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| Driver | Selection | 1P | 3P |
|---|---|---|---|
Vehicles | 250k | — | |
Vehicle BOM | $60k | — | |
Lifetime Miles | 300k mi | — | |
Service Life | 3.3 yrs | 2.7 yrs | |
Trips per Day | 27 trips | 35 trips | |
Trip Length | 7.2 mi | — | |
Avg Speed | 20 mph | — | |
Deadhead % | 30% | 21% | |
Utilization | 40.5% | 52.7% |
| Driver | Selection | 1P | 3P |
|---|---|---|---|
Price/Mile | $1.50 | $1.50 | |
Trip Price | $10.80 | $10.80 | |
% of Trips 1P | 20% | 80% | |
3P Commission | — | 65% | |
| 3P Efficiency vs 1P Only | |||
Pricing | 0% | 0% | |
Utilization | 0% | 30% | |
Costs | 0% | 20% | |
| Cost Item | 1P Only | 1P/3P Split | Fleet Mgr |
|---|---|---|---|
| Insurance | |||
| Taxes/Fees/Tolls | — | ||
| Compute | — | ||
| Teleoperations | — | ||
| Customer Support | — | ||
| Advertising | — | ||
| Overhead | — | ||
| Energy | |||
| Parking | |||
| Maintenance | |||
| Cleaning | |||
| Depreciation | |||
| Fleet Manager Fee | — |
| Driver | Selection | 1P | 3P |
|---|---|---|---|
Insurance | $0.10/mi | $0.08/mi | |
Taxes/Fees/Tolls | 6.0% | 6.0% | |
Compute | $0.04/mi | — | |
Teleops | $0.35/ride | — | |
Support | $0.20/ride | $0.16/ride | |
Advertising | $0.30/ride | $0.24/ride | |
Overhead | $0.25/ride | $0.20/ride |
| Driver | Selection | Fleet Mgr |
|---|---|---|
Mgmt Fee | $2,500/mo | |
Energy | $0.06/mi | |
Maintenance | $0.12/mi | |
Cleaning | $20/day | |
Parking | $100/mo | |
Overhead | $2.50/day |
| Allocation | 1P Only | 1P/3P Split | Fleet Mgr |
|---|---|---|---|
| Vehicle Financing |
Loan-to-Value | 65% | |
Interest Rate | 7.5% | |
Amortization | 3.5 yrs | |
Cost per Vehicle | $2.9k/yr |
Fleet Operator Breakeven: 1P vs 3P
Is it better for the Fleet Operator to run 1P or let the 3P Marketplace Operate?
1P Profit/Trip
3P Profit/Trip
Current
Operating Profit per Trip
Implied Operating Profit per Trip for each Segment as Well as Estimated Actuals Today for Uber and Lyft
AV Scenario Income Statement
| Metric | Fleet Operator | 3P Marketplace3P Market place | System Total | |||
|---|---|---|---|---|---|---|
1P Only 1P Operations by the Fleet Operator | 3P Ops 1P Fleet Operator's share of economics from 3P Operations | Total | ||||
| Total Vehicles | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 |
| Trips | 0.49B | 2.56B | 3.06B | 2.56B | 3.06B | 3.06B |
| Paid Miles | 3.55B | 18.45B | 22.00B | 18.45B | 22.00B | 22.00B |
| Total Miles | 4.61B | 22.32B | 26.93B | 22.32B | 26.93B | 26.93B |
| Gross Bookings | $10.80 | $1.74 | $10.80 | $10.80 | ||
| Fare Gross Revenue | $10.80 | — | $1.74 | $10.80 | $10.80 | — |
| Commission | — | $6.37 | $5.34 | (6.37) | — | — |
| Fleet Management Fees | — | — | — | — | — | $2.45 |
| Gross Revenue | $10.80 | $7.02 | $7.63 | $3.78 | $10.80 | $2.45 |
| Taxes/Fees/Tolls | ($0.65) | — | ($0.10) | ($0.65) | ($0.65) | — |
| Net Revenue | $10.15 | $6.37 | $6.98 | $4.43 | $10.70 | $2.45 |
| Energy | — | — | — | — | — | ($0.53) |
| Parking | — | — | — | — | — | ($0.10) |
| Maintenance | — | — | — | — | — | ($1.06) |
| Cleaning | — | — | — | — | — | ($0.60) |
| Insurance | ($0.94) | — | ($0.15) | ($0.70) | ($0.74) | — |
| Teleops | ($0.35) | ($0.35) | ($0.35) | — | ($0.35) | — |
| Fleet Mgmt | ($3.04) | — | ($0.49) | ($2.34) | — | — |
| Direct Operating Expenses | ($4.33) | ($0.35) | ($0.99) | ($3.04) | ($1.09) | ($2.28) |
| Contribution Margin | $5.82 | $6.02 | $5.99 | $1.39 | $7.16 | $0.17 |
| Margin (% of GBV) | 54% | 56% | — | 12.9% | 66.3% | — |
| Margin (% of Net Rev) | 57% | 95% | 86% | 31% | 67% | 7.0% |
| Support | ($0.20) | — | ($0.03) | ($0.16) | ($0.17) | — |
| Advertising | ($0.30) | — | ($0.05) | ($0.24) | ($0.25) | — |
| Overhead | ($0.25) | — | ($0.04) | ($0.20) | ($0.21) | — |
| Compute & Mapping | ($0.37) | ($0.35) | ($0.35) | — | ($0.35) | — |
| Platform Operating Expenses | ($1.12) | ($0.35) | ($0.47) | ($0.60) | ($0.98) | — |
| EBITDA | $4.70 | $5.67 | $5.52 | $0.79 | $6.18 | $0.17 |
| Margin (% of GBV) | 43% | 53% | — | 7.3% | 57% | — |
| Margin (% of Net Rev) | 46% | 89% | 79% | 17.8% | 58% | 7.0% |
| Depreciation | ($1.87) | ($1.44) | ($1.51) | — | ($1.51) | — |
| Operating Profit | $2.83 | $4.23 | $4.01 | $0.79 | $4.67 | $0.10 |
| Margin (% of GBV) | 26% | 39% | — | 7.3% | 43% | — |
| Margin (% of Revs) | 28% | 66% | 57% | 17.8% | 44% | 4.0% |
| Breakeven Price per Mile | $1.11 | $0.91 | $0.94 | $1.39 | $0.85 | $0.33 |
| Breakeven Price per Trip | $7.97 | $6.57 | $6.79 | $10.01 | $6.13 | $2.36 |
| Interest Expense | ($0.30) | — | ($0.05) | ($0.23) | ($0.24) | — |
| Operating EBT | $2.53 | $4.23 | $3.96 | $0.56 | $4.43 | $0.10 |
| Margin (% of GBV) | 23% | 39% | — | 5.2% | 41% | — |
| Margin (% of Revs) | 25% | 66% | 57% | 12.7% | 41% | 4.0% |
| Breakeven Price per Mile | $1.15 | $0.91 | $0.95 | $1.42 | $0.88 | $0.33 |
| Breakeven Price per Trip | $8.27 | $6.57 | $6.84 | $10.24 | $6.37 | $2.36 |