90% margin of error
The half-width of an ACS 90% confidence interval. Add and subtract it from the estimate; it describes sampling uncertainty.
90% MOE (±)
MOE means margin of error. Add and subtract it from the ACS estimate to form a 90% confidence interval. For 10,000 ± 500, the interval is 9,500–10,500. Across repeated samples, about 90% of intervals made this way would contain the true population value. It does not mean the estimate is 90% accurate. “Not applicable” does not mean zero uncertainty.
Accounts receivable
Uncollected revenue estimated from the collection-delay assumption.
Accumulated depreciation
Cumulative depreciation on assets still held; deducted from their original cost.
Add: depreciation
Adds noncash depreciation back to net income when calculating operating cash flow.
Additional capital required
Modeled equity injection needed beyond initial funding.
Additional empty travel time / miles (%)
Empty travel as a percentage of paid-trip time and miles. At 35%, each 10 paid miles adds 3.5 empty miles.
Additional equity beyond initial funding
Capital required beyond the initial contribution to meet the reserve target.
Additional equity required
Extra capital the model requires to maintain its minimum cash reserve; it is a funding need, not a commitment.
Adjustment to every selected city growth rate (percentage points)
Percentage points added to every selected city’s annual population growth assumption.
After assumed platform fees
Gross passenger fares less the selected platform deduction; not net profit.
Airport access cost per airport ride ($)
Assumed access or permit expense for each served airport ride; local airport fee schedules must be verified.
Airport access costs
Served airport rides multiplied by the airport access cost assumption.
Airport fare multiplier vs distance estimate
Multiplier on the distance-based airport fare estimate. A value of 1.4 raises that starting fare by 40%.
Airport local origin/destination share (%)
Share of airport passenger boardings assumed to begin or end their air journey locally, excluding connecting passengers.
Airport paid rides
Airport rides served after airport allocation, adoption and fleet-capacity limits.
Airport paid trip minutes
Average passenger-occupied minutes on an airport trip. This competes with local trips for available fleet hours.
Airport passenger fares
Gross fare value of served airport rides, using the airport fare and annual fare adjustments.
Airport passengers per hired vehicle
Average passengers sharing one hired airport vehicle. Passenger trips divided by party size gives vehicle trips.
Airport taxi / ride-hail share (%)
Share of local airport passengers assumed to use taxis or ride-hail vehicles, rather than private cars, transit or other modes.
Allocated annual boardings
FAA departing passenger boardings multiplied by the city’s assigned airport allocation. Shared-airport weights sum to one across assigned cities.
Annual airport demand growth (%)
Annual growth in the airport trip pool, separate from the local population model.
Annual asset-cost inflation (%)
Annual change in the cost of new vehicles and infrastructure.
Annual central overhead ($)
Annual central company overhead, separate from city-level operating payroll.
Annual central overhead and other cash costs ($)
Annual operating cash expenses not already included in the vehicle-day cost input. Include all applicable central and other costs to avoid overstating EBITDA.
Annual debt principal payments
Principal repaid during the year; excludes interest.
Annual depot / charging-service costs per city ($)
Annual local depot and charging-service expense per city. Owned infrastructure purchases are modeled separately as capital expenditure.
Annual fare change (%)
Annual percentage change in gross fares, compounded from the first projection year.
Annual fleet growth per active city (%)
Annual percentage increase in each active city’s fleet, up to the per-city maximum.
Annual gross passenger fares
Gross ride spending before platform fees, operating expenses, capital spending or taxes.
Annual gross ride spending
Modeled rides × average gross fare, before fees, expenses, taxes or capacity constraints in the city explorer.
Annual insurance per vehicle ($)
Annual insurance expense per vehicle before inflation and partial-year adjustments.
Annual local adoption / ride-frequency growth (%)
Annual local adoption and ride-frequency growth, separate from population growth to avoid double counting.
Annual nonpayroll operating-cost inflation (%)
Annual inflation applied to modeled nonpayroll operating costs.
Annual operating payroll per city ($)
Annual local operating payroll per active city, adjusted for launch timing and wage inflation.
Annual paid rides
Modeled vehicle trips per year. A ride may carry more than one passenger.
Annual payroll / overhead inflation (%)
Annual inflation applied to local payroll and central overhead.
Annual population growth
Compound annual population-change assumption. Historical starting values use Census 2020–2025 estimates; future values are CYVO scenarios.
Asset-disposal proceeds
Cash received from retiring assets, shown separately from the accounting gain or loss.
Assets − liabilities − equity
Balance-sheet reconciliation. It should be zero apart from rounding.
Available hours per vehicle per day
Scheduled service hours per vehicle on each operating day, before availability and utilization adjustments.
Average airport fare ($)
The greater of $27 or $5 plus $2.50 per estimated road mile, weighted by allocated airport boardings. It is an editable assumption, not a published tariff.
Average gross fare ($)
Average gross price for one paid local ride, before platform deductions and operating costs. U.S. dollars.
Average local fare ($)
Average gross price for one paid local ride, before platform deductions and operating costs. U.S. dollars.
Average paid local miles
Average passenger-occupied miles on one local ride. Empty miles are added using the deadhead assumption.
Beginning cash
Closing cash from the preceding year; zero before initial funding in the first year.
Beginning members’ equity
Prior-year closing members’ equity.
Business-equity IRR
Internal rate of return that sets NPV of modeled business-equity cash flows to zero. May be undefined or have multiple roots. It is not an individual investor return.
Business-equity NPV discount rate (%)
Annual discount rate for business-equity cash flows used in net present value (NPV). Higher rates reduce the present value of future cash.
CAGR
Compound annual growth rate: (ending value / beginning value) raised to one divided by the number of years, minus one.
Capitalized infrastructure per new city ($)
Initial property-and-equipment investment for each new city, depreciated over infrastructure life.
Cash after modeled financing
Closing cash after operations, asset purchases, borrowing, principal repayments, distributions and modeled equity injections.
Cash distributions
Cash paid to members under the selected distribution target.
Central overhead
Company-wide administrative costs outside the local operating payroll.
Change in accounts receivable
An increase in uncollected receivables uses cash; a decrease releases cash.
Change in operating payables
An increase in unpaid operating costs preserves cash; a decrease uses cash.
Charging / energy
Total modeled miles, including empty miles, multiplied by energy cost per mile and applicable inflation/shock factors.
Charging cost per total mile ($)
Charging expense per total fleet mile, including empty travel.
Cities
Number of operating cities in the simple fleet calculator; this does not select actual geographic markets.
Cleaning
Per-ride cleaning expense multiplied by served rides.
Cleaning cost per ride ($)
Cleaning expense allocated to each served ride.
Closing debt
Outstanding principal at year end.
Collection delay / receivable days
Average collection delay used to estimate year-end accounts receivable and working-capital cash needs.
Competitive fare pressure during shock (%)
Temporary percentage adjustment to fares in shock years. A value of −8 reduces fares by 8%.
Contributed members’ capital
Cumulative modeled equity contributions by owners or investors.
Contribution per ride
Gross fare value less modeled variable cash costs, divided by served rides; excludes fixed costs and depreciation.
Cumulative contributed capital
Total modeled equity contributions through the selected year.
Cumulative retained earnings
Cumulative net income less distributions.
Current ratio
Current assets divided by current liabilities; a liquidity indicator, not a cash guarantee.
CYVO airport gross fares — scenario
Scenario CYVO airport rides multiplied by the average airport fare, before fees and operating costs.
CYVO airport rides / year — scenario
Estimated hired-vehicle airport trips multiplied by the selected CYVO capture percentage; the city calculator does not apply fleet limits.
CYVO share of airport hired trips (%)
CYVO’s assumed share of the airport hired-vehicle trip pool, before the financial model’s fleet-capacity limit.
CYVO share of hired airport trips (%)
CYVO’s assumed share of the airport hired-vehicle trip pool, before the financial model’s fleet-capacity limit.
Debt due within one year
Scheduled principal repayments in the next twelve months.
Debt financing of vehicle purchases (%)
Share of each vehicle purchase funded by new borrowing. Remaining funding comes from cash or required equity.
Debt principal repaid
Repayment of loan principal, a financing cash outflow.
Demand shock during affected years (%)
Temporary percentage adjustment to demand in shock years. Negative values reduce demand.
Depot and charging services
Recurring city depot and charging-service costs, separate from capitalized infrastructure.
Depreciation
Straight-line allocation of vehicle cost less residual value, plus infrastructure cost, over their useful lives. It is a noncash expense.
Distance-based fare scenario
The greater of $27 or $5 plus $2.50 per estimated road mile, weighted by allocated airport boardings. It is an editable assumption, not a published tariff.
Distributions
Amounts paid to members; reduce cash and equity rather than operating profit.
EBITDA
Earnings before interest, taxes, depreciation and amortization; a supplemental non-GAAP operating metric.
EBITDA (supplemental)
Earnings before interest, taxes, depreciation and amortization. A supplemental non-GAAP metric that excludes capital purchases and debt principal.
EBITDA break-even rides
Approximate rides required to cover fixed cash operating costs at the modeled contribution per ride. Not meaningful if contribution is nonpositive.
Economic scenario
A preset group of assumptions; selecting Custom allows individual changes. These are sensitivities, not probabilities.
Economic shock begins in model year
First model year affected by the temporary economic shock; model year 1 is the first calendar year selected.
Ending cash
Beginning cash plus operating, investing and financing cash flows.
Ending members’ equity
Beginning equity plus contributions and net income, less distributions.
Energy-cost shock during affected years (%)
Temporary percentage adjustment to charging expense in affected years.
Entity-level effective income tax (%)
Assumed income tax at the entity level. Zero may model a pass-through LLC; owner-level taxes and tax distributions are excluded.
Entity-level income tax
Modeled tax on positive taxable income under the selected effective rate and loss treatment; owner taxes are excluded.
Equal-principal loan repayment term (years)
Each loan repays an equal amount of principal annually; interest is charged on the opening outstanding balance. Total debt-service payments decline as principal amortizes. This is not a constant-payment annuity loan.
Equity roll-forward difference
Reconciliation between opening equity, contributions, profit, distributions and ending equity. Expected to be zero.
Estimate
A value estimated from Census survey responses, subject to sampling and nonsampling error. The accompanying margin of error describes sampling uncertainty.
Estimated airport hired-vehicle trips / year
Allocated boardings × 2 × local origin/destination share × taxi/ride-hail share ÷ average party size. This estimates a scenario trip pool, not observed taxi trips.
Estimated road miles to city center
Great-circle miles from the airport to the mapped city reference point, multiplied by a 1.3 road factor. This is not a live route distance.
First projection calendar year
Calendar year of model year 1. Later years follow this calendar, including population growth before a city launches.
Fleet availability (%)
Percentage of scheduled fleet hours available after charging, maintenance and other downtime.
Fleet size
Cities multiplied by vehicles per city in the simple calculator.
Free cash flow after all capex
Net operating cash flow less vehicle and infrastructure capital purchases, plus asset-disposal proceeds; before financing.
Gain / loss on asset disposals
Disposal proceeds less the retired asset’s net book value.
Gross profit
Recognized revenue minus direct costs and depreciation.
Households
Occupied housing units in the Census place. A household may include one or more people.
Households without a vehicle
Percentage of households reporting no available vehicle: no-vehicle households divided by all households. This is a mobility indicator, not measured CYVO adoption.
Hypothetical EBITDA
After-fee receipts less modeled vehicle-day cash operating costs and annual central overhead. This supplemental scenario excludes depreciation, amortization, interest, taxes, capex, working-capital changes and debt principal.
Illustrative operating cash contribution
After-platform receipts minus the limited daily operating costs in the simple calculator. Excludes capital purchases, financing, tax and central overhead.
Income before entity tax
Operating income minus interest plus disposal gains or losses.
Infrastructure capital expenditure
Capitalized infrastructure added when cities launch.
Infrastructure depreciation life (years)
Years used for straight-line depreciation of the modeled infrastructure.
Infrastructure investment
Cash paid for capitalized infrastructure, presented as an investing outflow.
Initial capital
Initial members’ equity contribution.
Initial equity contribution
Initial cash provided as members’ capital.
Initial equity contribution ($)
Initial members’ capital contribution. Additional required capital is calculated when cash falls below the reserve target.
Initial vehicles per launched city
Vehicles purchased when a city launches. Later fleet growth and replacement purchases are calculated separately.
Interest expense
Cost of borrowing on the modeled debt schedule. Principal repayments are financing cash flows, not expenses.
Launch-year delay (months)
Months unavailable in each city’s launch year. A 3-month delay leaves nine months of the first year.
Launch-year demand ramp (%)
Launch-year demand as a percentage of full demand after the delay adjustment. This is an adoption assumption.
Launch expenses
One-time operating expenses for new market launches.
Loan amortization term (years)
Years over which each new loan amortizes. Outstanding debt includes a current portion due within one year.
Local demand response to population change (%)
Local demand sensitivity to population. 100% means proportional response; 0% removes the population effect; 200% doubles proportional sensitivity. Fleet capacity still limits served rides.
Local operating payroll
City-level operating staffing costs, adjusted for launches and wage inflation.
Local origin/destination passengers (%)
Share of airport passenger boardings assumed to begin or end their air journey locally, excluding connecting passengers.
Local paid rides
Local rides served after applying demand, launch timing and shared fleet-capacity limits.
Local paid trip minutes
Average passenger-occupied minutes on a local trip. Empty travel time is added separately.
Local passenger fares
Gross fare value of served local rides, before platform fees and other expenses.
Local rides / participating household / month
Average local, non-airport paid rides taken by all members of a participating household per month.
Local rides per participating household / month
Average local, non-airport paid rides taken by all members of a participating household per month.
Long-term debt
Outstanding principal due after the next twelve months.
Maintenance
Modeled maintenance cost on total paid and empty miles.
Maintenance cost per total mile ($)
Maintenance expense per total fleet mile; distinct from depreciation and vehicle replacement.
Marketing
Gross fares multiplied by the selected marketing percentage.
Marketing as % of gross fares
Marketing expense as a percentage of gross passenger fares.
Maximum vehicles per city
Maximum modeled vehicles in one city. Population growth does not automatically raise this cap.
Median household income
The middle household income: half of households are above and half below it. ACS 2024 amounts are in 2024 U.S. dollars.
Median household income ($)
The middle household income: half of households are above and half below it. ACS 2024 amounts are in 2024 U.S. dollars.
Members’ distributions
Cash paid to members, constrained by the payout target and cash reserve.
Minimum cash reserve per active city ($)
Target minimum cash balance per active city. The model shows additional equity required to meet it; funding is not committed.
MOIC
Multiple on invested capital: modeled equity proceeds divided by total contributed equity, without adjusting for timing.
Net cash from operations
Net income adjusted for noncash items and working-capital changes.
Net financing cash flow
New debt and equity contributions less debt principal repayments and distributions.
Net income / (loss)
Recognized revenue less all modeled expenses and entity-level taxes. It differs from cash flow.
Net investing cash flow
Disposal proceeds less vehicle and infrastructure capital expenditure.
Net margin
Net income divided by recognized revenue, displayed as a percentage.
Net property and equipment
Property and equipment at cost less accumulated depreciation.
New-loan annual interest rate (%)
Annual rate on newly originated vehicle loans, before any economic-shock rate adjustment.
New-loan rate shock (percentage points)
Percentage points added to the annual rate of new loans during the shock; 9% plus 2 points becomes 11%.
New markets launched
Selected cities whose assigned launch year is this model year.
New vehicle borrowing
Principal borrowed for new vehicle purchases.
New vehicle debt
Borrowing used to finance the assumed debt share of vehicle purchases.
No-vehicle household adoption (%)
Percentage of households with no available vehicle assumed to use CYVO. This is a scenario assumption, not a survey finding.
No-vehicle households
Households reporting no vehicle available. This identifies a mobility indicator, not measured CYVO demand.
No-vehicle share
Households reporting no vehicle available. This identifies a mobility indicator, not measured CYVO demand.
NPV
Net present value: discounted modeled business-equity cash flows, including the scenario terminal value.
One-time launch expense per new city ($)
One-time expense when a new city launches; not capitalized as property and equipment.
Operating accounts payable
Eligible operating expenses not yet paid, estimated using payable days.
Operating cash debt-service coverage
Operating cash flow plus interest expense, divided by interest plus principal payments. This model adds interest back to estimate cash available for debt service; below 1× indicates insufficient coverage.
Operating cities
Selected cities that have launched by the model year.
Operating days / year
Scheduled service days per full operating year, before launch delay and availability adjustments.
Operating days per year
Scheduled service days per full operating year, before launch delay and availability adjustments.
Operating income (EBIT)
Earnings before interest and taxes: recognized revenue less operating expenses, including depreciation.
Operating payable days
Average delay in paying eligible operating costs, used to estimate year-end operating accounts payable.
Other household adoption (%)
Percentage of households with at least one available vehicle assumed to use CYVO; separate from no-vehicle households.
Other operating cash costs / vehicle / day ($)
Aggregate daily cash operating costs per vehicle. The simple calculator excludes capital purchases, financing, tax and central overhead.
Paid rides / vehicle / day
Average paid vehicle trips on each operating day in the simple fleet scenario. It must allow for trip duration, empty travel and downtime.
Participating households
No-vehicle households × their adoption rate, plus other households × their adoption rate.
Passengers per hired vehicle
Average passengers sharing one hired airport vehicle. Passenger trips divided by party size gives vehicle trips.
Payment processing
Gross passenger fares multiplied by the processing percentage.
Payment processing on gross fares (%)
Payment-processing expense as a percentage of gross fares.
Percentage points
An absolute difference between percentages. Moving from 3% to 5% is 2 percentage points, or a 66.7% relative increase.
Platform / network fee (%)
Percentage of gross passenger fares retained by a platform or network. No manufacturer fee is confirmed by this input.
Platform expense (gross basis)
Platform deductions shown as expense in gross-operator mode; excluded from revenue in net-remittance mode.
Platform fee / remittance deduction (%)
Percentage of gross passenger fares retained by a platform or network. No manufacturer fee is confirmed by this input.
Population
Residents within the stated Census place boundary, not the surrounding metropolitan area or visitors.
Profit distribution target (%)
Target distribution as a percentage of positive profit, constrained by available cash and reserve requirements.
Projection horizon
Number of model years displayed: 3, 5 or 10. The same assumptions drive each horizon.
Property and equipment — cost
Original capitalized cost of vehicles and infrastructure still held.
Public-transit commuters
Resident workers whose usual commute uses public transportation, excluding taxicabs; this is not a count of all daily transit trips.
Public-transit commute share
Share of resident workers whose usual commute is public transportation. All trips and visitors are outside this statistic.
Recognized revenue
Revenue under the selected gross-operator or net-remittance presentation. Actual accounting depends on the commercial contracts.
Replacement vehicles
Purchases replacing retired vehicles rather than expanding the fleet.
Resident population
Residents within the stated Census place boundary, not the surrounding metropolitan area or visitors.
Retained earnings / (deficit)
Cumulative net income less distributions, including accumulated losses.
Return on ending assets
Annual net income divided by ending total assets, rather than average assets.
Return on positive ending equity
Annual net income divided by positive ending equity; undefined when equity is nonpositive.
Revenue basis: 0 = gross operator; 1 = net remittance
0 presents gross passenger fares as operator revenue and platform fees as expense; 1 presents net remittance revenue. Actual principal-versus-agent treatment depends on contracts and accounting analysis.
Scenario demand beyond fleet capacity
Modeled ride demand that available fleet hours cannot serve. It is not recognized revenue.
Scenario enterprise value
Positive final-year EBITDA multiplied by the selected enterprise-value multiple. Nonpositive EBITDA displays N/M rather than a fabricated value.
Scenario equity value
Enterprise value plus cash less debt, floored at zero in this model.
Shock duration (years)
Number of consecutive model years affected by the shock.
Subtract: disposal gains
Removes disposal gains, or adds back losses, because disposal cash is classified as investing.
Target share of available time in trip cycles (%)
Target share of available time used for paid trips plus associated empty travel. Actual served trips are also limited by demand.
Taxi / ride-hail share of local passengers (%)
Share of local airport passengers assumed to use taxis or ride-hail vehicles, rather than private cars, transit or other modes.
Terminal enterprise value / EBITDA multiple
Terminal enterprise value is positive EBITDA times this assumed multiple. It is a valuation scenario, not an appraisal or offer.
Total assets
Cash, receivables and net property and equipment.
Total cost of sales
Modeled direct operating expenses plus depreciation.
Total current assets
Cash plus accounts receivable in this simplified model.
Total current liabilities
Operating accounts payable plus debt due within one year.
Total equity contribution required
Initial plus additional modeled equity contributions in the year.
Total fleet miles including empty travel
Passenger-occupied local and airport miles plus assumed empty travel.
Total gross passenger fares
Local plus airport passenger fares. Gross ride value may differ from recognized accounting revenue.
Total liabilities
Operating accounts payable plus all outstanding debt.
Total members’ equity
Contributed capital plus retained earnings or deficit.
Total paid rides
Served local rides plus served airport rides.
Use of target trip-cycle capacity
Share of target vehicle trip-cycle capacity consumed by served rides, including associated empty travel.
Vehicle acquisition cost ($)
Purchase cost per vehicle before asset-cost inflation; an assumption, not a vendor quote.
Vehicle capital expenditure
Capitalized vehicle purchases, including replacements; cash outflow differs from depreciation expense.
Vehicle insurance
Annual per-vehicle insurance expense adjusted for active fleet, timing and inflation.
Vehicle purchases
Cash paid for vehicle capital expenditure, presented as an investing outflow.
Vehicle residual value (% of acquisition cost)
Expected vehicle value at retirement as a percentage of purchase cost; reduces the depreciable amount.
Vehicles in service
Vehicles held in active fleets at year end, subject to growth and city caps.
Vehicles per city
Vehicles purchased when a city launches. Later fleet growth and replacement purchases are calculated separately.
Vehicles purchased
New fleet additions plus replacement vehicles purchased in the year.
Vehicles retired
Vehicles removed at the end of their assumed useful life.
Vehicle useful life / replacement cycle (years)
Useful life for straight-line vehicle depreciation and the scheduled replacement cycle.
Walking commuters
Resident workers whose usual commute is walking. Visitors and non-work trips are not included.
Walking commute share
Share of resident workers whose usual commute is walking.
Workers 16+
Resident workers age 16 or older, including people who work from home, used as the commute-share denominator.
Workers using public transit
Share of resident workers whose usual commute is public transportation. All trips and visitors are outside this statistic.
Workers walking to work
Share of resident workers whose usual commute is walking.
Workers working from home
Share of resident workers whose usual workplace is home.
Working at home
Resident workers who usually work from home, included in the total worker denominator.