Summary of CRA International Conference Call - September 17, 2025 Company Overview - CRA International (NasdaqGS: CRAI) is celebrating its 60th anniversary in 2025, founded in 1965 by professors from Harvard and MIT to provide academic quality research to the business world [1][2] - The company operates primarily in two segments: legal and regulatory (approximately 80% of revenue) and management consulting (approximately 20% of revenue) [2][5] - CRA has over 20 offices in 10 countries, with 80% of revenue coming from North America and 20% from international markets [3] Financial Performance - CRA has experienced consistent revenue growth of approximately 8% to 10% annually over the last 15 years [6] - Profitability has grown at an even faster rate, with no debt and operations fully financed through internal cash flow [7] - The company has returned nearly $200 million to shareholders over the past five years, reducing share count by 13% [13][14] - The average price of share repurchases over the last five years was $88, with current trading over $200, indicating strong intrinsic value [8] Shareholder Returns - CRA initiated a dividend in 2016, which has since tripled to $0.49 per share, contributing to an attractive shareholder yield of approximately 6% [15][16] - The company aims to maximize long-term value per share and has a history of effective capital redistribution [8][12] Market Position and Strategy - CRA has worked with 85 of the Fortune 100 companies and 98 of the top 100 law firms in the past two years, indicating strong client retention and repeat business [5][6] - The firm focuses on high-value services and has not expanded into subscription-based revenue models, believing that quality service provides resilience against economic shocks [21][22] - CRA differentiates itself from larger global firms and specialized boutiques by maintaining a focus on its core competencies at the intersection of economics and regulation [27][29] Industry Dynamics - The regulatory environment remains complex, creating opportunities for CRA to assist clients in navigating these challenges [19] - The company anticipates a potential increase in M&A activity as capital becomes cheaper, although there are other complicating factors in executing large deals [30][31] Key Challenges and Opportunities - CRA is adapting to changing client needs and expanding service depth while maintaining its core focus [19][21] - The firm has not experienced direct impacts from regulatory inquiries but is aware of potential budget reductions from regulatory bodies [24] - Pricing power remains strong, with annual price increases of 2% to 4% without significant pushback from clients [25][26] Conclusion - CRA International is well-positioned for continued growth, with a strong focus on quality service, effective capital management, and a commitment to shareholder returns, despite the complexities of the current regulatory and economic environment [17][31]

Crown Castle Conference Call Summary Company Overview - **Company**: Crown Castle (NYSE: CCI) - **Date**: September 17, 2025 - **Speaker**: Sunit Patel, CFO Key Industry Insights - **AT&T Spectrum Purchase**: AT&T's recent $23 billion acquisition of spectrum from EchoStar signals a significant capital allocation shift towards wireless data, indicating its importance in mobile infrastructure usage and spending [4][5] - **Impact on Tower Sector**: The acquisition is viewed positively for the tower sector, as it may compel other carriers to enhance their network leadership and infrastructure, which is beneficial for Crown Castle [5] Management Changes - **New CEO**: Chris LeBrun has recently joined as CEO, bringing extensive experience from Vantage Towers and T-Mobile. His appointment is expected to align with Crown Castle's strategy to focus solely on U.S. tower operations [7][8] Strategic Focus - **Pure-Play Tower Operator**: The company is transitioning to a U.S. tower-only operator, aiming to drive operational efficiencies and growth by concluding the sale of its fiber and small cell business [9][10] - **Growth in 5G Deployments**: Continued focus on 5G deployments is anticipated, with organic tenant billings growth and reduced churn levels being key metrics of success [11][12] Market Trends - **Mobile Data Demand**: Mobile data demand has been growing at a rate of 20% to 30% annually, driven by increased video content consumption and future AI applications [12][13] - **Regulatory Environment**: Positive regulatory developments, including spectrum auctions and easier transaction approvals, are expected to benefit the tower industry [15][16] Financial Strategy - **Capital Allocation**: Crown Castle plans to allocate $6 billion from the sale of its fiber and small cell business to debt repayment, with the remainder for share buybacks. The company aims to maintain a dividend payout of 75% to 80% of its Adjusted Funds From Operations (AFFO) [26][27] Lease Agreements - **Master Lease Agreements (MLAs)**: The company prefers contracts that provide stable, predictable revenue while allowing clients flexibility for equipment upgrades and spectrum changes [19][20] Spectrum Transactions - **SpaceX Discussion**: The economics of satellite data services are viewed as a niche market, with significant challenges in achieving high occupancy rates and utilization due to geographical limitations [28][31] Conclusion - Crown Castle is positioned to capitalize on the growing demand for mobile data and 5G infrastructure, with a clear strategy focused on operational efficiency and market leadership in the tower sector. The recent management changes and regulatory environment are expected to further support its growth trajectory.

Summary of Cybin Inc. Conference Call Company Overview - **Company**: Cybin Inc. - **Lead Product**: CYB003, a deuterated psilocybin compound in clinical development for adjunctive treatment of major depressive disorder (MDD) [1][2] Key Points Product Advantages - **Deuterated Psilocybin**: CYB003 offers advantages over naturally occurring psilocybin by removing the metabolic step, leading to reduced variability and a more stable formulation [2][3] - **Intellectual Property**: Cybin holds over 100 granted patents and more than 250 pending patents related to CYB003, establishing a strong intellectual property position [4][5] Clinical Program - **Paradigm Program**: The Phase 3 program includes pivotal studies named Approach and Embrace, with a total enrollment of 550 patients across both studies [7][9] - **Study Designs**: - **Approach**: Two-arm study comparing 16 mg of CYB003 with placebo, with a primary endpoint at six weeks and a secondary endpoint at 12 weeks [8][9] - **Embrace**: Three-arm study including an inert placebo, an intermediate dose of 8 mg, and the active dose of 16 mg, with a total of 330 patients [9][13] - **Enrollment Status**: Enrollment for Approach is underway in the US, with approximately 45 sites involved, aiming for top-line data by the end of 2026 [9][12] Efficacy and Safety - **Expected Outcomes**: Previous Phase 2 data showed a differentiation of about 14 points on the MADRS scale from placebo. Even a reduced effect in Phase 3 would still be significant compared to historical data for SSRIs [28][29] - **Durability of Effect**: The long-term extension study aims to demonstrate the durability of the treatment effects, with expectations of data on how long patients remain in response or remission [32][29] Regulatory and Design Considerations - **FDA Guidance**: The study designs have been endorsed by the FDA, which allows for regular discussions regarding the trial's progress and design [18][19] - **Blinding Measures**: The studies will employ a randomized double-blind approach, with measures in place to reduce functional unblinding [19][23] Commercial Strategy - **Market Positioning**: CYB003 is positioned as a treatment for patients with inadequate responses to traditional SSRIs and SNRIs, with a focus on interventional psychiatry centers [41][36] - **Partnerships**: Cybin has partnered with Osmind to better understand patient experiences and clinical workflows relevant to commercialization [38][39] Future Developments - **CYB004 for GAD**: Cybin is also developing CYB004, a deuterated DMT for generalized anxiety disorder (GAD), with a Phase 2 study expected to deliver top-line data in Q1 2026 [42][45] - **Study Design for GAD**: The Phase 2 study will compare a low-dose control with an active dose, focusing on the HAM-A scale for primary endpoints [46][47] Additional Insights - **Patient Experience**: The treatment is designed to be administered in a day treatment setting, allowing for a streamlined patient experience [40][36] - **Market Need**: There is a significant market opportunity for GAD treatments, with a global prevalence of approximately 300 million patients [42][43]

Summary of Park-Ohio Holdings Corp. Conference Call Company Overview - **Company Name**: Park-Ohio Holdings Corp. - **Ticker**: PKOH - **Market Cap**: Approximately $310 million with a closing stock price of $21.64 [5] - **Employees**: Approximately 6,500 across 15 countries [3] - **Segments**: Operates through three segments: Supply Technologies, Assembly Components, and Engineered Products [3][4] Core Points and Arguments - **Business Restructuring**: The company has undergone a significant restructuring, consolidating nearly one million square feet of manufacturing space, which is expected to enhance margins and operating leverage [11][12]. - **Financial Guidance**: For the second quarter, sales are projected to be between $1.62 billion and $1.65 billion, with earnings per share guidance of $2.90 to $3.20 [5]. - **Free Cash Flow**: Expected free cash flow for the current year is between $20 million and $30 million, with a target of generating approximately $65 million in the second half [5][12]. - **Dividend**: The company pays a dividend of $0.50 per share, yielding approximately 2.3% [6][13]. - **Long-term Goals**: Aiming for $2 billion in sales and a 10% EBITDA margin [12][48]. Industry Dynamics - **Market Position**: Park-Ohio is positioned to capitalize on megatrends such as increased activity in data centers, electrification, and aerospace [11][19]. - **Diversity**: The company has a diversified customer base, with no single customer accounting for more than 7% of total sales. Approximately 80% of business is through sole-sourced relationships [17][18]. - **Geographic Distribution**: 58% of sales are from the U.S., followed by Europe (16%) and Asia (12%) [17]. Financial Performance - **Revenue**: Trailing 12-month revenue stands at $1.61 billion, with adjusted EBITDA of $145 million [6]. - **Capital Expenditures**: Maintenance CapEx is estimated to be around $10 million, with most revenue-generating businesses requiring minimal CapEx [14][15]. Strategic Focus - **Operational Efficiency**: The company is focusing on long-term competitiveness rather than just growth, emphasizing technology and automation [15][16]. - **Debt Management**: Aiming to reduce debt and operate sustainably below three times leverage [21][48]. - **Acquisition Strategy**: While traditionally open to acquisitions, the current focus is on building operating leverage and new business opportunities rather than pursuing acquisitions aggressively [49]. Additional Insights - **Customer Relationships**: The average customer relationship lasts over 10 years, indicating strong customer loyalty and retention [24]. - **Market Trends**: The company is seeing benefits from industrial policies and technological advancements, particularly in the steel and aerospace sectors [19][20]. - **Challenges**: The Engineered Products segment has faced challenges post-COVID, but there are signs of recovery and strong backlogs [35][38]. Conclusion Park-Ohio Holdings Corp. is at a pivotal point with a clear strategy for growth and operational efficiency. The company is well-positioned to leverage its diverse portfolio and capitalize on emerging market trends while managing its financial health and customer relationships effectively.

Summary of MongoDB Update / Briefing September 17, 2025 Company Overview - **Company**: MongoDB (NasdaqGM: MDB) - **Current Status**: Nearly 60,000 customers, projected revenue of approximately $2.4 billion for the year, showcasing significant growth from around $40 million with 1,000 customers when the speaker joined 11 years ago [5][6][25]. Industry Context - **Industry**: Database technology, specifically focusing on modern database solutions that cater to the evolving needs of businesses, particularly in the context of AI and data management. - **Market Position**: MongoDB is positioned as a leading modern database solution, with over 70% of Fortune 500 companies utilizing its services [6][25]. Core Points and Arguments 1. **Growth and Adoption**: MongoDB has experienced substantial growth, with a significant increase in customer base and revenue, indicating strong market demand for its solutions [5][6]. 2. **Shift from Relational Databases**: The company emphasizes that traditional relational databases are inadequate for modern business needs, which require flexibility and scalability [6][7][10]. 3. **Document Model Advantages**: MongoDB's document model, based on JSON, allows for better data organization and adaptability, making it suitable for handling unstructured data, which constitutes 70% of global data [10][21]. 4. **AI Integration**: The transition to AI-driven applications is highlighted, with MongoDB's architecture being inherently suited for the demands of AI, particularly in terms of memory and state management for AI agents [11][20][27]. 5. **Performance Enhancements**: The latest release, MongoDB 8.2, boasts significant performance improvements, including up to 42% faster unindexed queries and nearly three times faster time series bulk inserts [34][36]. 6. **Security Innovations**: Introduction of queryable encryption, a unique feature that protects sensitive data during processing, not just at rest or in transit, enhancing data security [35][36]. 7. **Customer Success Stories**: McKesson, a major pharmaceutical distributor, shared its successful implementation of MongoDB to meet regulatory requirements and improve operational efficiency, achieving a 300x increase in request handling without disruption [45][61]. Additional Important Insights - **AI and Database Synergy**: The importance of selecting the right database for AI applications is emphasized, as memory and state are critical for developing transformative AI solutions [27][70]. - **Future Directions**: MongoDB is focused on future-proofing operations and leveraging technology to meet the growing challenges in the healthcare industry, indicating ongoing innovation and adaptation [69][70]. - **Community Engagement**: MongoDB is committed to providing resources and support for developers, including making advanced features available across various platforms, not just its cloud service [38][40]. This summary encapsulates the key points from the MongoDB briefing, highlighting the company's growth, industry positioning, technological advancements, and customer success stories.

Axsome Therapeutics FY Conference Summary Company Overview - **Company**: Axsome Therapeutics (NasdaqGM:AXSM) - **Event**: Fifth Annual TD Cowen Novel Mechanisms in Neuropsychiatry and Epilepsy Summit - **Date**: September 17, 2025 Key Points Commercial Performance - **Q2 Net Sales**: $150 million, with Auvelity contributing $120 million and Sanofi $30 million [3][4] - **Symbravo Launch**: Generated approximately $400,000 in revenue within two and a half weeks of launch [3] - **MBRXs Growth**: Increased from 2,000 to 2,500 per week due to the expansion of the sales force [4][15] - **Coverage Expansion**: Added 28 million additional lives covered, enhancing patient access and maintaining net pricing [4][21] - **Direct-to-Consumer Campaign**: Launched a national TV advertising campaign for Auvelity, expected to boost awareness and prescriptions [5][19] Product Utilization - **Auvelity Utilization**: Approximately 50% of prescriptions are for first-line or first-switch patients, indicating strong market penetration [11] - **Monotherapy Use**: Over 50% of Auvelity prescriptions are for monotherapy, suggesting a reduction in polypharmacy [12] Research and Development - **AXS-05 for Alzheimer's**: sNDA filing expected in Q3 2025, with ongoing trials and a focus on agitation in Alzheimer's patients [7][24] - **Upcoming NDA Submission**: AXS-12 for narcolepsy planned for Q4 2025 [8] - **Clinical Trials**: Multiple ongoing trials for various conditions, including ADHD, major depressive disorder, and fibromyalgia [9] Market Potential - **Alzheimer's Market Size**: Estimated at 7 million patients, with around 5 million experiencing agitation, presenting a significant market opportunity [32] - **Peak Sales Estimates**: Projected peak sales for AXS-05 in the range of $1.5 to $3 billion [32] Strategic Outlook - **Sales Force Expansion**: Plans to increase the sales force significantly in 2026, focusing on primary care and long-term care centers [15][16] - **Market Dynamics**: Anticipated growth in prescriptions post-Labor Day as patient compliance improves [20] - **Business Development**: While monitoring market opportunities, the company is currently satisfied with its existing pipeline and acquisitions [39] Additional Insights - **KOL Feedback**: Positive feedback from Key Opinion Leaders regarding the safety and tolerability profile of AXS-05, especially in elderly patients [29] - **Regulatory Engagement**: Consistent dialogue with the FDA regarding trial requirements and product development strategies [24][25] Conclusion Axsome Therapeutics is positioned for growth with strong commercial performance, a robust pipeline, and strategic plans for market expansion. The company is optimistic about its future prospects, particularly in the Alzheimer's market and ongoing product launches.

Summary of Rithm Capital (NYSE:RITM) M&A Announcement Company and Industry - **Company**: Rithm Capital (formerly New Residential) - **Industry**: Commercial Real Estate, specifically focusing on office properties Key Points and Arguments 1. **Acquisition Announcement**: Rithm Capital announced the acquisition of Paramount Group Inc. for $1.6 billion, equating to $6.60 per share, which is considered a significant opportunity to acquire high-quality assets at a discount to book value [3][8][9] 2. **Market Timing**: The acquisition is viewed as timely due to the anticipated recovery in the office market, with demand for Class A office space increasing as people return to work [3][4][10] 3. **Financial Metrics**: - The acquisition price represents approximately 30% of the replacement cost of the assets and 40% below pre-COVID valuation levels [4][9] - Rithm expects to have $2.5-3 billion in cash and liquidity at closing, with $490 million of cash from Paramount's balance sheet contributing to the purchase [5][9] 4. **Investment Strategy**: The deal is intended to be balance sheet-light, funded primarily through third-party capital and limited partners (LPs), with an expected equity check from Rithm of $300-500 million [4][10][28] 5. **Portfolio Details**: Paramount owns and operates 13 owned and four managed Class A office properties totaling over 13 million square feet, with 85% currently leased [8][15] 6. **Market Recovery Indicators**: - U.S. office leasing volume increased by 15% year-over-year in Q1 2025, although still 10%-20% below pre-COVID levels [16] - Manhattan leasing activity in Q2 2025 was 33% above its five-year quarterly average [16] - San Francisco saw its highest quarterly leasing total since Q2 2019 [16] 7. **Future Growth Potential**: Rithm aims to leverage this acquisition to enhance its asset management business, which currently manages approximately $100 billion in assets [11][12][13] 8. **Expected Returns**: The company projects an internal rate of return (IRR) north of 20% and a multiple of invested capital (MOIC) of 1.5 to over 2 times in the long term [32][33] Other Important Content 1. **Management and Operations**: Rithm plans to collaborate closely with Paramount's existing management team to enhance operational efficiency and shareholder value [40][41] 2. **Market Dynamics**: The New York and San Francisco markets are highlighted as having limited supply and increasing rents, driven by a return to office work and a lack of new construction [42][43] 3. **Strategic Partnerships**: Rithm has established partnerships with Green Barn Investment Group and other financial institutions to facilitate the acquisition and future growth [5][8][10] 4. **No Impact on Dividends**: The acquisition is not expected to impact Rithm's dividend policy, with announcements anticipated shortly after the acquisition [24][25] This summary encapsulates the critical aspects of Rithm Capital's acquisition of Paramount Group, highlighting the strategic rationale, financial implications, and market context surrounding the transaction.

Columbus McKinnon Conference Call Summary Company Overview - Columbus McKinnon (NasdaqGS:CMCO) is a global leader in intelligent motion solutions, celebrating its 150th anniversary in 2025 [2][3] - The company has approximately $1 billion in annual sales with an adjusted EBITDA margin of 15% to 16% [3] Industry Insights - The total addressable market for Columbus McKinnon is estimated at $20 billion, which is growing and remains highly fragmented [3] - The company operates across four product categories, with a focus on lifting solutions, precision conveyance, linear motion, and specialty actuation products [4][5] Strategic Growth Initiatives - Columbus McKinnon has a disciplined approach to strategic planning, focusing on scaling its business and enhancing its core platforms [6] - The company has a proven track record of successful M&A transactions and aims to maintain a targeted leverage ratio of approximately two times [3][11] Recent Acquisition - Columbus McKinnon announced the acquisition of Kito Crosby, which is expected to enhance scale and market position, delivering top-tier financial performance [7][9] - The acquisition is anticipated to create significant cash flow and $70 million in net cost synergies, with Kito Crosby already performing at a 23% adjusted EBITDA [11][12] Market Trends and Demand - The company has seen a record backlog of $360 million, up 23% year-over-year, driven by growth in project business despite economic uncertainty [19] - Key growth areas include e-commerce, food and beverage, aerospace, oil and gas, and defense markets [21] Economic Environment and Tariffs - Columbus McKinnon expects to mitigate tariff impacts of approximately $10 million in the first half of the fiscal year, aiming for margin neutrality [25] - The company has successfully implemented price increases and maintains pricing power despite economic challenges [27] Future Outlook - The company is optimistic about demand driven by reshoring and infrastructure investments, particularly in the U.S. [30] - Columbus McKinnon is focused on leveraging synergies from the Kito Crosby acquisition to enhance its financial profile and cash flow generation [44][48] Conclusion - Columbus McKinnon remains committed to delivering long-term value to shareholders and is well-positioned to navigate macroeconomic uncertainties while capitalizing on growth opportunities [50]

M-tron Industries Conference Summary Company Overview - **Company Name**: M-tron Industries (Ticker: MPTI) - **Industry**: Aerospace and Defense - **Stock Exchange**: NYSE American - **Founded**: 1965, focused on aerospace and defense since 2004 after merging two companies - **Current Stock Performance**: Spun out at around $13 per share in October 2022, reached a high of $71, currently trading in the mid to high $40s [4][6] Financial Performance - **Revenue Growth**: Achieved 20% year-on-year growth over the past three years [2][16] - **Sales Figures**: Trailing LTM sales of $52 million, primarily from aerospace and defense markets [10] - **Quarterly Revenue**: Approximately $13.5 million per quarter, up from $8 million two years ago [26][27] - **Gross Margin**: Increased from mid-30% to mid-40% [27] - **EBITDA Margin**: Targeting 20% to 21% long-term, currently around 18% [27][32] - **Cash Position**: $15.5 million on the balance sheet, expected to reach $19 million to $20 million by year-end [27] Market Position and Strategy - **Core Competencies**: Specializes in microwave and RF applications, vertically integrated manufacturing [5][10] - **Customer Base**: Serves top 10 U.S. defense primes and has over 70 customers with long-term relationships [6][10] - **Market Focus**: Concentrated on high-reliability sectors such as military aircraft, avionics, and precision-guided munitions [11][12] - **Growth Drivers**: Increased defense spending, modernization of military systems, and weapon system replenishment due to global conflicts [16][17] Product and Service Offerings - **Product Range**: Filters, oscillators, and subsystems primarily built around quartz crystals [10][11] - **Key Markets**: Aerospace (military and commercial), space and SATCOM, electronic warfare, and drone technology [12][13][24] - **R&D Focus**: Continuous innovation with 30% of revenue from products developed in the last three to four years [28] Acquisition and Growth Strategy - **M&A Plans**: Actively seeking complementary acquisitions in the $10 million to $20 million revenue range, focusing on cash-producing companies with good margins [31][40] - **Long-term Goals**: Aim for consistent growth of at least 10% annually, with a focus on maintaining gross margins in the mid-40s [32] Challenges and Considerations - **Tariff Impact**: New U.S. tariffs on India could affect margins by $500,000 to $1 million [35] - **Labor Market**: Improved conditions for hiring, with ongoing efforts to train and recruit skilled labor [43] Conclusion M-tron Industries presents a compelling investment opportunity within the aerospace and defense sector, characterized by strong financial performance, a solid customer base, and a clear growth strategy focused on innovation and strategic acquisitions. The company is well-positioned to capitalize on increasing defense spending and modernization efforts in the military sector [2][16][32]

Summary of Uxin Limited Conference Call - September 17, 2025 Company Overview - **Company**: Uxin Limited (NasdaqGS: UXIN) - **Industry**: Used Car Retailing in China - **Goal**: To become the world's largest and most trusted used car retailer, leveraging operational and technical capabilities to expand nationwide in China [2][3] Market Potential - **Market Size**: China has 350 million cars, the largest in the world, but the used car market is underdeveloped compared to the U.S. where used car transactions are 2.3 times new car sales. In China, used car transactions are only 60% of new car sales [3] - **Forecast**: By 2030, annual used car transactions in China are expected to surpass new car sales, indicating significant growth potential [3] Business Model - **Retailing Approach**: Uxin operates both offline superstores and online sales, aiming to transform the fragmented used car market into a more organized retail environment [4][8] - **Superstore Features**: - Flagship store in Hefei: 450,000 square meters, capacity for 10,000 cars, and advanced reconditioning capabilities [5] - Xi'an superstore: 3,000 car capacity, with plans to replicate this model across China [6] - **Sales Strategy**: Customers can purchase cars through mobile apps, with delivery options available [8] Competitive Advantages - **Shopping Experience**: Uxin offers a superior shopping experience compared to traditional bazaar markets, enhancing customer trust [9][10] - **Reconditioning Capabilities**: Advanced reconditioning processes allow Uxin to maintain high-quality standards at lower costs [13][14] - **Data-Driven Operations**: Uxin utilizes a digitized operation system based on extensive data from over 2 million cars, enabling efficient management and pricing strategies [15][16] - **Inventory Financing**: Uxin can leverage inventory financing, leading to higher capital returns compared to traditional dealers [18] Financial Performance - **Growth Metrics**: - 134% year-over-year retail transaction volume growth in 2024, with guidance for over 100% growth in 2025 [18] - Achieved first quarterly positive adjusted EBITDA in Q4 2024, aiming for full-year adjusted EBITDA break-even in 2025 [18] - **Expansion Plans**: Uxin plans to open three new superstores in 2025, targeting major cities with high vehicle ownership [19][20] Industry Context - **Competition**: Uxin differentiates itself from competitors like Guazi and Dongjiaodi by owning its inventory and operating on a large scale, unlike agency or platform models [22][25] - **Pricing Pressure**: The new car pricing war in China has posed challenges, but Uxin's rapid sales turnover allows it to adjust quickly to market changes [27][30] Future Outlook - **Long-Term Goals**: Uxin aims to operate 50 superstores by 2030, with a target of selling 1.5 million cars annually and achieving $15 billion in revenue by 2035 [20]