Marti Technologies Inc (MRT) 2024 Q4 法說會逐字稿

Greetings and welcome to Marti Technologies Inc., full-year 2024 earnings conference call. (Operator Instructions) It is now my pleasure to introduce your host, Cankut Durgun, Founder and President. Thank you. Please go ahead.

問候並歡迎參加 Marti Technologies Inc. 2024 年全年收益電話會議。（操作員指示）現在我很高興向您介紹您的主持人，創始人兼總裁 Cankut Durgun。謝謝。請繼續。

Hello. Thank you, Donna. Before we begin, I'd like to remind everyone that statements made on this call, as well as in the full-year 2024 presentation and earnings release contain forward-looking statements regarding our financial outlook, business plans, and objectives, and other future events and developments, including statements about the market and revenue potential of our products and services, and our goals and strategies.

你好。謝謝你，唐娜。在我們開始之前，我想提醒大家，本次電話會議以及 2024 年全年報告和收益報告中所作的陳述包含有關我們的財務前景、業務計劃和目標以及其他未來事件和發展的前瞻性陳述，包括有關我們產品和服務的市場和收入潛力以及我們的目標和戰略的陳述。

These subjects -- these statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include those described in the company's filings with the SEC, the earnings release, and the presentation, and are based on current expectations and beliefs as of today, April 28, 2025.

這些主題—這些聲明受到風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。這些風險和不確定性包括公司向美國證券交易委員會提交的文件、收益報告和簡報中所述的風險和不確定性，並且基於截至 2025 年 4 月 28 日的當前預期和信念。

In addition, our discussion today will include references to certain supplemental non-GAAP financial measures which should be considered in addition to and not as a substitute for our GAAP results. We use these non-GAAP measures in evaluating and managing Marti's business and believe they provide useful information for our investors. Reconciliations of the non-GAAP measures, the corresponding GAAP measures where appropriate, can be found in the earnings presentation available on our website, as well as our earnings release, and our filings with the SEC. With that, I'll now turn the call over to my partner, Alper.

此外，我們今天的討論將包括對某些補充非 GAAP 財務指標的引用，這些指標應被視為對我們的 GAAP 結果的補充，而不是替代品。我們使用這些非公認會計準則指標來評估和管理 Marti 的業務，並相信它們為我們的投資者提供了有用的信息。非 GAAP 指標的對帳表以及相應 GAAP 指標的對帳表可在我們網站上的收益報告、收益發布以及向美國證券交易委員會 (SEC) 提交的文件中找到。說完這些，我現在將電話轉給我的搭檔阿爾珀 (Alper)。

Thank you all for joining us today and thank you, Cankut for the full year 2024 earnings call of Marti Technologies. For those new to our company, Marti is the mobility super app of Turkiye. Marti offers six services over our app, including car hailing, motorcycle hailing, taxi hailing marketplaces, and owned and operated e-bike, e-scooter, and e-moped rental services.

感謝大家今天加入我們，也感謝 Cankut 召開 Marti Technologies 2024 年全年財報電話會議。對於我們公司的新人來說，Marti 是土耳其的行動超級應用程式。Marti 透過我們的應用程式提供六種服務，包括叫車、叫摩托車、叫計程車市場以及自有和經營的電動自行車、電動滑板車和電動輕便摩托車租賃服務。

Our car hailing, motorcycle hailing, and taxi hailing marketplace are a part of our ride-hailing operations; and our e-bike, e-scooter, and e-mobile rental services are part of our two-wheeled electric vehicle operations.

我們的汽車叫車、摩托車叫車和計程車叫車市場是我們叫車業務的一部分；我們的電動自行車、電動滑板車和電動行動電話租賃服務是我們兩輪電動車業務的一部分。

As we continue to evolve our business model to align with Turkiye's growing mobility demands, we're excited to share a key strategic shift. Over the past two and a half years, we transitioned our primary focus to ride-hailing. Since sharpening our focus on ride-hailing, we've consistently exceeded operational targets for both unique ride-hailing riders and registered drivers.

隨著我們不斷改進業務模式以適應土耳其日益增長的行動需求，我們很高興分享一項關鍵的策略轉變。在過去兩年半的時間裡，我們將主要關注點轉向了叫車服務。自從我們將重點放在叫車服務以來，我們在獨立叫車乘客和註冊司機方面一直超額完成營運目標。

We began monetizing the right ailing service in October 2024, and in January 2025, we introduced a dynamic pricing model to further enhance efficiency and rider and driver satisfaction. These strategic moves are already generating strong early momentum.

我們於 2024 年 10 月開始將陷入困境的服務貨幣化，並於 2025 年 1 月引入了動態定價模式，以進一步提高效率以及乘客和司機的滿意度。這些戰略舉措已經產生了強勁的早期勢頭。

While we prioritize our growth of our rider and service, we've also implemented critical profitability enhancing measures and successfully deployed efficiency initiatives for our two-wheeled electric vehicle service, resulting in a notable reduction in both operating losses and capital requirements. This helped us rebalance our portfolio and channel resources more effectively.

在我們優先考慮騎士和服務成長的同時，我們也實施了關鍵的獲利能力提升措施，並成功為我們的兩輪電動車服務部署了效率舉措，從而顯著減少了營運損失和資本需求。這有助於我們重新平衡投資組合併更有效地引導資源。

These efforts are translating into accelerating financial performance. We're on track to almost double our revenue compared to 2024 to $34 million in 2025 and are expecting to achieve positive adjusted EBITDA in 2025, excluding incremental investments to accelerate ride-hailing growth.

這些努力正在轉化為加速財務表現。我們預計在 2025 年實現營收幾乎翻一番，達到 3,400 萬美元，並且預計 2025 年將實現正調整後 EBITDA（不包括為加速叫車成長而進行的增量投資）。

Lastly, the monetization of our ride-hailing and our first mover advantage are significantly enhancing our cash generation and capital efficiency. It bolster financial performance, positions us well to scale operations and capture Turkiye's long-term mobility opportunity with increased resilience and flexibility.

最後，我們的叫車服務的貨幣化和先發優勢顯著提高了我們的現金創造能力和資本效率。它增強了財務業績，使我們能夠擴大經營規模，並以更高的彈性和靈活性抓住土耳其的長期流動機會。

We're the number one urban mobility app both on iOS and Android app stores in Turkiye. We are the only car-hailing and motorcycle-hailing provider and the largest electric vehicle operator in the country. We have served over 109.4 million rides to 5.9 million unique riders since our launch. In 2024, we consistently outperformed our ride-hailing targets, hitting 1.66 million unique ride-hailing riders and 262,000 registered drivers by the end of the year.

我們是土耳其 iOS 和 Android 應用程式商店中排名第一的城市交通應用程式。我們是全國唯一的叫車和網約摩的供應商，也是全國最大的電動車營運商。自推出以來，我們已為 590 萬名獨立乘客提供了超過 1.094 億次乘車服務。2024 年，我們持續超額完成了叫車目標，到年底，獨立叫車乘客數量達到 166 萬，註冊司機數達到 26.2 萬。

Although we're the youngest player in Turkiye's urbanc mobility market, we are the clear market leader here. It is also important to note that all the top five urban mobility apps in the country, four including Marti, are local. This is in line with global benchmarks, which have demonstrated that local companies win their respective mobility markets because of their operational advantages.

儘管我們是土耳其城市交通市場中最年輕的參與者，但我們顯然是該市場的領導者。值得注意的是，該國排名前五的城市交通應用程式（包括 Marti 在內的四個）都是本地應用程式。這與全球基準相符，顯示本土公司憑藉其營運優勢贏得了各自的行動出行市場。

We currently serve four of Turkiye's largest cities, Istanbul, the capital of Ankara, Izmir, and Antalya. Together, these cities account for 50% of the country's GDP and 34% of its population. However, the opportunity is not limited to just these cities. Turkiye is a large, untapped market with 24 cities that have populations greater than 1 million people, and we plan on expanding these cities in 2025, and beyond.

我們目前服務於土耳其的四個最大城市：伊斯坦堡、首都安卡拉、伊茲密爾和安塔利亞。這些城市合計佔全國GDP的50%和人口的34%。然而，機會並不僅限於這些城市。土耳其是一個尚未開發的龐大市場，擁有 24 個人口超過 100 萬的城市，我們計劃在 2025 年及以後擴展這些城市。

In '24, we continued to invest in the growth of our ride-hailing service. As the only scale ride-hailing operator in the country, we spent two years growing the service before announcing its monetization in October 2024 in the form of a driver subscription package.

2024 年，我們繼續投資於叫車服務的成長。作為國內唯一規模化的叫車營運商，我們花了兩年時間發展這項服務，然後在 2024 年 10 月以司機訂閱套餐的形式宣布實現其貨幣化。

Our number of unique ride-hailing riders grew 233% in 2024, from 499,000 to 1.66 million. Our registered drivers grew 146% from 107,000 to 262,000. We will continue to invest in the cost-effective growth of our ride-hailing service in '25 and beyond, and aim to reach 2.15 million riders and 310,000 registered drivers by the end of June 2025.

2024 年，我們的獨立叫車乘客數量增加了 233%，從 499,000 人增加到 1,66 萬人。我們的註冊司機數量增加了 146%，從 107,000 人增加到 262,000 人。我們將繼續投資於2025年及以後叫車服務的成本效益成長，目標是到2025年6月底達到215萬名乘客和31萬名註冊司機。

The accelerated growth in substantial scale that we've achieved in our base of riders and registered drivers relative to limited capital outlays that we have made in our rider and business reflects our commitment to capital efficient growth.

相對於我們在乘客和業務上投入的有限資本，我們的乘客和註冊司機群體實現了大規模的加速成長，這反映了我們對資本高效成長的承諾。

Looking forward, we will pursue incremental investments to capitalize on multiple growth drivers. These include pursuing further organic growth in the cities where we already operate, improving our rider and driver experiences, launching new cities to serve a greater share of Turkiye's urban population, refining our dynamic pricing engine, and increasing our take rate.

展望未來，我們將進行增量投資，以利用多種成長動力。這些措施包括在我們已經運作的城市中進一步實現有機成長，改善我們的乘客和司機體驗，開拓新的城市以服務更多的土耳其城市人口，改善我們的動態定價引擎，並提高我們的收費率。

These initiatives will support our path towards capturing a $3 billion annual revenue opportunity in the ride-hailing business. Turkiye is in great need of tech-enabled mobility solutions. This is because substitute transportation options are either less available or more expensive than in other markets.

這些舉措將有助於我們在叫車業務中抓住每年 30 億美元的收入機會。土耳其非常需要技術支援的行動解決方案。這是因為與其他市場相比，替代交通方式要么較少，要么更昂貴。

In Turkiye, car ownership is costly, metro station density is low, traffic is an absolute nightmare, and the availability of taxis are very limited. We set out to change that, especially the limited number of available taxis with our ride-hailing service.

在土耳其，擁有汽車的成本很高，地鐵站密度低，交通簡直是一場惡夢，計程車的數量也非常有限。我們著手改變這種狀況，尤其是我們叫車服務中計程車數量有限的現狀。

Here's how large we believe our revenue opportunity is. With every global benchmark, we see that the introduction of ride-hailing services into a market uncovers unmet demand, significantly eclipsing the demand of taxi service prior to the introduction of ride-hailing.

我們認為我們的收入機會有多大。透過每一個全球基準測試，我們都可以看到叫車服務的引入會釋放出未滿足的需求，大大超過叫車服務推出之前的計程車服務需求。

This is because ride-hailing usually offers a significantly better, more accessible customer experience than taxis across almost all dimensions, including vehicle availability, price, and driver and vehicle quality. In the city of New York, for example, ride-hailing increases the size of the taxi market by 1.6 times.

這是因為叫車通常在幾乎所有方面都比計程車提供更好、更容易獲得的客戶體驗，包括車輛可用性、價格以及司機和車輛品質。以紐約市為例，叫車服務使計程車市場的規模擴大了 1.6 倍。

There were approximately 800,000 daily taxi rides in Istanbul, our largest city, when we launched ride-hailing. What happened in New York is happening in Istanbul today, and we expect that there will be 1.3 million daily ride-hailing trips in Istanbul at steady speed.

當我們推出叫車服務時，我們最大的城市伊斯坦堡每天大約有 80 萬次計程車出遊。紐約發生的事情今天正在伊斯坦堡發生，我們預計以穩定的速度，伊斯坦堡每天將有 130 萬次叫車出行。

And Istanbul's taxi market accounts for about 45% of Turkiye's general taxi market. So this implies that there will eventually be about 2.9 million daily ride-hailing rides in Turkiye. This is about 1 billion rides a year and around $10 billion of gross booking value. At a take rate of 30% in line with grow benchmarks, this produces $3 billion of annual revenue potential for Turkiye's ride-hailing market at maturity.

伊斯坦堡的計程車市場約佔土耳其整體計程車市場的45%。這意味著土耳其最終每天將有約 290 萬次叫車出行。這意味著每年約有 10 億次乘車，總預訂價值約為 100 億美元。以符合成長基準的 30% 的收費率計算，這將為成熟期的土耳其叫車市場帶來每年 30 億美元的收入潛力。

And in our two-wheeled electric vehicle business consisting of owned and operated e-bikes, e-scooters, and e-mopeds, we continue to focus on operational efficiency throughout 2024. Our operational efficiency projects decrease the total cost of revenues by 10.5% year over year despite managing a similarly sized fleet as in the previous year.

在我們的兩輪電動車業務（包括自有和營運的電動自行車、電動滑板車和電動輕便摩托車）中，我們將在 2024 年繼續專注於營運效率。儘管我們管理的車隊規模與前一年相似，但我們的營運效率項目仍使總收入成本比去年同期下降了 10.5%。

We achieved each of these operational improvements while maintaining our historical theft and vandalism rate of less than 0.1% of our fleet on a monthly basis. We're also thinking, and we will evaluate the opportunity to extend our fleet more earlier than the summer of 2026.

我們在實現上述每項營運改善的同時，也維持了我們車隊每月竊盜和破壞率低於 0.1% 的歷史水準。我們也在考慮，並將評估在 2026 年夏季之前更早延長我們機隊規模的機會。

To further advance our operational efficiency efforts, in February 2024, we completed the acquisition of all the intellectual property and software assets of Zoba, the leading AI-powered software as a service platform, offering dynamic fleet optimization algorithms for two-wheeled electric vehicle operators.

為了進一步提高營運效率，我們於 2024 年 2 月完成了對 Zoba 的所有智慧財產權和軟體資產的收購。 Zoba 是領先的人工智慧軟體即服務平台，為兩輪電動車營運商提供動態車隊優化演算法。

Zoba dynamically optimizes where vehicles are deployed and then operational tasks such as battery swaps, rebalances, and pickups occur to maximize ridership and minimize operational inefficiencies. In the first half of 2024, our vehicles deployed, according to Zoba's algorithms, achieved two times higher daily rides per vehicle than vehicles deployed without Zoba. This figure increased to 2.4 times in the second half of 2024, demonstrating that both Zoba's effectiveness and room for further improvement.

Zoba 動態優化車輛部署位置，然後執行電池更換、重新平衡和接送等操作任務，以最大限度地提高乘客量並最大限度地減少營運效率低下。2024 年上半年，根據 Zoba 的演算法，我們部署的車輛的每日出行量比未部署 Zoba 的車輛高出兩倍。這一數字在2024年下半年增加到了2.4倍，證明了Zoba的有效性以及進一步提升的空間。

The additional revenue which Zoba's deployment recommendations had generated for Marti in the first year following the acquisition has already returned more than twice of our acquisition cost. Our future focus will be to scale vehicles deployed with Zoba from around 80% at present to 100% of deployments and to apply its additional features like logistics vehicle routing recommendations on the field.

Zoba 的部署建議在收購後的第一年為 Marti 帶來的額外收入已經超過了我們收購成本的兩倍。我們未來的重點是將 Zoba 部署的車輛從目前的 80% 左右擴展到 100%，並在現場應用其附加功能，例如物流車輛路線建議。

Throughout last year, 2024, the behavior of our riders continued to support our decision to offer multiple transportation modalities over a single app. We believe, and the data continues to show that this multi-modal offerings is aligned with rider preference. 70% of our e-bike, 84% of our e-moped, 43% of our car-hailing, and 82% of our motorcycle-hailing riders use these modalities after previously being introduced to Marti by using another modality.

去年（2024 年）全年，我們的乘客行為繼續支持我們透過單一應用程式提供多種交通方式的決定。我們相信，數據也繼續表明，這種多模式服務符合乘客的偏好。 70% 的電動自行車、84% 的電動輕便摩托車、43% 的叫車和 82% 的網約摩托車乘客在之前透過使用其他方式認識 Marti 之後，都選擇了這些模式。

Our existing modalities serve as an excellent cost, speed rider acquisition channels for our new modalities. Furthermore, 68% of our e-bike and 77% of our e-moped, 26% of our car-hailing, and 81% of our motorcycle-hailing riders subsequently used other market modalities as their first e-bike, e-moped, car hailing, and motorcycle hailing rides, respectively.

我們現有的模式為我們的新模式提供了極佳的成本、速度乘客獲取管道。此外，我們 68% 的電動自行車、77% 的電動輕便摩托車、26% 的叫車和 81% 的網約摩托車乘客隨後分別使用其他市場模式作為他們的首次電動自行車、電動輕便摩托車、叫車和網約摩托車出行。

These data points all show an overwhelming rider preference for multi-modal transportation services. Serving multi-modal riders also creates economic benefits for Marti. Rides per rider is 4.1 times higher and revenue for riders 3.7 times higher for our multi-modal riders than for our single modality riders. These statistics reinforce our decision to invest in the balanced growth of our multi-modal services. I'd now like to turn it over to my partner, Cankut, to present our financials.

這些數據點都顯示乘客對多式聯運服務的偏好非常強烈。為多式聯運乘客提供服務也為 Marti 創造了經濟效益。與單一模式乘客相比，多式聯運乘客的每位乘客乘車次數高出 4.1 倍，乘客收入高出 3.7 倍。這些統計數據堅定了我們投資於多式聯運服務均衡成長的決心。現在我想交給我的合作夥伴 Cankut 來介紹我們的財務狀況。

Thank you.

謝謝。

Thank you, Alper. In aggregate, we generated revenue of $18.7 million for the year, exceeding our 2020 -- 2024 revenue guidance of $16.6 million by $2.1 million. This was primarily due to the monetization of our ride-hailing service, which began in October 2024.

謝謝你，阿爾珀。總體而言，我們今年的收入為 1,870 萬美元，比我們 2020 年至 2024 年的收入預期 1,660 萬美元高出 210 萬美元。這主要是因為我們的叫車服務在 2024 年 10 月開始獲利。

Also, we generated negative $19.3 million of adjusted EBITDA for the year, exceeding our 2024 adjusted EBITDA guidance of negative $22.5 million by $3.2 million. This was driven by a combination of factors, including the launch of the monetization of our ride-hailing service, but also the greater than expected operational efficiencies that we produced in our two-wheeled electric vehicle service.

此外，我們今年的調整後 EBITDA 為負 1,930 萬美元，比我們 2024 年調整後 EBITDA 指導值負 2,250 萬美元高出 320 萬美元。這是由多種因素推動的，包括我們推出的叫車服務貨幣化，以及我們的兩輪電動車服務產生的超出預期的營運效率。

Looking at our KPIs, we increased our number of total rides from 21.9 million in 2023 to 31.7 million in 2024. We also increased our number of unique riders who use our services at least once during the year from 1.8 million to 2.1 million people.

從我們的 KPI 來看，我們的總乘車次數從 2023 年的 2,190 萬次增加到 2024 年的 3,170 萬次。我們還將一年內至少使用過我們服務一次的獨立乘客數量從 180 萬人增加到了 210 萬人。

Both increases were driven by an increase in ride-hailing rides and riders. Our number of unique ride-hailing riders that have used the service since its launch increased from about 0.5 million at the end of '23 to 1.66 million at the end of '24, while the number of registered drivers increased from 107,000 to 262,000 during the same time period.

兩次成長均是由叫車業務量和乘客數量的增加所推動的。自該服務推出以來，使用過我們叫車服務的獨立乘客數量從 23 年底的約 50 萬增加到 24 年底的 166 萬，而同期註冊司機的數量從 10.7 萬增加到 26.2 萬。

As a result of the gradual decommissioning of our two-wheeled electric vehicle fleet, our number of average daily two-wheeled electric vehicles deployed fell from 34,600 in 2023 to 32,600 in 2024. We completed the year with $18.7 million of revenue, down from $20 million in 2023, primarily attributable to a decreased number of two-wheeler electric vehicles on the field, and partially offset by ride-hailing monetization beginning in October.

由於我們的兩輪電動車隊逐漸退役，我們部署的日均兩輪電動車數量從 2023 年的 34,600 輛下降到 2024 年的 32,600 輛。我們今年的收入為 1,870 萬美元，低於 2023 年的 2,000 萬美元，主要原因是球場上的兩輪電動車數量減少，並被 10 月開始的網約車貨幣化部分抵消。

We reduced our cost of revenues by 11% from $24.1 million in 2023 to $21.5 million in 2024 as a result of decreasing depreciation and amortization expense and the operational efficiencies that I had previously described. These projects included optimizing our field staff, repair and maintenance staff, and logistics vehicle counts, launching on field repairs, and increasing our usage of refurbished electronic and spare parts.

由於折舊和攤銷費用的減少以及我之前描述的營運效率的提高，我們將收入成本從 2023 年的 2,410 萬美元減少了 11% 至 2024 年的 2,150 萬美元。這些項目包括優化我們的現場工作人員、維修和維護人員以及物流車輛數量、進行現場維修以及增加我們對翻新電子和備件的使用。

Our general and administrative expenses increased by 226% from $15.1 million in 2023 to $49.2 million in 2024. However, the vast majority of this increase was as a result of increased share-based compensation expense of $37.2 million. In the absence of share-based compensation expense, cash-based general and administrative expenses decreased from $13.1 million in 2023 to $12.1 million in 2024.

我們的一般和行政費用從 2023 年的 1,510 萬美元增加到 2024 年的 4,920 萬美元，成長了 226%。然而，這一增長絕大部分是由於股權激勵費用增加了 3,720 萬美元。在沒有股權激勵費用的情況下，現金一般及行政費用從 2023 年的 1,310 萬美元減少至 2024 年的 1,210 萬美元。

This was driven by team efficiencies and the streamlining of public company advisory expenses. As a result, our adjusted EBITDA came in at negative $19.3 million in 2024, 8.9% lower compared to adjusted EBITDA negative $17.7 million in 2023. This was driven primarily by more aggressive investments in our ride-hailing service prior to the commencement of monetization in the fourth quarter.

這是由團隊效率的提高和上市公司諮詢費用的精簡所推動的。因此，我們 2024 年的調整後 EBITDA 為負 1,930 萬美元，較 2023 年的調整後 EBITDA 為負 1,770 萬美元下降 8.9%。這主要是因為我們在第四季度開始貨幣化之前對叫車服務進行了更積極的投資。

The transition to ride-hailing monetization marks the key inflection point for our growth and profitability. In 2025, we aim to almost double our annual revenue from $18.7 million in 2024 to $34 million in 2025 and to achieve positive EBITDA with a projected (technical difficulty). Our 2025 guidance excludes any incremental investments that we may choose to make to support the continued ride-hailing growth during the year.

向叫車貨幣化的轉變標誌著我們成長和獲利的關鍵轉折點。2025 年，我們的目標是將年收入從 2024 年的 1,870 萬美元增加近一倍至 2025 年的 3,400 萬美元，並實現正 EBITDA，預計（技術難度）。我們的 2025 年指引不包括我們可能選擇進行的任何增量投資，以支持該年度持續的叫車成長。

Finally, our share repurchase program, which we announced in January of 2024, and which enables us to purchase up to $3.5 million of our ordinary shares, up to a price per share of $6 through October 9, 2025, remains ongoing.

最後，我們在 2024 年 1 月宣布的股票回購計畫仍在進行中，該計畫使我們能夠在 2025 年 10 月 9 日之前以每股 6 美元的價格回購價值高達 350 萬美元的普通股。

Thank you for participating today and listening to our performance and our future plans. We'd be glad to address any questions you may have.

感謝大家今天的參與並聆聽我們的表現和未來計劃。我們很樂意解答您的任何問題。

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在開始接受提問。（操作員指示）

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Hey guys, this is Jack on for Deepak. Thanks for taking our questions. I've got two for you. First, can you talk a little bit more about how the dynamic pricing has been helping the ride-hailing monetization model since launch, kind of where are you on the overall monetization journey and sort of what have been the early signs of success you're seeing there?

大家好，我是 Jack，代表 Deepak 發言。感謝您回答我們的問題。我有兩個給你。首先，您能否詳細談談動態定價自推出以來如何幫助網約車盈利模式，您在整個盈利過程中處於什麼位置，以及您在那裡看到的早期成功跡像是什麼？

And then secondly, on the driver supply. Kind of how are you seeing success getting more drivers on the platform? And then how much runway do you have to continue growing this metric? Obviously, seen nice growth, thus far to date.

其次，關於驅動器供應。您如何看待在平台上吸引更多駕駛者的成功？那麼，您還有多少空間可以繼續提高這項指標？顯然，到目前為止，已經看到了良好的成長。

Thank you.

謝謝。

Sure, thank you for the question. As per your -- first, you asked two questions, so I'll answer the first one first. The dynamic pricing algorithm actually helps increase our match rates because ride-hailing is not a business with constant demand nor supply. On a Friday night when it's raining, and the weather's nice, the temperature is not too cold, after work, the demand is the highest it can possibly be. But on a Tuesday, if it's cold and the early morning hours, the demand is not just there, right?

當然，謝謝你的提問。按照您的——首先，您問了兩個問題，所以我先回答第一個。動態定價演算法實際上有助於提高我們的匹配率，因為叫車不是一個有恆定需求和供應的業務。週五晚上下雨，天氣很好，氣溫也不太冷，下班後，需求量最高。但是在星期二，如果天氣很冷並且是凌晨，那麼需求就不只是在那裡了，對嗎？

If you don't adjust your pricing based on demand and preferences of the drivers and riders, you are not going to get as many trips as you can. Your match rates will be low because if the prices are too low, your drivers won't accept it. But if the prices are too high, your riders will not want to take the trip. So it is a constant battle to measure every metric possible that's out there, be it personal or traffic related, weather related, specific events going on in the city, time of year, there are numerous other factors that we look at constantly and adjust our pricing on a not a city-wide basis, but on small locations.

如果您不根據司機和乘客的需求和偏好調整定價，那麼您就無法獲得盡可能多的行程。您的匹配率會很低，因為如果價格太低，您的司機將不會接受。但如果價格太高，乘客就不會願意出遊。因此，這是一場持續不斷的戰鬥，我們需要衡量所有可能的指標，無論是個人因素還是交通因素、天氣因素、城市中發生的特定事件、一年中的時間，還有許多其他因素需要我們不斷關注，並且不是在整個城市範圍內而是在小範圍內調整我們的定價。

So the pricing algorithm works differently for each neighborhood, sometimes each street within a neighborhood. So we are constantly working on it and we have seen tremendous improvements in our match rates because we will be able to price things, as well as we could. And in terms of our rider-driver growth, one key factor here is, I mean, ride hailing did not exist in Turkiye prior to our launch.

因此，每個街區的定價演算法都不同，有時街區內的每條街道的定價演算法也不同。因此，我們一直在努力，我們的匹配率已經得到了巨大的提高，因為我們將能夠盡可能好地定價。就我們的乘客-司機成長而言，一個關鍵因素是，在我們推出這項服務之前，土耳其還沒有叫車服務。

So I sometimes use this analogy and say it is akin to us selling water in the desert. Istanbul is starved for tech-enabled urban transportation. Taxis are just in terms of quality and quantity simply abysmal. The level of service is unacceptable, and we are selling something that's economical, efficient, and easy to use. So that's why people tend to like us a lot.

所以我有時會用這個比喻，說這就像我們在沙漠裡賣水。伊斯坦堡迫切需要科技驅動的城市交通。就品質和數量而言，計程車簡直太糟糕了。這種服務水準令人無法接受，而我們銷售的是經濟、高效且易於使用的產品。這就是為什麼人們如此喜歡我們。

This obviously reflects on the demand side, which hence then reflects into the supply side. So I don't know where this will end, but I still see very strong increase in our driver applications, and as years go by those numbers are going to reach very very high figures.

這顯然反映在需求方面，進而反映在供應方面。所以我不知道這種情況會何時結束，但我仍然看到我們的司機申請數量強勁增長，而且隨著時間的推移，這些數字將會達到非常高的數字。

We're also seeing increased activeness in our already registered drivers. So our cohorts suggest that people who signed up to the platform, once they start using it more as drivers. So improvement in the already signed up drivers is a critical factor for total trip growth as well. Thank you.

我們也看到已註冊司機的活躍度有所提高。因此，我們的同事建議，註冊平台的人一旦開始更多地使用該平台作為司機。因此，已簽約司機數量的提高也是總出行量成長的關鍵因素。謝謝。

Thank you.

謝謝。

Thank you. Rohit Kulkarni, Roth Capital.

謝謝。羅希特·庫爾卡尼（Rohit Kulkarni），羅斯資本（Roth Capital）。

Hey, thank you, and congrats on the success on the ride sharing so far. I guess, just maybe at a high level, how do you think the competitive environment has evolved over the last seven, eight months? You seem to be the market leader in the markets over there, but how do you anticipate that to evolve over the next year or so as is probably the market grows, your success and your traction improves. Perhaps, talk about how do you contemplate that in the near future.

嘿，謝謝你，恭喜你迄今為止的拼車成功。我想，從高層次來看，您認為過去七、八個月的競爭環境是如何演變的？您似乎是那裡的市場領導者，但隨著市場的成長、您的成功和吸引力的提高，您預計未來一年左右您的市場將如何發展？或許，談談您在不久的將來如何考慮這一點。

Great question. Thank you for that. First of all, as we mentioned, we are the first mover here. And the first mover advantage in a double-sided marketplace business model like ride-hailing is a fairly large advantage. The larger you are when your competitors arrive, the higher steady state market share you will have. So that's why we're trying everything we can to grow as fast as possible before any type of competition arrives.

好問題。謝謝你。首先，正如我們所提到的，我們是這方面的先驅。而在像叫車這樣的雙邊市場商業模式中，先發優勢是相當大的優勢。當你的競爭對手到來時，你的規模越大，你擁有的穩定市佔率就越高。因此，我們竭盡全力在任何競爭到來之前盡快成長。

That being said, these markets, the size of Turkiye, generally tend to be either duopolies or oligopolies with three to four players at a maximum. And historically, when you look at other similar economies in the G20, you see that the local players who have the personal advantage have always somehow kept the better position.

話雖如此，這些與土耳其規模相當的市場通常都是雙頭壟斷或寡頭壟斷，最多有三到四家企業參與。從歷史上看，當你觀察二十國集團中其他類似的經濟體時，你會發現擁有個人優勢的本地參與者總是以某種方式保持更有利的地位。

We are not afraid of competition. We welcome it. We're ready for it. If it emerges eventually, we'll be the dominant player with tremendous personal advantage and with a lot of local expertise, and that we believe is the magical formula to win the highest market share in the market.

我們不怕競爭。我們對此表示歡迎。我們已經做好準備了。如果最終成功，我們將憑藉巨大的個人優勢和豐富的本地專業知識成為市場主導者，我們相信這是贏得最高市場份額的神奇秘訣。

Okay, great. And if I could ask one more, what is the state of kind of ride sharing regulatory backdrop over there in terms of where are you with regards to -- and kind of the various rules and regulations that a ride sharing marketplace like yours needs to adopt, and are there any specific, kind of catalysts or other events that could essentially make operating a ride sharing marketplace much more structured in a manner?

好的，太好了。如果我可以再問一個問題，那麼就您所在的領域而言，那裡的共乘監管背景如何？像您這樣的共乘市場需要採取哪些規則和法規？是否有任何具體的催化劑或其他事件可以使共乘市場的運作更加結構化？

Sure. So very [good] question. So first of all, ride hailing, not being one of the main urban transportation solutions in a country like Turkiye is unthinkable. The only countries I believe left without a proper ride-hailing system are North Korea, the Congo, and Eritrea, and that obviously shows a global trend, where over 190 countries have the system in place with regulation.

當然。這個問題問得非常好。首先，在土耳其這樣的國家，叫車不成為主要的城市交通解決方案之一是不可想像的。我認為唯一沒有合適的叫車系統的國家是北韓、剛果和厄立特里亞，這顯然表明了一種全球趨勢，目前已有超過 190 個國家建立了該系統並進行了監管。

The regulation could come at three separate levels depending on the country. So it could be first of all on the local level, the cities, the city municipalities, city councils could regulate ride hailing individually with their own rules, and it could change from place to place, city to city. There could be if the country has a federal system like Germany per se, there could be federal laws that govern the ride hailing market or in other countries it could be national.

根據國家不同，該法規可能分為三個不同的等級。因此，首先可以在地方層面，城市、市政當局、市議會可以按照自己的規則單獨監管叫車服務，而且它可以因地而異，因城市而異。如果一個國家像德國一樣實行聯邦制，那麼可能會有聯邦法律來管理叫車市場；或者在其他國家，叫車市場可能是全國性的。

So there are three tiers of regulation that's possible and that's out there. Right now in Turkiye we're working on getting the full regulation in place to be able to operate freely and successfully in this market, but what needs to be kept in mind is that Turkiye is playing catch up to the rest of the world when it comes to ride-hailing.

因此，有三個層次的監管，這是可能的，也是現有的。目前，我們正在土耳其努力製定全面的監管規定，以便能夠在這個市場上自由、成功地運營，但需要記住的是，在叫車服務方面，土耳其正在追趕世界其他國家。

We believe with almost 100% certainty that this market with the largest city in Europe, and with the highest population in Europe, we have ride-hailing, and we believe that the local player who's sort of forced its way in and forged the entire business from scratch will be the key component of this entire equation.

我們幾乎 100% 確信，這個擁有歐洲最大城市和最多人口的市場擁有叫車服務，我們也相信強行進入並從零開始打造整個業務的本地參與者將成為整個等式的關鍵組成部分。

Okay, great, thank you. That's very helpful.

好的，太好了，謝謝。這非常有幫助。

Thank you. Poe Fratt, Alliance Global Partners.

謝謝。Poe Fratt，Alliance Global Partners。

Hi, good afternoon, just so -- if you -- have your earnings been released? Is there a press release available? I can't find anything. So I'm flying a little bit blind.

嗨，下午好，那麼——您的收入已經公佈了嗎？有新聞稿嗎？我什麼也找不到。所以我的飛行有點盲目。

Yes, they have been released. If you look at our IR website, ir.marti.tech, you should be able to see it.

是的，他們已經被釋放了。如果您查看我們的 IR 網站 ir.marti.tech，您應該可以看到它。

Yeah, for some reason Cankut, I'm on there and I can't find anything. I'll refresh, but nonetheless I do have a couple questions. You talked about your targets for 2025 of revenue of $34 million improving adjusted EBITDA by about $22 million to get to positive adjusted EBITDA, can you talk about some of the assumptions in there as far as either your cash G&A, your take rate, if you could just sort of frame some of the assumptions that are in your embedded in your guidance, that would be really helpful?

是的，出於某種原因，我在那裡找不到任何東西。我會刷新一下，但儘管如此，我還是有幾個問題。您談到了 2025 年的目標，即收入達到 3400 萬美元，調整後 EBITDA 提高約 2200 萬美元，從而獲得正的調整後 EBITDA，您能否談談其中的一些假設，例如您的現金 G&A、您的提取率，如果您可以概括地闡述一下您指導中所包含的一些幫助假設，那將會非常有嗎？

Of course. So the guidance, first, it is guidance with respect to continued operations in our existing cities. So the four cities that we currently operate in, Istanbul, Ankara, the capital of Turkiye, Antalya and Izmir, it assumes continued operations in those existing cities. It does not assume any other new city launches.

當然。因此，首先，該指導是關於我們現有城市繼續運作的指導。因此，我們目前在伊斯坦堡、土耳其首都安卡拉、安塔利亞和伊茲密爾這四個城市開展業務，並將繼續在這些現有城市開展業務。它不承擔任何其他新城市的啟動。

The second important assumption in those figures is also that it assumes a similarly sized G&A team to the G&A team that we had throughout the year 2024. And therefore, no incremental increases to the size of the team that we may choose to make in order to increase the preparedness of the company for a greater scale operation are included. Those are the two main assumptions.

這些數據中的第二個重要假設是，它假設 G&A 團隊的規模與我們 2024 年全年的 G&A 團隊規模相似。因此，我們不會為了增強公司對更大規模營運的準備而選擇逐步增加團隊規模。這是兩個主要假設。

So what that means is that, if we continue our ride-hailing business with a similarly sized G&A team and in our existing cities, we have a very healthy economic profile in the existing business. We may choose, of course, to throughout the year, expand the scale of our operations by launching new cities, as well as by preparing our team to operate a much larger scale marketplace.

所以這意味著，如果我們以類似規模的 G&A 團隊在現有城市繼續開展叫車業務，那麼我們現有業務的經濟狀況將非常健康。當然，我們可能會選擇在全年擴大我們的營運規模，透過進入新的城市，以及訓練我們的團隊運作更大規模的市場。

You asked about our take rates. Our take rates given that we just started monetizing in October of 2024, so it's been close to about half a year. We gradually will be increasing our take rates over time. We started with lower take rates relative to global benchmarks and the assumptions for the 2025 financial performance also assume that we continue to operate with the same take rates that we currently have in place, which remain in the single digits. And therefore, that is an additional potential upside, is when we choose to increase the effective take rates that we operate with.

您詢問了我們的收費率。我們的收費率是考慮到我們在 2024 年 10 月才開始貨幣化，所以已經快有半年了。隨著時間的推移，我們將逐步提高我們的收費率。我們一開始的收費率就低於全球基準，而且 2025 年財務表現的假設也假設我們將繼續以目前的收費率運營，即保持在個位數。因此，當我們選擇提高我們營運的有效利率時，這是一個額外的潛在優勢。

Great. Cankut, could I narrow the range as far as single digit? Can you at the upper end of the single-digit range, middle, sort of where are you as far as current take rates? And then where do you think you would exit 2025 as far as the take rate?

偉大的。Cankut，我可以將範圍縮小到個位數嗎？您能否處於個位數範圍的上限，中間值，就目前的接受率而言，您處於什麼位置？那麼，就接受率而言，您認為 2025 年的退出幅度會是多少？

It's going to be a gradual process and we're going to be taking multiple parameters into account in making those decisions. So those parameters include the clear trade-off between sort of growth and take rates. They take into account the competitive environment in the market, the potential anticipation of regulatory developments that we discussed. There are multiple parameters that we look at and therefore, it's very difficult to pinpoint a specific figure for the end of the year.

這將是一個漸進的過程，我們在做出這些決定時將考慮多個參數。因此，這些參數包括成長類型和接受率之間的明確權衡。他們考慮到了市場競爭環境以及我們討論過的監管發展的潛在預期。我們要考慮多個參數，因此很難確定年底的具體數字。

What we will be doing is taking all those parameters into account and whatever is necessary to optimize, our current positioning in light of what we want to achieve, that's what's going to determine the take rate, which remains in the single digits, although it has increased from a very low single digits when we initially launched.

我們要做的是考慮所有這些參數，並根據我們想要實現的目標優化我們當前的定位，這將決定接受率，儘管它已經從我們最初推出時的非常低的個位數上升，但仍然保持在個位數。

Okay. And then, Turkey has been on the -- in the news as far as at the national level from a political standpoint. Are there any potential changes that you see in the political landscape that might impact Marti in 2025?

好的。從政治角度來看，土耳其一直是國家層級的新聞焦點。您認為政治格局中是否存在可能對 2025 年的馬蒂產生影響的潛在變化？

I guess I'll take this one. So first of all, let me make something very clear. For those who follow Turkey closely will know this or know the history of Turkey, will know this, but Turkey is a place where there's mild but constant political turmoil. It's been that way for the past 150 years. It's normal. It's a part of this country's DNA, but keep in mind that this is a very vibrant society of 85 million people, the largest in Europe, with a city of 20 million people in Istanbul, which again is the largest in Europe. Our economy is solid and sound.

我想我會選擇這個。首先，讓我把一些事情說清楚。密切關注土耳其的人會知道這一點，或者了解土耳其歷史的人會知道這一點，但土耳其是一個存在輕微但持續的政治動盪的地方。過去 150 年來一直如此。這很正常。這是這個國家 DNA 的一部分，但請記住，這是一個非常有活力的社會，擁有 8500 萬人口，是歐洲最大的城市，伊斯坦堡擁有 2000 萬人口，也是歐洲最大的城市。我們的經濟穩固而健康。

And our growth rates historically have been pretty impressive. So I don't foresee this country experiencing any major trouble in the coming years that could potentially affect our company, but specifically about ride-hailing, come hell or high water, people still need to move around cities, whatever happens. So I believe our business model is iron-clad against any type of negative situation. And Turkey, a country that has never defaulted on its sovereign debt ever will not have the level of turmoil that could affect a company of our size.

從歷史上看，我們的成長率相當令人印象深刻。因此，我預計未來幾年這個國家不會遇到任何可能影響我們公司的重大麻煩，但具體到叫車服務方面，無論發生什麼，人們仍然需要在城市中出行。因此我相信我們的商業模式能夠抵禦任何類型的不利情況。土耳其從未拖欠過主權債務，因此不會出現對我們這種規模的公司造成影響的動盪程度。

Great. And then one last one if I may. You re-upped or you changed the stock repurchase program at the end of March, can you just highlight whether you've been active in either in the last couple weeks of March or into April as far as buying stock back?

偉大的。如果可以的話我再問最後一個問題。您在 3 月底重新增加或更改了股票回購計劃，您能否強調您在 3 月最後幾週或 4 月是否積極回購股票？

So we're very opportunistic with the repurchases that we make. We have a clear belief as to the potential maximum value of the shares and therefore the stock repurchase plan has a $6 share cap and we're going to continue to throughout the year, evaluate the stock price, which currently I think is -- it is significantly lower than that and therefore, we're going to continue to be opportunistic as the share repurchases.

因此，我們在回購時非常注重機會。我們對於股票的潛在最大價值有著清晰的認識，因此股票回購計劃的股價上限為 6 美元，我們將在全年繼續評估股價，目前我認為股價明顯低於這一水平，因此，我們將在股票回購時繼續抓住機會。

Okay great and it looks like the press release just hit your website, so I appreciate that. Thanks a lot, Cankut.

好的，太好了，看起來新聞稿剛剛發佈在您的網站上，所以我很感激。非常感謝，Cankut。

Thank you.

謝謝。

Thank you. Theodore O'Neill, Litchfield Hills Research.

謝謝。西奧多·奧尼爾，利奇菲爾德山研究公司。

Yeah, hi. Thanks, and congratulations on the revenue adjusted EBITDA. I'm following up on Poe's question here on the -- your assumption that there's no expansion beyond the existing cities for ride-hailing for in your assumptions for this year. Does that mean there won't be any expansion?

是的，你好。謝謝，並祝賀收入調整後的 EBITDA。我正在跟進 Poe 的問題——您的假設是，今年的假設中，叫車服務不會擴展到現有城市之外。這是否意味著不會有任何擴張？

First of all, we're running pilots all the time. So the city's names are the ones we are operational at scale, but we're constantly testing and researching and doing R&D in the market in multiple other cities. So 2025 we expect is going to be an active year. As I've said before, ride-hailing is something new to the Turkish market and obviously what is happening here is akin to what has happened in any other market when ride-hailing was first launched.

首先，我們一直在進行試點。因此，城市名稱是我們大規模營運的名稱，但我們也不斷測試、研究並在其他多個城市的市場上進行研發。因此，我們預計 2025 年將是活躍的一年。正如我之前所說，叫車服務對土耳其市場來說還是新鮮事物，顯然這裡發生的事情與其他市場叫車服務首次推出時發生的情況類似。

You go to Europe, even in the smallest cities of Germany, where less than 50,000 people live, you see large ride-hailing operators operate profitably. So we see tremendous potential and opportunity in the smaller cities of Turkey, and we will be constantly looking for those opportunities and doing pilots, and when we're sure we're going to be launching those cities one by one.

你去歐洲看看，即使在德國最小的城市，人口不到 5 萬，你也會看到大型叫車業者獲利豐厚。因此，我們在土耳其的小城市看到了巨大的潛力和機遇，我們將不斷尋找這些機會並進行試點，當我們確定後，我們將逐一推出這些城市。

Okay, that makes sense. And your comments about the G&A team staying the same size, is that because as you de-emphasize the two-wheeler and focus on ride-hailing, it allows you to keep the headcount approximately constant?

好的，這很有道理。您說 G&A 團隊規模保持不變，是不是因為您不再強調兩輪車業務，而是專注於叫車服務，這樣就能保持員工人數基本不變？

That's right. That's one of the contributing factors. So in line with the emphasis on our two-wheeled electric vehicle operations, as evidenced by the decrease -- year over year decrease in average daily vehicles deployed, that does mean that we need less central resources in order to support that operation.

這是正確的。這是其中一個因素。因此，根據我們對兩輪電動車業務的重視，正如每日平均部署車輛數量的逐年減少所證明的那樣，這確實意味著我們需要更少的中央資源來支援該業務。

And therefore, even the current forecasts, they represent a similarly sized G&A team in 2024 as in 2025. But the distribution of that team, yes, does mean that two-wheeler electric vehicles are getting smaller, ride hailing is getting larger, but they do not represent an increase in the total size of the team across the company.

因此，即使按照目前的預測，2024 年的 G&A 團隊規模也與 2025 年相似。但是，該團隊的分佈確實意味著兩輪電動車越來越小，叫車越來越大，但它們並不代表整個公司團隊總規模的增加。

Okay, thanks very much.

好的，非常感謝。

(Operator Instructions) Siddharth Havaldar, Crescent Enterprises.

（操作員指示）Siddharth Havaldar，Crescent Enterprises。

Hey, Cankut. Hey, Alper. Thank you for the presentation. Just a couple questions. Just to help me to understand your monthly and cash (inaudible) and cash position that you have today and how would you plan to -- I guess, if they plan to raise additional capital for it and the expansion in for '25 or how they sort of [continue] that with the increase in the take rates?

嘿，Cankut。嘿，阿爾珀。感謝您的演講。僅有幾個問題。只是為了幫助我了解您目前的月度和現金（聽不清楚）和現金狀況，以及您計劃如何 - 我想，他們是否計劃為其籌集額外資金並在 25 年擴張，或者他們如何通過提高利率來繼續這樣做？

So the cash position of the company as disclosed in our financials was roughly $5 million as of the end of the year, and we continue to raise as and where necessary in order to support the growth of the company.

因此，截至年底，我們財務報表中揭露的公司現金狀況約為 500 萬美元，並且我們將在必要時繼續籌集資金，以支持公司的發展。

Okay. And so your monthly burn guidance for the future year?

好的。那麼，您對未來一年的每月燒錢計畫有何建議？

So our forecast for 2025 is for $3 million in EBITDA, excluding investments that we may choose to make to accelerate the growth of our ride-hailing business across the two dimensions that I shared. So currently the forecasts do not include any new city launches, and secondly, it does not include an increase in the size of our G&A team.

因此，我們對 2025 年的預測是 EBITDA 為 300 萬美元，不包括我們可能選擇進行的投資，以加速我們在我所分享的兩個方面的叫車業務成長。因此，目前的預測不包括任何新城市的推出，其次，它不包括我們 G&A 團隊規模的增加。

Okay. And then do you plan for additional sort of CapEx for the two-wheeler refurbishment business, or is that -- or do you prioritize the focus on the ride-hailing element of it? And for the ride-hailing aspect, do you do further investments that may sort of alter the guidance for the $3 million EBITDA?

好的。那麼，您是否計劃為兩輪車翻新業務投入額外的資本支出，或者您是否優先考慮其中的叫車服務元素？對於叫車服務方面，您是否會進行進一步的投資，這可能會改變 300 萬美元 EBITDA 的預期？

So regarding the two-wheeled electric vehicles, that's right, that we're not going to be evaluating any increases in the scale of our two-wheeled electric vehicle operations prior to the summer of 2026. So that will not be made in 2025. With regards to the guidance, if we were to choose to make some of the investments that we make -- that we may make, those investments do have the ability to not only, of course, contribute to the expense line but also potentially contribute to the revenue line of our 2025 forecasts.

關於兩輪電動車，沒錯，在 2026 年夏季之前，我們不會對兩輪電動車營運規模的任何增加進行評估。因此 2025 年還無法達成此目標。關於指導，如果我們選擇進行一些我們可能進行的投資，這些投資當然不僅能夠為支出線做出貢獻，而且有可能為我們 2025 年預測的收入線做出貢獻。

Maybe let me add some color as well. Look, as the CEO, what I'm seeing when I look at our dashboard and our growth figures are just amazing how fast Turkey is adapting to this globally old but locally new tech enabled transportation solution. So any money spent in our ride-hailing operations, need expansion, need marketing, need any other thing seems to have unbelievable ROI going forward, affecting our future performance in the next few years.

也許我也想添加一些顏色。你看，作為首席執行官，當我查看我們的儀表板和增長數據時，我驚訝地發現土耳其正在如此快速地適應這種在全球範圍內陳舊但在當地卻採用新技術的交通解決方案。因此，我們在叫車業務上投入的任何資金、擴張、行銷或其他任何事情似乎都會帶來令人難以置信的投資回報率，從而影響我們未來幾年的表現。

Okay. I appreciate the question -- the response. Thank you. I think just one last question from my end. With the sort of increase of the take rate from single -- low-single digits to high-single digits, so the impact on the demand that you've seen with the drivers, because as you mentioned, you're valuing multiple parameters when considering increasing take rates, have you seen the resulting impact and decrease and so as you scale higher and with the demand stay constant or (inaudible)?

好的。我很感謝你的提問和回答。謝謝。我想我只剩下最後一個問題了。隨著接受率從個位數低位增加到個位數高位，您所看到的對需求的影響與驅動因素有關，因為正如您所提到的，在考慮提高接受率時，您正在評估多個參數，您是否看到了由此產生的影響並減少了，因此，隨著規模的擴大，需求保持不變，或者（聽不清楚）？

So we've seen -- okay, do you want to take this or shall I?

所以我們已經看到了──好的，你想拿這個還是我拿？

No. Go ahead man, go ahead.

不。來吧，來吧。

So we've seen no change in either the driver -- pace of driver acquisition or the retention parameters as a result of the application of monetization or the subsequent gradual increases that we performed in the take rates. And the reason for this, I believe, is because we are one, introducing a new service to the country. We are doing so in an environment where we are the only at scale ride-hailing operator currently in the country, and we are also doing so in a structure where the alternative employment opportunities, and the income that those alternative employment opportunities would present for our current driver base are smaller in nature.

因此，我們沒有看到驅動因素（驅動因素獲取速度或保留參數因貨幣化的應用或隨後我們在收取率中執行的逐步增加而發生變化。我相信，這是因為我們是一家公司，正在向全國推出一項新服務。我們這樣做的前提是，我們是目前國內唯一一家規模化的網約車運營商，而且我們這樣做的前提是，我們目前的司機群體所能獲得的替代就業機會以及這些替代就業機會所能提供的收入本質上都較少。

And the direct analogy, of course, that many of our drivers, for example, they formerly drove for taxis. And if you look at the structure of the taxi sector in Turkey, it's one where in the vast majority of cities and most notably in Istanbul, there's a medallion system where a very large portion of the earnings of the driver go to rent the medallion. And our application of take rates still remains a very small fraction of what the alternative for many of our drivers is, which is to rent a medallion and to drive a taxi.

當然，直接的類比是，我們的許多司機，例如，他們以前都是開計程車的。如果你看一下土耳其出租車行業的結構，你會發現在絕大多數城市，尤其是伊斯坦布爾，都有牌照制度，司機收入的很大一部分都用於租用牌照。而對於我們的許多司機來說，我們所採用的收費標準仍然只是另一種選擇（即租用牌照並駕駛計程車）的一小部分。

Okay, I understand. Thank you.

好的，我明白了。謝謝。

Thank you. The next question is a follow up coming from Rohit Kulkarni of Roth Capital.

謝謝。下一個問題是來自 Roth Capital 的 Rohit Kulkarni 的後續問題。

Hey, thanks, again. Given some of these recent questions, wanted to jump in. Philosophically, how do you guys kind of balance growth versus profitability? Clearly, it feels that there's a large market opportunity ahead of you, but as a company of your size and scale there's always the tug of war between where you invest near-term versus medium and long term for sustainable growth. Can you just maybe talk through that, and more specifically towards the kind of how profitability overall could get affected as you think through these growth investments.

嘿，再次感謝。考慮到最近的一些問題，我想參與其中。從哲學角度來說，你們如何平衡成長與獲利？顯然，您感覺面前有一個巨大的市場機會，但作為一家具有您這種規模和規模的公司，為了實現可持續增長，您總是需要在短期投資和中長期投資之間進行拉鋸戰。您能否詳細談談這一點，更具體地說，當您考慮這些成長投資時，整體獲利能力會受到怎樣的影響。

Perhaps going deeper in existing cities, new cities, even new ways of monetizing your engagement, the delivery financials and what not. So just maybe talk through how philosophically investors should get comfortable that, as ways to kind of manage capital and growth going forward.

也許可以更深入地了解現有城市、新城市，甚至探索將您的參與、交付財務等貨幣化的新方法。因此，也許可以從哲學角度討論投資者應該如何適應這一點，作為未來管理資本和成長的方式。

So, I think the state of the ride-hailing market in Turkey is sort of important to highlight, right? We're less than three years into our ride-hailing operation and therefore, the state of the ride-hailing market in Turkey is probably similar to the state of the ride-hailing market in markets like the US back in pre-2015, right? And in light of that, we remain very much growth focused. Until we started monetizing in October 2024, arguably, we were 100% growth focused.

所以，我認為土耳其的叫車市場狀況值得強調，對嗎？我們的叫車業務開展還不到三年，因此，土耳其叫車市場的狀況可能與 2015 年之前美國等市場的叫車市場狀況相似，對嗎？有鑑於此，我們仍然非常關注成長。直到 2024 年 10 月我們開始獲利之前，可以說我們 100% 專注於成長。

Now, while we have begun monetizing, we still remain very heavily tilted towards growth, rather than profitability. But as a result of the market structure that we currently have, which is one where we are the leading at scale operator. Even while we remain very focused on growth, we are able to, in our existing cities, create very healthy economics. And those are the forecasts for 2025.

現在，雖然我們已經開始貨幣化，但我們仍然嚴重傾向於成長，而不是獲利。但由於我們目前的市場結構，我們是規模運營商的領導者。即使我們仍然非常注重成長，我們也能夠在現有城市創造非常健康的經濟。這些是 2025 年的預測。

With respect to the future of the company, the opportunity in ride-hailing in and of itself is so large that we do not foresee in 2025, for example, entering deliveries, entering financial services, or extending into other verticals. And it's simply a function of market size, right? Sort of potential volume and revenue per volume that we look at. And by far, ride-hailing is the biggest opportunity. It's one that we are, I think also very well positioned to capture as the clear market leader at steady state. And therefore, that's our exclusive focus for 2025. Once we have captured the ride-hailing opportunity fully, then we will begin looking at other expansion verticals, but that's not going to be taking place in 2025.

對於公司的未來，叫車本身的機會就很大，我們無法預見2025年會進入配送領域、金融服務領域或擴展到其他垂直領域。這只是市場規模的一個函數，對嗎？我們所關注的潛在銷售量和每銷售量的收入。到目前為止，叫車服務是最大的機會。我認為，我們完全有能力在穩定狀態下成為明顯的市場領導者。因此，這是我們 2025 年唯一關注的重點。一旦我們充分抓住了叫車服務的機會，我們就會開始尋找其他擴張垂直領域，但這不會在 2025 年發生。

Okay. Thanks, Cankut. I appreciate the answer.

好的。謝謝，Cankut。我很感謝你的回答。

Thank you. At this time, I would like to turn the floor back over to management for any additional or closing comments.

謝謝。現在，我想將發言權交還給管理層，請他們發表任何補充或結束評論。

Thank you very much for listening. Thank you for joining everybody and for your insightful questions. Appreciate it.

非常感謝您的聆聽。感謝大家的參與和提出深刻的提問。非常感謝。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines and log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，感謝你們的參與。今天的活動到此結束。現在您可以斷開線路並退出網路直播，享受剩餘的一天。