All right, thanks everybody for making it. My name's Troy Jensen. I'm the analyst at Proto Labs. Actually, I've been luckily following you guys forever. Right? If you remember, I was kind of the lead left, or excuse me, lead right, underwriter on you guys' IPO. I was on the IPO, yeah. Yeah. We have Larry Lukis. It was Brad Cleveland. It was Jack Judd. Right? It was kind of a great story. I have known you guys forever. Thank you for making it, Rob. I really appreciate it. With us. Yeah, my pleasure. Rob Bodor, the CEO of Proto Labs. Rob, why don't we just quick start with just a background of yourself and maybe just kind of a quick explanation of Proto Labs, what you guys do? Sure, yeah. Happy to do that. I've been with Proto Labs for about 12 years in various roles, right, as you know. I've been CEO for the last four years. Over that time, I've seen Proto Labs go through just a great and just a tremendous journey, right, and really a transformation. We started 25 years ago with very much prototyping in mind. We are still the premier prototyping company in the world, right? We're the fastest company in the world because of the software that we've infused and the automation that we've infused into the manufacturing process. Over the last several years, we've expanded a lot into production, right, enabling us to serve our customer across the product lifecycle. Not just in prototyping, but in use cases later in their production. We have invested a lot behind that around automation to lower prices, around capabilities for inspection, quality, process validation, and those kinds of things. Today, we are able to bring them production as well as prototyping and serve our customers in a much broader way. All of this we did for our customers, right? Last year, we served over 50,000 customers. Really, many of the most innovative companies in the world, more than 85% of the Fortune 500 companies in our target industries buy from us. I am really pleased to be able to serve their needs in the way that they have been asking for in this broader way. I mean, we have been waiting to unlock this for a long time. I am really excited to bring that forward. Yep. Perfect. Hey, could someone just quick close the door for us? That'd be great. So we don't get the background noise. All right, let's start with factory sales, right? That's really kind of the base business, organic business. $400 million in revenues in 2024, very profitable with roughly 50% gross margins. It's obviously economically sensitive. I think it was down about 5% last year. Can you just talk about what are the main drivers of your factory business? Yeah, absolutely. As you say, our factory business is kind of the legacy business. It's the core of our business, and it's about 80% of our revenues today. That factory business is, again, this is where we put so much of our automation and our ability to turn parts in as little as a day across all our different services. This business is really closely coupled with our prototyping offerings. It's really driven by innovation, right? That business is driven by innovation. What we've seen historically is that in times of strong economy, that business booms, right, because our customers are in a hurry. They're launching a lot of new products. They're working to get things into market quickly. They're not price sensitive. That business grows in strong economies at multiples of GDP, right? We have a long history of that. Conversely, in slower economies like we have been in under the last several years, right, where we have had consistent contraction in manufacturing, it does see headwinds. That is what is playing out there. By contrast, we have a network business, right, which is characterized by longer lead times, higher volumes, lower price points. That has doubled over the last two years, right? Where customers are looking for, they are more price sensitive, and they are not in as much of a hurry like in an economy like this, that is a really powerful business because in a period of two years of manufacturing contraction, we have been able to grow, double that business, take share, right? This characterizes, I think, really the strength in our business model and the strategy because we are totally unique in having these two aspects of the business, right, being able to be so fast and responsive in prototyping, but also be able to have this kind of network model that makes us somewhat robust to the different economic external cycles. I am really pleased with it. I am seeing it play out in a nice way here as we go forward. Yep. Sexy business for sure. If you guys remember, I do very well. The factory business used to be like a 30% grower with 25%-30% operating margins. Obviously, times have changed, right? Economically sensitive, probably more competition. We do not kind of see that same profile. When I think about your factory business, I guess I always thought injection molding would be a lot in production because people that are actually going to spend money to build a mold to print like 50+ parts, to me, that is not much prototyping. To me, that would be more production, right? Am I thinking about that wrong? Yeah, let me address your first point about kind of margins and where that's at because you have a great memory, right, because you're going back well over a decade. Right, exactly. When we were a much smaller business. There, really, the strategy was kind of cherry picking, right? Simple parts fast. Simple, yes. We said no to a lot of customers and a lot of opportunities, right, to cherry pick those most profitable ones. That was kind of a niche business, right? I do not want to run a niche business. I think we have a tremendous opportunity for growth playing in the larger space, playing in production. We have a huge opportunity for that. We want to be able to say yes to customers, right, and serve them across those needs. They have told us for years that they want us to serve them more broadly. That has been part of that journey, to be able to build the offering that we have today to be able to serve them more broadly, play in a much bigger TAM, and be more robust, again, to these kind of economic cycles. I would remind you that we are a very profitable business today, right? We carry no debt. We generated 15% of revenue in cash last year. I do not care who you look at as our competitive set. We are vastly more profitable than them, right, by a lot. That is our strategy. Back in those days, we also did not invest much in sales and marketing. Today, I am actually leaning in on sales and marketing, right? I have got a big brand campaign out there called ''Manufacture Like a Pro'', right, that is all about getting—I am trying to yell from the mountaintops about our capabilities in production so that we can serve our customers more. To answer your question about injection molding, today, we estimate that the majority of our injection molding business is production, right? Where we would classify it as prototyping is when customers might create a new mold and then just generate one set of parts off of that mold that they're testing. They're testing. They're evaluating their design. They will come back and change that design, make a second mold or third mold, right, as they iterate and they learn. Once they start doing repeat orders off of an existing mold, right, we classify that as production. We actually have offerings that are prototype molding and production molding because it's economically better for them as they start to get into volumes to pick our production molding off of. Sure. It's probably just longer lead times, right? You don't need to accelerate as much. You can plan more accordingly, right? We can plan more accordingly. We'll have higher cavity molds. We'll do things to the tool to make it more cost-effective to make more parts off of it. Yep. Yep. I do know you guys have done a lot to kind of expand your offerings. You acquired 3D printing. You acquired sheet metal. You got into the Hubs business, which leads me to my next topic. Network sales were about $100 million for you guys in 2024. I think in Q4, it was up 22% year over year. That's right. That's right. Can you just talk about how the network business complements the factory business? Yeah. Yeah, thank you. It's very complementary. And we've actually shaped our network to be complementary to the factory business, right? The way to think about it is maybe on a couple of dimensions. One, in terms of capabilities, there are some things that we can make through the network that we can't make in the factory, right, because we can identify specialist manufacturers who specialize in certain things that it wouldn't be cost-effective for us to bring in-house, right? Now we can still offer them to our customers, right? It expands our envelope of what we can offer to customers. The second way is the same parts that we can make in-house, but those manufacturers who are our partners can make them at higher volumes, more cost-effectively, right, where our factory might be more focused on high mix, low volume, quick turn, right? We can work with our MPs who can do that repeatedly at high volume at a lower price point. This allows us, it's one of the ways that we can serve the customer across their entire product lifecycle as their volumes ramp up so that we can be competitive across all their needs. Yep. How about, can you give us some examples of maybe effectively cross-selling kind of your network sales to your factory customers? Yeah. Cross-selling has been one of our big strategies, right, since we did the acquisition. I'm very pleased with how that's going. Last year, the number of customers who used both the factory and the network, right, so cross-selling, grew 50%, right? I'm really excited about this because we're still barely seeing the tip of the iceberg here. That number represents only 5% or just over 5% of our total customer base. There's still a tremendous untapped potential for us as we drive this message to our customer base. We're seeing really strong growth and adoption already. This is, again, why I'm leaning in on sales and marketing, why I'm leaning in on branding to raise that awareness. Yep. Can you talk about just the margin profile of network versus factory? Yeah. We target 50% gross margins in the factory fulfillment and 25%-30% in the network. I'm pleased to say we expanded gross margins in both the factory and the network last year. The network has been running actually a few points above the high end of that range, of that target range in this economy where there's a lot of kind of excess capacity within the manufacturers. I'm quite pleased with both of those, the performance we've seen. All right. How about, can you talk about number of network partners you have? I mean, how do you find them? How do you qualify them? Yeah, happy to do that. We've got several hundred network partners. Our strategy is not to have thousands or tens of thousands of those manufacturing partners. We want to be close to the partners. They're highly curated. We audit them in person, right? We onboard them in person. We visit them routinely. We also make sure that we're sending them material business so that we're one of their biggest customers or their biggest customer. That way, they have skin in the game. They see us as a real partner. We also understand their capabilities really well. I mean, we're a manufacturer, so we understand the needs of other manufacturers, right? We know that if it is something that one of our plants, like I know that there are sweet spots for each of our plants, right, where you send them that kind of work, and it goes through very smoothly with high reliability, no issues. If I send them something that is kind of at the limits of what they can do, you are probably going to run into challenges, right? At least statistically, you will run into more. We really want to characterize our MPs so that we understand what that sweet spot is and tailor that for them, right? We have had, I mentioned we doubled the network business over the last two years. We have not had to substantially increase the size of our MP network in that time. That is because many of them actually grew with us, right? We've had some that started with us several years ago, three, four years ago as a small machine shop with 1 or 2 mills, and they now have 20 or 30, right? They've been able to grow with us as we've brought more business to them. I'm really happy with the network and how it's working. I'm sure we can double it again quite easily. Yep. Okay. On the network partners, do you think most of those are production sales? Is it mainly CNC, or is it just more complex injection molding apps, or is it just the specialty stuff that you're talking about? It is really a combination of all those things. I would say that by count, it leans more towards CNC and to 3D printing. Of course, we have every kind of partner in the network. Would it make sense at all for you guys to actually acquire a machine shop? I mean, I think about you guys getting 25%-30% gross margins on the network partner sales. They're obviously making a profit too, right? Kind of it's your customers to begin with. I mean, would there ever be a reason for you guys to acquire your own machine shop to do your own long lead time types of CNC and injection molding? Yeah, I think those are some possibilities that we look at. One of the things that I see as a real advantage to the network model as it complements our factories is that as we look to explore ways that we can broaden our capabilities and our offerings that we bring to our customers, where in the past, we would have to do an acquisition and invest upfront in order to stand up that capability to bring to market, now we can do it commercially by finding some of those partners and testing it in the market without the need for that investment. We can spin it up and bring it to market in just a matter of a few months, right, and test the landscape before we might do subsequent investment. That subsequent investment may take the form of acquisition. Okay. Yeah. Okay. What about just, I know we've touched production versus prototyping. I mean, Proto Labs, I mean, it comes across as a prototyping company. I know production is your big push right now. Some of the injection molding in the factory is all production? Yes. Most of the network business you believe is production? Just like as a percentage of sales, what do you think production is? How has that changed in recent years? Yeah, so it's been growing. Today, we estimate about 40% of our business is production and use, meaning it is a part that we make that our customer puts into their product for sale, right? So it's about 40%. It is quite material already, even despite our name being a combination of prototype and laboratory, right? We are really promoting our broader capabilities in production. What we see is that when customers start to use us for production, our average order values with them go up dramatically. Their total revenue with us goes up dramatically. Absolutely. Last year, we served over 52,000 customers, right? Some of the most innovative companies in the world. Again, a small percentage of them are still using us for production, though from a revenue standpoint, that represented 60% of our revenue. As we really drive this conversion throughout our customer base, I see tremendous growth potential. That is what I am really excited about. Talk about if you are extremely successful with production, what does that get into your gross margins? Because, I mean, obviously, you guys have the advantage on the prototyping side, simple parts fast or just capturing someone who's behind plan. Once you move into production, longer lead times, they can plan accordingly. They do not need to pay up, right, a premium. Just talk about the margin profile if you're successful in production. Yeah. This might be a little counterintuitive, but I actually don't anticipate much. I'm quite confident we're not going to see much margin compression as we move more into production. I'm confident on this for a couple of reasons. One, it's already 40% of our business. It's material today, right? We're in it today. We can measure those orders, and we know the profitability of the production orders versus the prototyping orders, right? That is how it's been playing out. Two, we've been investing behind this, right? We've invested a lot in automation over the last several years, right? Whether it's cobots or higher volume robotics or applications of AI that we've talked about or, frankly, new invention that we've done, right? I mean, we've got a portion of our R&D team who focuses on automation in these ways. We have talked about launching automated inspection, right? First to the world, automated inspection, automated mold polishing. Again, our invention first to the world, right, that we have technologies around that has substantially reduced our need for skilled labor, right, in the plants and allowed us to expand our gross margins even as we have grown production. Can you explain how you've adopted AI into the business model? Yeah. We've got AI actually in lots of parts of the business. We've got it on the factory floor in a number of different areas. We've got it in go-to-market. We use it for R&D. We use it in software development. It's pretty pervasive. In fact, we've got our own kind of protected instance of ChatGPT that is available for all employees to use. It's just in our intranet. We're encouraging them to experiment with it and find opportunities to drive productivity, whether it's in their emails or in their marketing creative or in analyzing data and synthesizing things. Yeah, we're adopting that quite a lot. I see that as a really big opportunity for all companies, but we're definitely investing behind it. Can you talk about how you've been able to adopt it in with your pricing models, whether it's for the factory and/or networking? Yeah, sure. Machine learning is part of what we do to study pricing and to look at pricing sensitivities and so forth. We've done that for a long time, both in the factory and in the network. In the network, it's actually core to how our real-time pricing is done, is through AI-based algorithms. Correct me if I'm wrong, but when a network order comes in, your pricing engine will kind of look at the CAD file, right? And it'll kind of give them a quote, right? That's right. The customer will accept it. Once they've accepted it, you go shop that quote to your customers at. To our MPs. To your MPs, excuse me. Yeah. Let's say you quote a customer at $1,000, right? Yep. Then you shoot it out to your MPs, right? I mean, can you talk about the process? Do you start, see if anyone will make it for $600? If no one accepts it, do you make it for $650? Talk about the process of. No. We've got a target margin that we're going after, right? We will price it to our customer, and we will price it to the MP. Our objective is not to find the lowest bidding MP. Our objective is to place it with the MP that we're certain is going to deliver with high quality and reliability that geometry, right? If it's a different geometry, we might go to a different MP because of what we know about them, right? Oh, interesting. The reason is that, again, we serve these amazing customers that we want to have long-standing relationships with, right? That means that we want them to grow their business with us and do more and more production with us. Quality is fundamental. Reliability is fundamental. We have a very strong brand around reliability and quality. We want to maintain that with those customers. Our algorithms are tuned to that, to really making sure that we're sourcing every job with an MP for whom that is a straightforward thing to deliver that they do every day so that their reliability and quality is going to be high. We study the market. We know what we believe is a competitive market rate for that kind of job. That's what we posted at. Okay. All right. The engine learns during the process and tweaks and fine-tunes and gets better pricing for you guys. Yep. That's exactly right. The engine learns as we do that. No, we're not trying to skim and trying to find the lowest bidder. Does your competitor do that? Perhaps. Okay. Yeah. Because I think talk about then quality, right? So quality is so critical for everyone. Fundamental. Right. So you guys qualify these partners. You know what they can do. Great, right? Because I mean, customers, because you think about product liability, ITAR, intellectual property issues. Exactly. It's a lot. Yeah. We have to hold ourselves to those high standards. Yep. Okay. Perfect. All right. How about investing for sales growth? I know that was kind of a big theme on the recent earnings call. Now, 'Manufacture Like a Pro', I guess, is the branding of it. Just explain to us what you're going to do to kind of kickstart the growth in this business. Sure. Yeah. We're really leaning into that and driving investment in sales and marketing and branding. Again, we've got a very large brand campaign that we kicked off in January, 'Manufacture Like a Pro', really to reinforce and just tell the story of our capabilities in production, which have evolved and expanded quite a lot in recent years, making sure that customers understand our capabilities for process validation, quality documentation, our pricing at high volumes, and all these things that they care about as they go into production, right? Also how we qualify and validate our MPs and so forth. We're also investing behind sales. Last year, we did the largest reorganization in the history of the company, set up team-based regional sales that are empowered to serve their customers in each of the regions in the Americas and in EMEA. We put in place first ever a global revenue operations function to help facilitate and make more productive our go-to-market teams with better systems, insights, data, those kinds of things, right, to help them be very effective. We have really a team-based model, right? Because production is much more of an enterprise sale than an individual sale. We bring our A- team, right, to that that is cross-functional. Just like on the customer side, there might be many stakeholders that have to make a large production buying decision, not just the buyer, but the quality person, maybe the general manager of that business, what have you, right? Similarly, in addition to our salesperson, we've got application engineers. We've got customer success folks. We've got sometimes factory leaders. We've got our quality team, right? We bring a much broader group of people that can really address all the questions that the customer has to that. We are leaning in on all of those areas to drive growth. I am really pleased to see that we are starting to get traction with that, right? I mean, again, our production business is growing. We are seeing more and more adoption from customers in the cross-sell and seeing average revenue grow up. Yep. If successful with this new model, 'Manufacture Like a Pro', will you see upsized growth in factory or network or both? I expect to see it across both. Okay. Yeah. Because we're doing production in both. Great. Exactly. Okay. We think of you guys as a high quality too, right? So. Thank you. Yeah. Typically, it's what I always heard. All right. Let's talk about tariffs. If you go back, just reshoring, nearshoring, I'd argue kind of coming out of COVID, supply chains were all messed up. And this whole theme of reshoring, nearshoring was hot. I talked to a lot of resellers of kind of industrial equipment who had just talked about having better conversations with C-level executives, right, just about kind of more production applications in the U.S. Obviously, it slowed down. It was the war in Ukraine. It was inflation. It was rates or recession. Now, tariffs is the next kind of concern, right? Whether or not we're going to have them or not, or today might be different than tomorrow. But you just taught your thoughts on reshoring and tariffs, and does it impact you guys at all? Absolutely. Actually, I see tariffs as a big opportunity for us. I mean, first of all, remember that we are very fast at responding, right? Throughout our history, we have been a great partner for whether it was COVID, right, where we did 20 million parts for products very urgently, right, to combat COVID. We have a long history of that. When there's supply chain disruption, people come to us, right? Certainly, this is a period of more disruption. From a footprint standpoint for our U.S. customers, we've got really strong factory presence in the U.S., right? All our factories are in the U.S. for our U.S. customers. We've also got a strong set of MPs also in the U.S., right? We've got a really strong domestic footprint already that can serve their needs. Our factories, unlike maybe traditional manufacturers, as we see demand increase, we do not need skilled labor to scale up and meet that demand because of the nature and level of automation in our digital factories, right? I stand really well prepared to see a surge in reshoring and think that would drive a lot of robust demand. Furthermore, we have also got a global network of MPs across many, many countries, right? If there is a tariff situation or a trade situation that makes one country unattractive, right, we can very quickly, and I mean, we do this routinely, switch to another country or another region of the world for doing the production. For example, every year during Chinese New Year, right, we shift that demand to other parts of the world without a hitch, right? We are quite capable at that as well. I think that these changes actually could be a real opportunity for us. You guys probably had no impact on your business model as far as you guys don't source anything internationally, right? Are the mills coming at all internationally? Or will you guys see any expenses hit tariffs? You know, I think we're watching the raw materials, right? But we're fortunate that our raw materials are relatively simple, right? Plastics and metals. Yeah, I mean, we're watching that carefully. I'm not very concerned, especially if there are broad cost implications. I think we should be able to pass those along to customers. Do you source any aluminum or steel from Canada? Tariffs are going up there. Yeah. I have read that. Yeah. It's not material for us. It's not. Okay. Yeah. I imagine most of it has to be kind of locally supplied. All right. How about talk about, I know you guys have been extremely profitable, right? And you guys have implemented a buyback, right, to kind of returning shareholders. Where are you on the buyback? Would you guys consider dividends at all or? Yeah. Right now, we're focused on the buyback as a way to return capital to shareholders. Yeah, we just had another $100 million approved, right? We've been in the market this quarter buying back on that. Okay. Is it an X% of cash flows? Are you just trying to offset a share-based compensation dilution? Is there a strategy there? Yeah. We've gone beyond offsetting dilution to trying to return most of the free cash flow back to shareholders. Okay. What was key cash flow from operations last year? Do you guys remember? Yeah. Cash flow from operations last year was $78 million. So about 15% of revenue. Okay. Awesome. Is there any questions from the audience? Anyone? Anyone? Anything else, Rob, that you think is kind of important that you kind of want the investors to know here? Yeah. First of all, thank you very much. Appreciate the time. Enjoyed our conversation. I think this is a really exciting time to be in manufacturing. It's also a really volatile time to be in manufacturing. I'm really excited for our business in a time like this because these kinds of disruptions have proven to be good for us, right, because of our unique capabilities to respond quickly and the automation that we have. As I think about profitability, it's really about growth for us, right? I think as we are continuing to invest in automation and productivity. We have talked about a number of those. We see a tremendous amount of opportunity for revenue growth as we execute on this production strategy. With that, I expect to see significant gross margin expansion and EPS expansion. Really? Awesome. Really? Awesome. Because of the leverage that we can get in our model. Is there more automation to be done in your business? Yeah. I mean, we're constantly looking at that. As I said, we've got R&D teams dedicated to this. The way we tend to think about it is we look at the stages in our manufacturing process, right? We identify where there are places where there's inefficiency, where there are places where it's still manual, right? We focus our innovation there. That's how we got to automating inspection, automating mold polishing. Mold polishing used to be entirely manual. Now it's very heavily automated. It's interesting because when I walk through your plants, it's surprisingly quiet as far as the number of people, right? Because of the automation, historical automation too, you never really needed a machinist, right, to run a machine. I think a light would pop on if a machine needed to be serviced or kind of switched to the next part. It seemed like you guys were already running super efficient, but you've been able to find ways. We have. I mean, I think for the kind of manufacturing that we do in the contract manufacturing space, I believe we're the most digital. We're not stopping there, right? We're continuing to invest in that. Yeah. Does it make sense for you guys to, I mean, most of the manufacturing in the factory is Minneapolis-based, right? Does it make sense to move manufacturing, factory manufacturing, out to the coast or? Yeah. We are on the East Coast, right? We've got facilities in Raleigh and. Oh, right. Yeah. The 3D. In New Hampshire, right? All of our 3D printing is in two facilities. We just a year ago expanded into a second facility in 3D printing in North Carolina in Raleigh. We have two facilities in New Hampshire as well where we do CNC machining and sheet metal. Yeah. That is our current footprint. I think we are good in terms of having to expand the footprint for another year or so. have enough capacity? I know you guys have historically kind of bought a new building or so or expanded capacity every couple of years. Yeah. Again, we just did one a year ago, right? We've got excess capacity in all of our facilities now. I feel good for a little while. Yeah. Exactly. Perfect. If there are no questions from the audience, I'm kind of tapped out. Kieran, go ahead. Thank you. On the upsides of the current thing, I mean, when I kind of get through this continuing resolution bill and the renewal station comes up, their economic plan is talking about accelerated depreciation from his first term, expensing a lot of it right away. Would that change your thought process in investing or if you had that sort of investment legislation in place? If you think about kind of the network and factory model, right, what's attractive about that is, and I'll take it one by one, but I think collectively we've got a really good kind of ROIC engine, right? Obviously, on the network side, we can grow revenue without having to invest capital, right? That is very attractive. That is growing really well. On the factory side, depreciation is relatively small relative to revenue for our business because of just the nature of the business and the automation that we have in place. I think we would focus on growth and whatever it is that we need to do to drive growth and to serve our customers. I do not think that would be a big influence for us because of kind of the fortunate nature of how our business is constructed regardless of how that turns out. Yeah. Awesome. Thank you. We're out of time. Thank you, Rob. Thank you very much. I really appreciate it. Appreciate your time. Thank you. Thank you. Great. Good evening, everyone. My name is Deepak Mathivanan. I cover global internet here at Cantor Fitzgerald. Thanks, everybody, for joining us. We are excited to have Cankut Durgun, co-founder and president of Marti Technologies, join us today. Cankut, thanks for joining us. Thanks for having me. Great. Hey, maybe to start off, for folks who are sort of new to Marti, can you provide a brief overview of the business? What are the primary areas you participate in? How do you view the big picture opportunity for Marti? Sure. We launched Marti in 2019 in Istanbul, Turkey. Turkey is one of the 20 largest economies in the world. It is an 85 million population. Istanbul is one of the largest cities in the world with a population over 20 million people. When we launched Marti in 2019, for those in the U.S. audience, imagine a market without any sort of ride-hailing services. No car hailing, no motorcycle hailing, no micromobility services. No e-bikes, e-scooters, e-moped rentals, no car sharing. That was the state of the Turkish market when we launched in 2019. Our goal was to effectively catch up Turkey to the technology-enabled transportation innovations that have taken place pretty much everywhere else in the world. Where are we as of 2025? We are the number one urban mobility app in the country. We are the equivalent of Uber and Lime in the sense that we offer a full range of ride-hailing services, including car hailing, motorcycle hailing, and taxi hailing, and micromobility services as well. We have e-bike, e-scooter, and e-moped rentals. In all of the verticals where we operate, we are the dominant market-leading firm in the country. Got it. No, that's great. That's helpful background. Tell us a little bit in detail about what's different about Marti versus competition. I mean, if you look at the ride-sharing industry or mobility in general, we're starting to see market structures somewhat being established in many regions. You usually have one dominant player or two dominant players. How do you think about Marti's competitors and what differentiates Marti specifically? The way that the mobility landscape has played out in Turkey, I think, is similar to how it has played out in many developed as well as developing countries globally. That's one where local companies that are able.