue acquisitions and organic growth opportunities that fit its strategic goals [23][90] - SG&A expenses increased by $9.7 million due to overhead costs from acquisitions and higher business development costs, but are still in line with expectations [32][33] - The company anticipates maintenance capital expenditures to be 5% to 7% of revenue for the full year [34] Q&A Session Summary Question: What are the expectations for the Oregon market in the second half of the year? - Management noted that the integration of Strata is on track, but the Oregon legislature's failure to pass a comprehensive transportation funding bill is a concern, impacting paving work for the year [41][42][43] Question: What factors might drive lower margins in the backlog? - Management indicated that shifting revenue from higher-margin Oregon to other regions and larger projects with lower margins are contributing to the lower margins observed [48][49] Question: How sustainable is the improvement in aggregate pricing? - Management credited the disciplined implementation of dynamic pricing and the acquisition of Strata for the improved average selling price, raising guidance for pricing increases to high single digits [50][51] Question: How are the Strata and Albina acquisitions performing? - Both acquisitions accounted for about 8% of total revenue for the quarter, with expectations for increased contributions in the second half of the year [59][60] Question: What is the company's appetite for M&A? - Management expressed a strong focus on integrating Strata while maintaining an active pipeline for future acquisitions that align with the company's growth strategy [90][91]

Financial Data and Key Metrics Changes - The company reported a record backlog of $1.3 billion, the highest in its history, with $650 million in new projects secured during the quarter, a $250 million increase from the same time last year [16][17]. - Adjusted EBITDA guidance was lowered by $55 million, primarily due to headwinds from a softer Oregon market and wet weather, with updated guidance for consolidated revenue between $3.1 billion and $3.3 billion [33][34]. Business Line Data and Key Metrics Changes - Contracting services revenue declined by 8.5% compared to last year, while asphalt revenue saw a 9% decline, although gross profit per ton improved by almost 8% [26][28]. - Aggregate revenue increased due to the acquisition of Strata, with prices rising by almost 12%, but lower volumes and production costs impacted gross margins [29]. - Ready mix volume and price improved, resulting in a 15% increase in revenue, with dynamic pricing contributing to an 8% price increase over last year [29]. Market Data and Key Metrics Changes - The Oregon market faced significant challenges, with aggregate volumes down about 25% year-over-year, impacting overall financial results [10]. - In contrast, the West region, particularly California, Hawaii, and Alaska, saw strong performance, with aggregate volumes up nearly 60% in Alaska and a 30% increase in contracting services revenue in California [11][12]. Company Strategy and Development Direction - The company is focused on a competitive edge strategy aimed at improving EBITDA margins, with a long-term goal of achieving a 20% adjusted EBITDA margin [19][98]. - Recent acquisitions, including Kramer Trucking and High Desert Aggregates, align with the company's growth strategy, targeting mid-sized high-growth markets [20][21][88]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of unfavorable weather and project delays in Oregon, but expressed confidence in the overall demand for infrastructure work and the strength of DOT budgets in other states [5][9][27]. - The company remains optimistic about the second half of the year, expecting strong demand and volume growth driven by record backlog and ongoing infrastructure investments [19][24]. Other Important Information - The company has maintained a strong focus on dynamic pricing initiatives, which have contributed to improved pricing across product lines [23][96]. - SG&A expenses increased by $9.7 million due to overhead costs from recent acquisitions, but the company expects these costs to align with previous guidance for the year [30][31]. Q&A Session Summary Question: What are the expectations for the Oregon market in the second half of the year? - Management noted that the integration of Strata is on track, but the Oregon legislature's failure to pass a comprehensive transportation funding bill may delay paving work [39][40][41]. Question: What factors might drive lower margins in the backlog? - Management indicated that shifting revenue from higher-margin Oregon to other regions and the nature of larger projects could contribute to lower margins [46][47]. Question: How are the Strata and Albina acquisitions performing? - Both acquisitions are performing well, contributing about 8% to total revenue for the quarter, with expectations for increased contributions in the second half of the year [58][61]. Question: What is the company's approach to dynamic pricing? - The company is approximately 50% through the implementation of dynamic pricing, which has shown positive momentum and is expected to contribute to achieving the long-term EBITDA margin goal [96][98].

Core Insights - The collaboration among Optiva Inc., PlektonLabs, and Qeema focuses on a TM Forum Open Innovation Catalyst project named INFINITY, aimed at unlocking revenue through dynamic pricing and APIs in the telecommunications sector [2][3][6]. Group 1: Project Overview - The INFINITY project introduces a dynamic pricing solution that allows telecom companies to adapt pricing in real-time based on customer needs and network utilization, thereby creating new revenue streams [3][4]. - The project will be showcased at the DTW25 Ignite event in Copenhagen from June 17-19, 2025 [2][8]. Group 2: Benefits of Dynamic Pricing - Dynamic pricing enables telecom operators to adjust prices based on real-time demand, optimizing network capacity and enhancing customer experience [7]. - The approach allows for monetization of API ecosystems and tailored packages for B2B2C, generating new revenue streams [7][6]. - By leveraging AI and real-time network telemetry, the INFINITY project simplifies API discovery and supports dynamic quote management, facilitating easy monetization and real-time ordering [7][5]. Group 3: Industry Context - The need for dynamic pricing is emphasized as critical in the rapidly evolving telecom landscape, moving operators beyond traditional static pricing models [4]. - The project aims to transform telecom networks from cost centers into agile profit engines by capitalizing on advanced features like network slicing [4][6].

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 increased by 24.9% year over year to almost $900 million, driven by increased capacity, higher occupancy, and higher revenue per passenger cruise day (PCD) [17][18] - Adjusted gross margin rose by 23.8% year over year to $613 million, resulting in a net yield of $544, which is 7.1% higher than Q1 2024 [18][19] - Adjusted EBITDA for Q1 totaled $73 million, improving by over $77 million compared to the same quarter last year, marking a significant year-over-year increase [19] Business Line Data and Key Metrics Changes - **River Segment**: Capacity PCDs increased by 22.3% year over year, with occupancy at 93.9%, about 180 basis points higher than last year. Adjusted gross margin grew by 21.5% year over year, while net yield was $593, down 2.7% year over year [20] - **Ocean Segment**: Capacity PCDs increased by 10.4% year over year, with occupancy at 94.4%, in line with last year. Adjusted gross margin increased by 25.3% year over year to $395 million, and net yield was $499, up 13.6% compared to the previous year [21] Market Data and Key Metrics Changes - Advanced bookings for 2025 reached $5.5 billion, which is 21% higher than the previous year at the same point in time, with 92% of capacity booked [25] - For 2026, 37% of capacity is already booked with $2.7 billion in advanced bookings, which is 11% higher than the 2025 season at the same point in time [26] Company Strategy and Development Direction - The company focuses on a disciplined growth strategy, emphasizing direct marketing to stimulate demand without resorting to pricing promotions [11][39] - The introduction of the Viking Libra, the world's first hydrogen-powered cruise ship, reflects the company's commitment to sustainability and innovation in the industry [14][15] - The company maintains a strong balance sheet with a net debt to EBITDA ratio of two times, allowing for stability and flexibility in navigating market volatility [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model and consumer demand, noting that bookings have remained strong despite macroeconomic uncertainties [8][14] - The company anticipates mid-single-digit yield growth alongside planned capacity increases, supported by a loyal customer base that prioritizes travel experiences [39][68] Other Important Information - The company has a total cash and cash equivalents of $2.8 billion as of March 31, 2025, with an undrawn revolver facility of $375 million [22] - Committed capital expenditures for 2025 are expected to be about $850 million, with $1.1 billion projected for 2026 [23] Q&A Session Summary Question: Pricing and Promotions - Management confirmed that they have not turned to pricing promotions for future seasons, indicating that pricing dynamics are nuanced and dependent on inventory sold [38][39] Question: Booking Window Changes - Management stated that there have been no material changes to the booking window, which remains similar to prior years [41] Question: Diverging Net Yield Growth - Management explained that the ocean segment typically operates year-round, while the river segment has a seasonal nature, affecting yield comparisons [45][48] Question: Consumer Demand Signals - Management indicated that booking pace is closely monitored, and they would engage consumers directly to stimulate demand if necessary [54][56] Question: Impact of Geopolitical Situations - Management confirmed that they are ready to reactivate ships in Russia and Ukraine if geopolitical conditions improve, which would contribute positively to EBITDA [104][105] Question: Cost Management - Management emphasized a strong internal discipline in cost management, focusing on enhancing margins while ensuring product quality [118][119]

Summary of Frontdoor (FTDR) FY Conference Call - May 13, 2025 Company Overview - Frontdoor is the only publicly traded home warranty company, operating on a subscription-based model that protects homeowners from inevitable breakdowns in their homes [4][5] - The company covers 29 systems and appliances, including HVAC equipment, and offers three service plans [5] - Frontdoor has a member base of over 2,100,000 and aims to leverage this for non-warranty initiatives, including partnerships and new service programs [6] Core Business and Financial Performance - The company has seen a record year of profitability and expects continued growth in 2025, having stabilized its core home warranty business [9][12] - Frontdoor reported $117 million in free cash flow in Q1, with projected revenues exceeding $2 billion [12] - The company has diversified its revenue streams and improved customer retention rates, achieving record levels [11] Industry Insights - The home warranty industry has been stagnant, with a total addressable market (TAM) of 15 million home service plans in the U.S. [14] - The company aims to increase market penetration through innovative marketing and improved value propositions [17][18] - Frontdoor has introduced a video chat feature that allows homeowners to troubleshoot issues, resulting in 17% of users resolving problems without needing a service call [16][50] Non-Warranty Initiatives - Frontdoor has launched a new HVAC program projected to become a $100 million business by 2025, offering members significant discounts on new equipment [20][22] - The company is expanding its non-warranty services to include water heaters and roof repairs [20] Macro Environment and Tariffs - In Q1, Frontdoor experienced zero inflation and no immediate impact from tariffs, although future price increases from suppliers are anticipated [26][28] - The company has built protections into its guidance to account for potential tariff impacts and inflation [32][33] Customer Acquisition Channels - The real estate market has faced challenges, with a forecast of 4 million homes sold in 2025, down from 6 million in previous years [37][38] - Direct-to-consumer (DTC) channels have shown organic growth, with a 4% increase in Q1 and a total growth of 15% including the acquisition of two ten [41][42] Pricing Strategy - The average price of a home service plan has increased from over $700 to nearly $900, with a 4% price increase planned for the year [60] - Frontdoor employs a dynamic pricing strategy that allows for tailored pricing based on individual customer circumstances, contributing to strong retention rates [62][64] Acquisition of Two Ten - The acquisition of Two Ten is expected to yield $10 million in synergies in the first year, with potential for $30 million in the coming years [56] - This acquisition enhances Frontdoor's access to new markets and customer bases, particularly in the home structural warranty sector [54] Retention and Member Experience - The company has achieved an all-time high retention rate, driven by improved contractor relationships and a focus on member experience [57] - Approximately 84% of members are on monthly auto-pay, which supports renewal rates [59] Capital Allocation Strategy - Frontdoor maintains a strong financial profile with a leverage ratio of 1.9, allowing for aggressive share repurchases and continued investment in growth [73][75] - The company has increased its share repurchase program from $180 million to over $200 million [73] Future Outlook - Frontdoor is focused on leveraging its core business while expanding into non-warranty services, aiming for a more diversified revenue stream [85][86] - The management expresses confidence in the resilience of its business model and the potential for future growth through innovation and partnerships [85][86]

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 [6][21] - The passenger segment revenue grew 42% year-over-year excluding Canada, marking the first adjusted EBITDA profitable quarter since going public [6][7] - Medical revenue remained roughly flat year-over-year at $35.9 million, with significant monthly variability observed [14][15] Business Line Data and Key Metrics Changes - Passenger segment adjusted EBITDA improved by $2.7 million year-over-year, reaching $6.3 million as of Q1 2025, up from $3.6 million in Q4 2024 [7][13] - Short distance revenue increased by 28.1% year-over-year, primarily driven by growth in Europe [13] - Jet and Other revenue increased by 60% year-over-year due to higher flight volume and revenue per flight [13] Market Data and Key Metrics Changes - The European market showed strong revenue growth attributed to restructuring efforts, with approximately $6 million in revenue for Q1 [43] - The company expects ongoing year-over-year benefits from cost and restructuring actions in the passenger segment [8][11] 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 [12][21] - The transition from helicopters to eVTOL is seen as a significant opportunity, with expectations for deployment in late 2025 to early 2026 [61] - The company aims to enhance customer service by positioning dedicated aircraft closer to customers, resulting in improved service and reduced repositioning costs [36][54] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainties but expressed confidence in the resilience of their higher-end consumer base [10][24] - The company expects to see improved medical segment adjusted EBITDA margins in the second half of 2025, despite elevated maintenance downtime in Q2 [22][23] - Management remains optimistic about the passenger segment's performance, particularly in Europe, and anticipates continued growth in the medical segment [29][34] Other Important Information - The company ended Q1 2025 with $120 million in cash and short-term investments, providing flexibility for strategic investments [20] - The company has implemented a withhold to cover method for taxes on employee stock-based compensation, effectively reducing outstanding shares [20] 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 mobility, with expectations for better performance in the second half of the year [28][34] Question: Revenue contribution from Europe and sustainability of growth - Approximately $6 million of revenue was generated from Europe in Q1, with expectations for seasonality affecting future performance [43] Question: Capital allocation priorities - The company focuses on tactical and strategic medical acquisitions, organic growth initiatives, and has a buyback authorization in place [44] Question: Bookings trends and impact of recent issues - Bookings for summer appear better than last year, but the company is monitoring the situation at Newark closely [48][51] Question: Repositioning aircraft strategy - The company has added 50% more dedicated aircraft, improving service delivery and reducing repositioning needs [53] Question: eVTOL deployment timing and route extensions - eVTOL deployment is expected in late 2025 to early 2026, with potential for new landing zones and route extensions [58][61] Question: Update on New Jersey site operations - The Newport Heliport is primarily used for charter services, and the company aims to manage more heliports in its service area [65]

Financial Data and Key Metrics Changes - Net income from continuing operations increased by 67% to $107 million in Q3 2025 compared to the prior year, while revenues were $2 billion, up 1% despite currency headwinds [6][24] - Total segment EBITDA rose 12%, with overall margin expanding from 13% to 14.4% [6][24] - Adjusted revenues increased by 2%, and adjusted total segment EBITDA grew by 15% [7][24] - Reported EPS from continuing operations doubled to $0.14, while adjusted EPS was $0.17 compared to $0.13 a year ago [7][24] Business Line Data and Key Metrics Changes - **Dow Jones**: Revenue grew by 6% to $575 million, with digital revenue accounting for 82% of total segment revenues [25][26] - **Digital Real Estate**: Revenues increased by 5% to $406 million, with segment EBITDA up 19% [28] - **Book Publishing**: Revenue rose by 2% to $514 million, with EBITDA increasing by 3% [33] - **News Media**: Revenue decreased by 8% to $514 million, but segment EBITDA grew by 22% [34] Market Data and Key Metrics Changes - Dow Jones digital circulation revenue expanded by 14%, with total consumer subscriptions surpassing 6 million [11][25] - REA maintained a significant audience lead, with nearly four times as many average monthly visits as Domain [14] - News Corp Australia's news.com.au achieved 292 million page views per month, making it the number one digital news brand [19] Company Strategy and Development Direction - The company is focusing on three core pillars of growth: Dow Jones, digital real estate, and book publishing, following the sale of Foxtel [7][22] - Continuous exploration of structural options to maximize shareholder returns is emphasized, with a commitment to quality journalism [9][62] - The company aims to enhance its digital offerings and capitalize on the growth of AI while protecting its intellectual property [10][9] Management's Comments on Operating Environment and Future Outlook - Management believes the current political turbulence is temporary and anticipates robust growth potential in the U.S. economy [5][6] - The company is monitoring economic trends closely and expects the direct impact of tariffs to be immaterial [22] - Future growth is expected to be driven by the professional information business and digital revenue streams [35][46] Other Important Information - The sale of Foxtel resulted in a significant reduction of debt on the balance sheet and provided cash for further investments [7][8] - The company has been upgraded to investment grade by Moody's and S&P, enhancing its financial flexibility [8][53] Q&A Session Summary Question: Insights on Dow Jones investment rate for Q4 - Management indicated no significant increase in investment, focusing on both consumer and professional information business growth [38][40] Question: Impact of Factiva dispute on Q4 - A smaller impact from the Factiva dispute is expected in Q4 compared to Q3, with ongoing improvements anticipated [44][46] Question: Capital allocation strategy and M&A opportunities - The company is focused on its three core pillars for potential acquisitions and will not overpay for businesses [51][52] Question: Simplification of the company structure - Management highlighted the Foxtel deal as an example of their willingness to make significant structural decisions for shareholder benefit [57][60] Question: Dow Jones subscriber pricing strategy - The strategy to convert promotional subscribers to higher-paying plans is proceeding well, with a 7% increase in total subscriptions [65][66] Question: Churn impact from pricing changes - Management is learning about price elasticity and aims to reduce churn while maximizing revenue through dynamic pricing strategies [70][71]

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 [22] - Adjusted earnings per share were $0.51, down from $1.34 in Q1 2024 [22] - The Asset Based segment saw a $27 million decrease in operating income, while the Asset Light segment's non-GAAP operating loss improved by $4 million year-over-year [22] 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 [23] - Daily shipments in the Asset Based segment were flat year-over-year, while weight per shipment decreased by 4%, leading to a 4% decrease in tons per day [23] - Asset Light segment revenue was $356 million, a daily decrease of 9%, with shipments per day down 4% [28] 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 [26] - The pricing environment remains rational, with a 4.9% average increase on contract renewals during the quarter [25][51] - The company anticipates a non-GAAP operating loss for the Asset Light segment of between $1 million and $2 million for Q2 2025 [30] Company Strategy and Development Direction - The company is focused on driving profitable growth, advancing premium service for customers, and optimizing efficiency [11] - 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 [5][32] 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 [10] - The leadership team highlighted a disciplined approach to pricing and operational efficiency to outpace rising costs [25][66] - Management noted that customer relationships remain strong, with 80% of revenue coming from long-term customers [67] Other Important Information - The company has a capital expenditure guidance of $225 million to $275 million for 2025, focusing on maintenance and strategic investments [30] - Approximately $350 million in available liquidity is reported, indicating a strong balance sheet [31] Q&A Session Summary Question: Near term setup and profitability outlook - Management expects normal seasonality to drive revenue increases and continues to target cost reductions aligned with business levels [34][36] 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 [38][66] Question: Pricing environment and competitive landscape - Management indicated that the pricing environment remains rational, with no significant pressure from competitors to lower prices [51][52] Question: Retail exposure and inbound traffic from China - The company has around 10% exposure to the retail sector, with varying impacts from inbound traffic from China [78] Question: Strategies in a stagflation environment - Management emphasized operational efficiencies and strategic investments to navigate inflationary pressures while maintaining service levels [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][24] - Adjusted EBITDA for 2024 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][24] - 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 5,000,000 at the end of 2023 to 1,660,000 at the end of 2024, while registered drivers grew from 107,000 to 262,000 [22][24] - The average daily two-wheeled electric vehicles deployed fell 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 four of the largest cities, which account for 50% of the country's GDP and 34% of its population [9][10] - Turkey has a significant opportunity for ride-hailing services, with a projected annual revenue potential of $3,000,000,000 in the ride-hailing business [12][14] Company Strategy and Development Direction - The company has shifted its primary focus to ride-hailing, with plans to continue investing in this area while implementing profitability-enhancing measures [5][6] - The strategy includes expanding to additional cities in Turkey and refining the dynamic pricing engine to increase take rates [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the ride-hailing market in Turkey, citing the lack of existing competition and the high demand for tech-enabled mobility solutions [31][39] - The company aims to almost double its revenue to $34,000,000 in 2025 and achieve positive adjusted EBITDA, excluding any incremental investments [24][25] Other Important Information - The company completed the acquisition of Zoba, an AI-powered software platform, to enhance operational efficiency in its two-wheeled electric vehicle business [15][17] - The share repurchase program allows the company to buy back up to $3,500,000 of its ordinary shares at a price per share of $6 through October 2025 [25] Q&A Session Summary Question: Can you talk about the dynamic pricing and its impact on monetization? - The dynamic pricing algorithm has improved match rates by adjusting prices based on demand and supply fluctuations, leading to better metrics [30] Question: How is the driver supply growing? - The company is experiencing strong growth in driver applications due to the high demand for tech-enabled urban transportation in Turkey [32] Question: How has the competitive environment evolved? - The company holds a first-mover advantage in the ride-hailing market and is prepared for competition, which is expected to be limited to a few players [39] Question: What is the regulatory backdrop for ride-hailing in Turkey? - The company is working on establishing full regulations for ride-hailing, with a belief that the market will eventually align with global standards [42][43] Question: What are the assumptions behind the 2025 revenue guidance? - The guidance assumes continued operations in existing cities without new city launches and a similarly sized general and administrative team [51][52] Question: What is the current 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 [74][75] Question: How does the company balance growth and profitability? - The company remains focused on growth in the ride-hailing market, with plans to explore other verticals only after fully capturing the ride-hailing opportunity [87][88]