1/10 Quick and dirty thread on $TURO
As an $IAC shareholder, I was curious about $TURO IPO (IAC owns ~27% of TURO) and was glancing through the S-1. Some quick notes.
What is TURO?
"Turo is the world’s largest car sharing marketplace where guests can book any car they want"
As an $IAC shareholder, I was curious about $TURO IPO (IAC owns ~27% of TURO) and was glancing through the S-1. Some quick notes.
What is TURO?
"Turo is the world’s largest car sharing marketplace where guests can book any car they want"
2/10 ~85k active hosts and ~160k active vehicle listings as of 3Q'21
Insurance is included for the trip.
"Since April 2020, every trip booked on our platform automatically generates a proprietary Turo Risk Score"
Insurance is included for the trip.
"Since April 2020, every trip booked on our platform automatically generates a proprietary Turo Risk Score"
3/10 "As of September 30, 2021, we have collected data from over 23 million Days, 5.5 million transactions, 2.2 billion miles driven, and 10 years of claims data since inception to inform our proprietary Turo Risk Score algorithms and use more than 50 data inputs per…
4/10 …transaction."
Turo defines TAM (~$230 Bn) as trips over 30 miles which is just ~5% of the trips but ~27% of the total miles traveled.
Vast majority of vehicles are available only on Turo, and you have car options at all price points.
Turo defines TAM (~$230 Bn) as trips over 30 miles which is just ~5% of the trips but ~27% of the total miles traveled.
Vast majority of vehicles are available only on Turo, and you have car options at all price points.
5/10 ~90% of demand is organic, so not on SEO treadmill.
Economics from the hosts' perspective (Image I and II)
~32% bookings are 7-30 days; ~4% are >30 days. Key metrics are on tear following hiccups during the pandemic. GBV more than doubled in 9M'21 YoY.
Economics from the hosts' perspective (Image I and II)
~32% bookings are 7-30 days; ~4% are >30 days. Key metrics are on tear following hiccups during the pandemic. GBV more than doubled in 9M'21 YoY.
6/10 Anatomy of a booking (See image I)
My question is whether ~45% take rate is "a rake too far". Not sure how sustainable this is.
abovethecrowd.com/2013/04/18/a-r…
My question is whether ~45% take rate is "a rake too far". Not sure how sustainable this is.
abovethecrowd.com/2013/04/18/a-r…
7/10 Not sure I find the explanation about cohort retention consistent. Bit of a question mark for me and difficult to find a consistent interpretation out of these data.
8/10 Already profitable with 23% and 14% operating margins in last 2 Qs; a pleasant respite in a sea of profitless IPO.
The acceleration in the recent quarters is a thing of beauty. Not just topline, the extent of margin improvement will warm every shareholder's heart, lol
The acceleration in the recent quarters is a thing of beauty. Not just topline, the extent of margin improvement will warm every shareholder's heart, lol
9/10 Gross Margin:
1Q'19: 15%
1Q'20: 21%
1Q'21: 38%
Turo has some seasonality in 3Q each year (summer travels).
1Q'19: 15%
1Q'20: 21%
1Q'21: 38%
Turo has some seasonality in 3Q each year (summer travels).
10/10 As I said, this is quick and dirty thread. If you want to explore more, read the S-1 here: sec.gov/Archives/edgar…
You can find all my twitter threads here: mbi-deepdives.com/twitter-thread…
You can find all my twitter threads here: mbi-deepdives.com/twitter-thread…
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