Little Q&A box at the bottom of your Zoom screen. Just type your questions in there, and we'll get to as many of them as we can. Any that we're not able to get to, please follow up with your COD representative, and we'll run down an answer for you. Today, we're very pleased to have with us SunCar Technologies. Representing SunCar is Breaux Walker, Chief Strategy Officer. Breaux, please take it away. Thank you, Michael. Good morning, everyone. Thank you for joining. As Michael said, I'm Breaux Walker, SunCar's CSO. SunCar is one of the leading B2B auto insurance and auto services platforms in China, which is now the largest auto market in the world. With consistent EBITDA expansion, approximately $460 million, rather, in LTM revenue and 24% revenue CAGR over the last few years, we believe SunCar is an excellent investment opportunity. I'll get into details of our business and why we believe this is true. Please review the forward-looking statements at your convenience. SunCar is focused on the domestic auto market in China. Again, the largest auto market in the world. It's a market that is still primarily driven by manual transactions in terms of auto insurance and auto services. SunCar has been committed to digitalizing this market, to making the purchase of auto insurance and auto services more efficient, more time-efficient, more cost-effective for the life of our business. In 2024, we sold over 6 million auto insurance contracts, completed 22.5 million auto services transactions. The company has significant scale. We have a moat around the business based on our investment over many years in our technology and our platform, which I'll go into more detail. Our ecosystem is really as a result of the technology and our investment in that, but it comprises many large enterprises in China, a significant service provider network, and most all of the major insurance companies in China. Our growth is really due to the fact, again, that the market is still very much a non-digital or offline market where transactions are affected very inefficiently. We continue to push the digitalization of that market and think that the $250 billion market opportunity we have in front of us is very exciting for the company. Our growth has been dynamic both on the top line and our EBITDA, I'll go into that in more detail, and over multiple years. Valuation is still very low vis-à-vis our growth profile and our peer group. SunCar is not a new company. We were founded in 2007. We've kept to our knitting. We have a single mission, again, of making the auto insurance and auto services markets in China more efficient. That's led and driven using technology that's driven our growth rate over time. The company has grown consistently since its founding, and even during the challenging COVID years, we continue to grow. We leverage technology in every phase of our company's growth. We've leveraged technology, whether it be adopting mobile-first technology a decade ago to AI and adding more intelligence to our cloud network today. Our network of our ecosystem of partners, whether it be the 20 EV manufacturers, which we're partnered with, or the 48,000 service vendors on our network, this ecosystem is really critical to our being able to deliver excellent service and is a huge moat, as I said, around the business. These are combined markets, $250 billion TAM that we continue to penetrate with our digital solution and our sales partners on the insurance side. We have 64,000 sales partners and 20 auto manufacturer partners because our technology is unique and because it works very well for them as they go out and sell auto insurance. Our enterprise customers on the services side, many of them have been with us for 10 years or more, again, are with us because our solution works on the auto services side. The slide shows the scale of our business. On the left side are 1,480 enterprise customers in our auto services segment, and our 20 EV partners on the auto insurance side really are with us, again, because our technology is unique and it works very well. Our revenue base, our transaction volume all speak to our leadership in the market and the fact that our platform not only scales, but is a very effective tool for our partners and customers in terms of selling auto insurance and auto services. Our retention rate is very high year over year. We have companies like Bank of China, partners like Tesla, who continue to develop and grow their relationship with SunCar. In the slide on the left side, you see that the auto market in China has grown dramatically since SunCar started. I believe when we started, there were roughly 10 million vehicles on the road. Today, we're up over 350 million vehicles. China's market is not only the largest auto market in the world, but it's the most innovative. That's something I want investors to really focus on because that innovation is really favorable for SunCar as an innovator in auto insurance and auto services. A lot of it is pushed by the EV, by our EV partners, but also on the gas vehicle side. The competition is really pushing the gas vehicle dealers to really innovate and adopt more innovative and more focus on LTV, lifetime value of the customer. And that's something that is an incredibly important thing to remember in terms of SunCar's value proposition. Our ability to drive long-term lifetime value of these customers in insurance and services is a key value proposition for SunCar. In the middle of the slide, this speaks to our auto insurance business. I'll discuss this in a little detail of how this works. SunCar, we are not an underwriter. We don't take any underwriting risk. We provide a digital sales channel for our insurance partners that is a very effective tool for our sales agents, whether it be Tesla, China, or any one of our 64,000 other insurance agents to sell auto insurance. It's the lowest cost of sale channel that our insurance partners have typically, and it is the most effective way for a consumer to purchase auto insurance, whether we're embedded in Tesla China's app, in their driver app, or whether we are enabling an insurance agency or an auto services point of sale, for example, a car wash or an oil change company to be able to sell insurance. We are the only enabler of them to be able to sell this insurance. Our technology, which I'll talk about in a second here, really is an enabler for most of our sales partners to be able to sell insurance. It's a B2B to C model in China, a little bit different from the U.S. This model is one that works very well for us, and we've had this model for many years now where we are enabling other agents in the auto insurance sector to be able to sell insurance to the end consumer. We take a commission from the insurers, and we then split that revenue with our sales partner. We have a variety of rev shares with our sales partners. On the right side, our auto services business. This is a network of high-value auto services in a country that does not have AAA, does not have Yelp, or access to very good information about auto services. We provide access to this network to large enterprises such as Bank of China, China Eastern Airlines, and Financial. We provide access to this network, which they then will then provide to their end consumers, similar to a Capital One bank or other large enterprise in the U.S. services company providing this as a loyalty tool or as part of the other services they provide to their customers. We've been in this business many years. We have fixed costs in terms of delivering these services, and then we mark those costs up or those services up to our enterprise customers, and we take the margin in that business. The EV boom in China has been fairly well documented today. Our partnerships with the EV companies, the fact that we have 20 of them, I think speaks volumes to our solution, our unique position in the market, the fact that we've been partnered with them for over six years in many cases, and that they continue to innovate and, again, continue to focus or increasingly focus on long-term lifetime value of the customer. That is not a focus that they've had historically. The fact that they're now focused on that really makes SunCar's ability to deliver downstream insurance, downstream services revenue to them very critical to their mission going forward. The innovation that we're seeing in the market now is what I call 2.0 in terms of customer experience. We're co-developing with Tesla, with Li Auto, Nio, and many others this next generation of experience that they want to deliver to their drivers. AI, it's well publicized now that China is a leader in open-source AI. Long before the announcements, I think in February, March, of DeepSeek and the innovation that they are driving, we were working with DeepSeek. We're now a year into our partnership with them. That's really benefiting us from a product development perspective, the ability to add new features, predictive maintenance, a variety of predictive services that help not only our customers deliver added value and services to their drivers, but also helps us internally in terms of our operations, making them more efficient and driving our costs down. These are some of the features that we're adding into our network, and we'll continue to do so over time as we deepen our integration with DeepSeek. This slide really shows on the left our core, our network, which is an intelligent cloud on the back end. On the front end, a variety of mobile apps that we have. As I said, we went mobile-first very early in the market. We're a decade now into our mobile-first strategy and cloud-based strategy on the back end. We have a very large ecosystem of service providers that plug into this cloud, whether it be insurance companies or auto services providers that are on this cloud. The intelligence inside the cloud is what really makes SunCar unique in terms of delivering custom experience to our partners and then to their end users at the same time. In the middle shows our three buckets of customers. Our 20 auto manufacturer partners rely on us to drive this downstream insurance or downstream services revenue. We've worked with some of them for six years or more now. Really, across the board, they tell us that SunCar's insurance application, our insurance product, is offering them take rates that they've never seen before. Many of them have tried to do insurance on their own, potentially used smaller providers, and have had no success that we've heard of. The take rate for our partners is very high now, which is why you see our GMV with Tesla China really spiking and growing much beyond their expectations for our project. In terms of, and then beyond that, the connectivity that we're driving with their drivers is really critical to them. Besides the revenue we're driving in terms of downstream insurance and services, their ability to stay connected to the driver, to provide an experience that differentiates them in the market, and then potentially be connected to the driver for any future sales or purchases of vehicles is really critical to our partners. In the middle bucket of insurance, we have a multifaceted relationship with our insurance partners. On one hand, obviously, we're selling an increasing amount of auto insurance for people like Ping An and PICC, and we're doing so in a very innovative, low-cost of revenue manner. They're paying more and more attention to SunCar as our insurance revenues grow. On the auto service side, we also are providing roadside assistance, similar services that Geico and Progressive provide here. What's important to note is that their prioritization of these services is really increasing. Several years ago, they did not really prioritize these services or think of them as a competitive advantage. They do so today. There is a flywheel effect of our services and our insurance for the services for the insurance segment in that they value both of them more highly, but then we're also seeing deals where our insurance or our services business is benefiting from the fact that we sell insurance for them as well. In fact, some of these services deals, they're mandating that their service provider also is an insurance, is a sales agent for them. In terms of our banking internet customers, we've had very consistent relationships with our bank customers on the auto services side. They viewed us and auto services as a critical piece of their customer long-term lifetime value and their customer loyalty, reducing churn, etc. It's been very consistent. Of note in this group are the retailers. We announced a big deal with Sam's Club earlier this year and the fact that we have new segments coming in and appreciating what auto services can do in terms of their customer loyalty, brand equity, etc. The team has been in place. The founding team has been in place largely since the company was founded. It's a very stable, consistent management team, deep experience in China's auto market. Our founder, Zaichang Ye, founded successful companies before SunCar, primarily in the digital media space. His vision for SunCar was very simple. He said, "We think that we can digitalize this market as a whole, not just the digital media part. It's a very inefficient market, as I said earlier. We think that we can digitalize the auto insurance and auto services transaction and make it much more efficient and cost-effective for the consumer. I won't go into this in detail. The market has become, as I said, the largest market in the world, by far the most innovative market in the world. I think the innovation is the key part here because what China is doing, if you look at the news from the Shanghai Auto Show several weeks ago, global analysts are really having their minds blown about the innovation that's going on in the vehicle, especially on the EV side in China. We are a part of that innovation on the insurance and services side. The growth in the market remains very steady, but really what we're looking at is the growth in the digitalization of the market. As I said, the majority of China's auto insurance market still is very much transaction, non-digitally or in an analog fashion offline. We are penetrating that market as we spread awareness of our solution and really help our sales partners and channels to really let their drivers and consumers know about our process. This slide is very important. A big part of our moat and our asset is really the connectivity to insurers. Obviously, we have to have great connectivity in order to be able to deliver an excellent product to consumers. Ultimately, we have to have excellent connectivity with the insurers. This involves not just excellent technical connections into their databases. We have licenses to be able to do that. We've worked very closely, especially with the top 10 insurers, to make sure that we're delivering the most appropriate, lowest cost quote to each of those drivers out there across China. The fact that we've been continuously innovating this product, whether it be the ability to deliver a quote within two minutes for our sales partners or to be able to deliver it in a certain province of China to a certain type of driver. The ability to do this at scale, this mass customization, is very much a very strong differentiator for SunCar when we go to talk to large partners like Tesla or sales agents that have points of sale across China. It's the scale and scope of this network that makes us very unique and differentiates us from any potential regional competitors or certainly the offline sales agencies or even the insurance companies themselves to the extent that they have their own digital offering. The slide just shows what we've built in terms of our system. It obviously has to work for all of the ecosystem partners, not just the insurance companies, but all of our sales agents. We have a very elegant solution for both our EV partners and our other sales agents where they're able to sell insurance in a way that is both timely and allows them to sell within their own transaction sort of experience. This connectivity to the databases, the ability to rapidly produce a quote for the consumer and one that is both the most cost-effective and customized for them. All of this technology and our investment in this technology over the last few years has driven the dynamic growth in this business. We have to check all the boxes in terms obviously of security, privacy. These are all very high barriers to entry in China, but we have spent years managing to do that. That is what is really allowing us to earn the trust of all of our partners. This slide shows, specific to our EV partners, the fact that we are the only effective insurance sales solution that most of them have seen. I have not heard one of our partners say that they have seen a more effective one or been able to develop one. We not only drive this downstream revenue, but it is this connectivity to the driver that is really critical to them that we enable. On the right side, you will see two case studies. The EV company one is Tesla China. We started in January of 2024 with this, our embedded insurance. As of December of 2024, we had $41 million in GMV. This far exceeded their expectations, far exceeded any other efforts, previous efforts they had had in terms of trying to sell auto insurance to their drivers. This slide shows our life cycle. These engagements, in many cases, we've been engaged with our EV partners for multiple years prior to ramping up or starting our sale of our embedding of our insurance in their driver apps. It's a long sales cycle, but again, we started six years ago with many of them. That's bearing fruit now as we enter this new phase of co-development with our partners where we have invested in an R&D center in Anting, China. We made that announcement a few months ago. That center is really there to go deeper with our partners to co-develop these driver apps, which are allowing more connectivity and just a greater level of service, especially on the insurance and services side. Once we are embedded in their apps, we're able to not only provide more services, but we're also then plugged into the renewal revenue that comes in terms of new policy renewals at year two and three of these apps being installed in the vehicle. For us, the renewal business, that's very important to us. It's something investors should track because the economics on the renewal really skew in SunCar's favor versus a new policy sale where you can imagine that the EV partner will want a majority of that revenue. On the auto services side, again, this is a very unique network. It's a more mature business than the insurance, but still very critical to SunCar, still growing very nicely. We have a wide network in China, over 30 provinces covered, 300 services. This is a very unique asset and one that is critical for us to go into a China Construction Bank. We announced a deal with them several months ago where we go in at the corporate level and they're willing to sign a deal with us to cover all of China and all of the services that they need. We are providing not just maintenance services and auto services. We also have transportation services. Our transportation service business is growing very nicely. We've had a slew of announcements earlier in the spring with Financial and different banks that are leveraging these services in a country that doesn't have an Uber or a concierge higher-end transportation service. This network is very unique, as I said, and the value we bring to our enterprise customers is very high, which is why we have 1,480 of them and they continue to renew. We've retained many of them for multiple years, some of them 5, 10 years. This just shows sort of the process, the flow as our customers come onto our network. We are embedded. If you think of Capital One, the services they offer to their customers, there would be an auto services module within the Capital One rewards or benefits program. That module, we enable SunCar as the white label provider of that network and those services to Capital One or a Bank of China. They then can customize those services for their consumers as they see fit. If they want to give the consumer six months of car washes, for example, at no charge or for a discount, they can manage those services and how they provide those to their consumer from our portal. It is all app-based. We have been mobile first for 10 years now. The Chinese consumer wants to consume these primarily on their mobile device. We enable that. It is shown as a Bank of China app, but we are powering that on the back end. These, I mentioned, are three buckets of customers on the auto services side. The insurance companies, this is a very exciting segment for us just because they are reprioritizing these services as competitive tools. They also obviously are valuing the insurance that we are selling. We think of the insurance, we can get incremental growth from this group as those trends are coming into place more and more. The banks have always been solid customers of our auto services. That continues on. On the right side, again, this is another area where we see incremental growth. The Sam's Club deal, the Walmart deal, and Financial's increased use of our services. We see definite growth trends in the retail sector and with some of our other non-financial customers who are now valuing auto services more as their competition in their markets grows. They're looking at these services as a competitive advantage. On our financial profile, again, the company has grown very consistently. This has been really due to the investment that we made in the insurance product starting before COVID, but especially during COVID where the auto services sector obviously was facing headwinds in terms of lockdowns in China. There was a conscious decision on the company's part to invest in the insurance business and insurance product, rather. That investment is now paying off in terms of our dynamic growth in that segment. We continue to see and to innovate into new services. Our partnerships with our EV partners are really critical to this next phase of growth. The revenue mix is increasingly moving towards our insurance segment, as you can imagine, with the growth outstripping our auto services business. Our technology services business can be viewed as a SaaS on-ramp to the auto insurance business where we have gas vehicle dealers or we have other insurance agencies who need connectivity into our connections, rather, into our auto insurance services. We offer that as a SaaS model. We offer a technology service that allows them to connect into our auto insurance services platform. On the cost side, our integrated services costs are related to the auto services we purchase in advance for our enterprise customers. As I said, those services, we've been in this business a long time. Those costs, we are fixed in advance, and then we mark those services up to a Bank of China or a China Eastern Airlines. Promotional services expenses, those we're still promoting the insurance product. It's still very innovative. We view those promotional services as the entire value chain and our customers go more digital, more app-based. We view these promotional services as a percentage of insurance revenues decreasing over time. In the past, while we've been fully digital, mobile first, some of our customers have not had a fully digital go-to-market or a value chain. That's changing as they are all going app-based, and that's becoming a much more efficient sales process. We view those costs going down. G&A R&D has been consistent over time. The CapEx in our network, the investment, as I said, was made during COVID and in the year or two after that. We're not seeing any need for extensive CapEx. All of our investment is really revenue-driven related to our partnerships with the EV, primarily with the EV partners as they each have a custom experience that they're delivering to their drivers. Just the EBITDA has continued to expand. We are very committed to that. As our insurance segment becomes a bigger part of our overall revenue mix, we are very excited about that profile and what that does for our profitability. Last year, we had— Sorry for interrupting. I hate to interrupt, but we're right at the end of our time. You've told us a lot here, very informative. If I could just slide in one question before we break things off. Folks, if we did not get to all your questions, I apologize. Just follow up with your CEODTE representative and we will run it down for you. The question would be, you guys have had all this great revenue growth, but you have, on the whole, tended to plow the revenue back into the business. Do you have a projection of when you would be looking at higher and more meaningful EBITDA? Yes, we do. Really key to that is the way that our insurance product is being delivered. While the revenue mix is really skewing in favor of insurance, I think you can see that we are now at about parity, 50-50 in terms of the revenue mix. As we move toward more of this embedded insurance model, Michael, that is really going to lower our promotional expense as a percentage of insurance. As you can imagine, being embedded in Tesla's Driver app, the ability for us to push notifications for drivers to renew, there are no humans in the loop. Previously, we had dealership representatives and we had a go-to-market that was not 100% app-based or was not 100% digital. There were additional promotional costs that in the future we will not require. The second part is the maturing of this product in terms of each partner and in general, the market's awareness of our product also lowers the need for promotional expenses. That is going to be a big driver of our EBITDA expansion. Thank you again. Great job. Very informative. Thanks, everyone, for joining us. Look forward to seeing you next time. Thank you. I'm sorry, Breaux. We do have one question from one of the clients. If I could keep you one more minute. Sure. The question was, as a company whose main business is in China, why did you choose to conduct your IPO in the U.S.? Will SunCar consider expanding into the U.S. market in the future? Yeah, great question. We felt that our technology story, our innovation had global application ultimately. We have received many third-party sort of confirmations of that from analysts here in the U.S., from other leading SaaS companies in the U.S. We felt it was a global company. Our chairman went to Japan and the U.S. when he started the company and really studied a lot of models there. We think we are innovative on a global basis. We think that global technology investors will appreciate that as soon as they learn more about the company. We thought that just based on the fact that we were a global innovator in this sector, that we were better suited for the U.S. market and investors here. Very good. Thank you again. Thanks, everyone, for joining us. See you again at the next one. Thank you. Thank you, everyone.