Turkish Market Competitive Position and Growth
2021 YTD vs. 2022 YTD1 results
2021 YTD
2022 YTD
Δ
Comments
Average Daily Vehicles Deployed
16,278
31,290
92%
~2X growth in fleet size, including new modalities.
Average Daily Rides
per
Vehicle
2.90
2.54
(12)%
✓ Impact of competition on share of total market rides.
Average Net Revenue per Ride (USD)
1.05
0.87
(17)%
Increase in share of commute relative to leisure rides reduced average ride durations.
Net Revenue (USD, thousands)
Operating Costs, excl. D&A
(USD, thousands)
% of Net Revenue
13,555
18,819
39%
(7,243)
(11,675)
61%
Distinct teams for each modality have yet to be consolidated. Semiannual increase in minimum wage in
January and July precedes price increases.
53%
62%
G&A (USD, thousands)
(4,597)
(6,676)
45%
↓ Economies of scale in team costs offset by prelisting advisory expenses.
% of Net Revenue
34%
35%
Adj. EBITDA (USD, thousands) 2
1,929
764
(61)%
Adj. EBITDA Margin
14%
4%
Source: Company information. Note: The interim financials are non-GAAP management reporting financials and have not been audited or reviewed by the Company's independent auditors. 1. As of September 30. 2. Adjusted EBITDA: The Company defines Adjusted EBITDA as net income (loss) plus non-
operating income (loss), depreciation and amortization, net interest expense, income taxes, stock-based compensation and transaction costs.
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