Turkish Market Competitive Position and Growth
Q2 2021 vs. Q2 2022 results
Q2 2021
Q2 2022
A
Comments
Average Daily Vehicles Deployed
18,685
29,260
57%
↑ ~1.5X growth in fleet size, including new modalities.
Average Daily Rides per Vehicle
2.50
2.97
19%
↑ Positive impact of shift from partial COVID curfew in Q2 2021 to no curfew in Q2 2022.
Average Net Revenue per Ride (USD)
1.08
0.90
(17)%
Increase in share of commute relative to leisure rides reduced average ride durations by ~20%.
Net Revenue (USD, thousands)
4,593
7,122
55%
Operating Costs, excl. D&A
(2,487)
(3,795)
53%
Lower incidence of repairs due to more reliable vehicles.
(USD, thousands)
% of Net Revenue
G&A (USD, thousands)
54%
53%
(1,292)
(2,035)
58%
↓ Fixed costs as percentage of net revenue are similar as a result of new teams for new modalities, and
listing-related expenses in Q2 2022.
% of Net Revenue
28%
29%
Adj. EBITDA (USD, thousands) 1
883
1,384
57%
Adj. EBITDA Margin
19%
19%
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. 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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