Lyft Inc (LYFT) 2019 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Lyft First Quarter 2019 Earnings Call. Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，下午好，歡迎參加 Lyft 2019 年第一季財報電話會議。操作員說明）提醒：本次電話會議正在錄音。

I would now like to turn the conference over to Catherine Buan, VP of Investor Relations. You may begin.

現在我將把會議交給投資人關係副總裁凱瑟琳·布安。你可以開始了。

Thank you. Good afternoon, and welcome to the Lyft earnings call for the quarter ended March 31, 2019. I'm Catherine Buan, VP of Investor Relations at Lyft. Joining me today to discuss Lyft's results are Co-founder and CEO, Logan Green; Co-founder and President, John Zimmer; and Chief Financial Officer, Brian Roberts. Logan and John will give an update on our business and key initiatives, and then Brian will review our Q1 financial results and outlook. This conference call will be available via webcast on our Investor Relations website at investor.lyft.com.

謝謝。下午好，歡迎參加 Lyft 截至 2019 年 3 月 31 日的季度財報電話會議。我是 Lyft 的投資者關係副總裁 Catherine Buan。今天與我一起討論 Lyft 業績的有聯合創始人兼首席執行官 Logan Green；聯合創始人兼總裁 John Zimmer；以及首席財務官 Brian Roberts。Logan 和 John 將介紹我們的業務和重點舉措的最新進展，然後 Brian 將回顧我們第一季的財務業績和展望。本次電話會議將透過網路直播在我們的投資者關係網站 investor.lyft.com 上提供。

I'd like to take this opportunity to remind you that during this call, we will be making forward-looking statements, including statements relating to the expected performance of our business, future financial results, strategy, our partnerships and expected launches of products and services, long-term growth and overall future prospects. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call, in particular, those described in our risk factors included in our final prospectus for our initial public offering filed with the SEC on March 29, 2019, and the risk factors included in our Form 10-Q that will be filed before May 15, 2019.

我想藉此機會提醒各位，在本次電話會議中，我們將發表一些前瞻性聲明，包括與我們業務的預期表現、未來財務業績、戰略、合作夥伴關係以及產品和服務的預期推出、長期增長和整體未來前景相關的聲明。這些聲明受到已知和未知風險及不確定性的影響，可能導致實際結果與本次電話會議中預測或暗示的結果存在重大差異，特別是我們在 2019 年 3 月 29 日向美國證券交易委員會提交的首次公開募股最終招股說明書中所列的風險因素，以及我們將在 2019 年 5 月 15 日之前提交的 10-Q 表格中所列的風險因素。

You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of today, and we undertake no obligation to update them except as required by applicable law.

您不應將我們的前瞻性聲明視為對未來事件的預測。我們在本次電話會議中所做的所有前瞻性陳述均基於截至今日的假設和信念，除適用法律要求外，我們不承擔更新這些陳述的義務。

Our discussions today will include non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. A reconciliation of GAAP to non-GAAP results may be found in our earnings release and supplemental materials, which was furnished with our Form 8-K filed today with the SEC and may also be found on our Investor Relations website at investor.lyft.com.

我們今天的討論將包括非GAAP財務指標。這些非GAAP指標應作為補充資訊考慮，而不是替代或孤立地看待我們的GAAP結果。有關 GAAP 與非 GAAP 結果的調節表，請參閱我們的獲利報告和補充資料，這些資料已隨我們今天向美國證券交易委員會提交的 8-K 表格一起提供，也可在我們的投資者關係網站 investor.lyft.com 上找到。

I would now like to turn the conference call over to Lyft's Co-founder and Chief Executive Officer, Logan Green. Logan?

現在我將把電話會議交給 Lyft 的共同創辦人兼執行長 Logan Green。洛根？

Thanks, Catherine, and thank you to everyone for joining today's earnings call. Q1 was an incredible kickoff to a big year for Lyft. We achieved a record first quarter with $776 million in revenue, representing a 95% year-over-year growth rate. At the same time, adjusted EBITDA margins improved significantly to a loss of 28% versus 60% the year before, representing an absolute 32 percentage point improvement year-over-year.

謝謝凱瑟琳，也謝謝各位參加今天的財報電話會議。Lyft 第一季開局非常出色，為今年的大好局面開了個好頭。我們第一季營收達到創紀錄的7.76億美元，年增95%。同時，調整後的 EBITDA 利潤率顯著改善，從上年的虧損 60% 轉為虧損 28%，年比絕對改善 32 個百分點。

On the back of strong execution and momentum, we're excited about our investments and initiatives this year that will drive future growth. Our momentum was driven primarily by 3 factors: first was product innovation; second was market growth; and the third was strong focused execution.

憑藉著強勁的執行力和發展勢頭，我們對今年的投資和舉措充滿信心，這些投資和舉措將推動未來的成長。我們的發展動能主要由三個因素驅動：第一是產品創新；第二是市場成長；第三是強而有力的、專注的執行。

The first factor, product innovation, was highlighted by the rollout of the Lyft matching platform. In Q1, we rolled out a service that we've been working on for over a year called the Lyft matching platform. This handles every single driver and passenger pairing on Lyft. The results have been significant, better matches resulting in more rides with fewer cancellations leading to incremental revenue and margin improvement.

第一個因素，即產品創新，在 Lyft 匹配平台的推出中得到了充分體現。第一季度，我們推出了一項我們開發了一年多的服務，名為 Lyft 匹配平台。它處理 Lyft 上的每一對司機和乘客的匹配。結果非常顯著，更精準的配對帶來了更多的乘車機會，更少的取消訂單，從而增加了收入和利潤率。

The real magic is unlocking entirely new product experiences such as Shared Saver. This is a new and improved version of Shared rides that allows riders to get an even better price by walking a few blocks or waiting a few minutes. For example, if 2 riders are 2 blocks away from each other and both are heading to the same place, Shared Saver would ask them to each walk 1 block and meet on the same corner. This would allow a driver to pick up both riders without any additional detour. Shared Saver is now live in 3 markets with more coming soon.

真正的魔力在於解鎖全新的產品體驗，例如共享儲蓄功能。這是共享旅遊服務的新改進版本，乘客只需步行幾個街區或等待幾分鐘，即可獲得更優惠的價格。例如，如果 2 位乘客相距 2 個街區，並且都前往同一個地方，共享出行服務會要求他們各自步行 1 個街區，並在同一個街角會合。這樣一來，司機就可以在不繞路的情況下接上兩位乘客。Shared Saver 目前已在 3 個市場上線，更多市場即將推出。

Additionally, we've grown high-value modes Lux, Lux Black and Lux Black XL twice as fast as the rest of our business year-over-year. This is particularly exciting, given the higher margin profile of these rides. Those are just a few of the big wins from Q1 and we expect to continue further gains in the year ahead.

此外，我們高價值款式 Lux、Lux Black 和 Lux Black XL 的成長速度是其他業務的兩倍，而且這種成長速度與去年同期相比是其他業務的兩倍。考慮到這些遊樂設施的利潤率較高，這一點尤其令人興奮。以上僅是第一季取得的部分重大成果，我們預計在未來一年將繼續取得更大進展。

The second factor was continued market growth. The overall market for transportation-as-a-service continues to grow as more and more users turn to Lyft. The world is at the beginning of a secular shift away from car ownership towards transportation-as-a-service and ridesharing is just the tip of the iceberg.

第二個因素是市場持續成長。隨著越來越多的用戶選擇 Lyft，交通即服務 (TaaS) 的整體市場持續成長。世界正處於從汽車所有權轉變為交通即服務模式的開端，而共乘只是冰山一角。

Transportation-as-a-service is replacing car ownership for a growing portion of the population. In fact, according to our most recent economic impact report, 35% of Lyft's users don't own a car at all. As part of this trend, we saw Active Riders grow to 20.5 million, up 46% in Q1 versus last year. That said, it's still just the beginning. No matter how you size the market, it's just a small fraction of all vehicle miles traveled.

對於越來越多的人來說，交通即服務正在取代私家車所有權。事實上，根據我們最新的經濟影響報告，Lyft 35% 的用戶根本沒有車。作為這一趨勢的一部分，我們看到活躍用戶數量增長至 2,050 萬，比去年同期增長了 46%。也就是說，這只是個開始。無論你如何估算市場規模，它都只佔所有車輛行駛里程的一小部分。

And now I'll turn it over to John to review the third factor behind Lyft's growth, our strong focused execution.

現在我將把發言權交給約翰，讓他來回顧 Lyft 成長背後的第三個因素，即我們強大的、專注的執行力。

Thanks, Logan. I want to highlight 3 areas of execution that are helping us grow fast at scale: one, we are singularly focused on transportation; two, we are investing in our driver community; and three, we are successfully executing on our enterprise strategy we call Lyft Business.

謝謝你，洛根。我想專注於幫助我們快速大規模發展的三個執行領域：第一，我們專注於交通運輸；第二，我們投資於我們的司機群體；第三，我們正在成功執行我們稱之為 Lyft Business 的企業策略。

It is our singular focus on consumer transportation that has allowed us to go deep and build competitive advantages along the full stack of offerings. For example, we have exclusive bikeshare operating contracts in major cities. These exclusive contracts to run bikeshare programs span across key cities, including New York until 2029, Chicago until 2028, San Francisco until 2027 and Boston through 2026. We are now starting to bring together our customers' full transportation experience.

正是我們對消費者交通運輸的專注，使我們能夠深入發展，並在全套產品和服務中建立競爭優勢。例如，我們在主要城市擁有獨家共享單車營運合約。這些獨家自行車共享專案營運合約涵蓋多個主要城市，包括紐約（至 2029 年）、芝加哥（至 2028 年）、舊金山（至 2027 年）和波士頓（至 2026 年）。我們現在開始整合客戶的完整交通體驗。

Just last week, many New Yorkers received the ability to book Lyft-owned Citi Bikes directly in the Lyft app, and we'll be expanding access to more users in New York as well as other markets in the weeks ahead. This focused execution allows us to continue delivering the best unified transportation experience for our customers.

就在上週，許多紐約人已經可以在 Lyft 應用程式內直接預訂 Lyft 旗下的 Citi Bike 自行車，未來幾週，我們將把這項服務推廣到紐約以及其他市場的更多用戶。這種專注的執行力使我們能夠繼續為客戶提供最佳的統一交通體驗。

Next, I want to tell you about how we're investing in our driver community. When you take care of drivers, they deliver a better hospitality experience to riders. From day 1, we have pioneered key innovations and investments for our driver community, first with tips and later with same-day pay and more recently, Express Drive, our flexible vehicle rental program. In Q1, we introduced 2 new important programs: Lyft Direct and Lyft Driver Centers. Lyft Direct is a no-fee bank account and debit card tailor-made for our driver community. Drivers are able to instantly access their earnings after each ride plus they get cashback on everyday purchases, including gas and groceries regardless of their credit. Additionally, the card includes access to financial planning tools and goal-setting features.

接下來，我想和大家談談我們如何投資我們的司機群。善待司機，他們才能為乘客提供更好的服務體驗。從成立之初，我們就率先為我們的司機群進行了關鍵的創新和投資，首先是小費，後來是當日支付，最近又推出了靈活的車輛租賃計劃 Express Drive。第一季度，我們推出了兩個重要的新項目：Lyft Direct 和 Lyft 司機中心。Lyft Direct 是專為我們的司機群體量身定制的免手續費銀行帳戶和金融卡。司機每次完成行程後都能立即獲得收入，而且無論信用狀況如何，他們還能在日常購物（包括汽油和食品雜貨）中獲得現金回饋。此外，該卡還提供財務規劃工具和目標設定功能。

Next, we have opened our first driver centers, offering significant discounts on maintenance, repairs and car washes. This is a great example of how we can use our scale to save drivers money and increase their loyalty to Lyft.

接下來，我們開設了首批車主服務中心，為車主提供保養、維修和洗車的巨額折扣。這很好地說明了我們如何利用自身規模優勢為司機節省開支，並提高他們對 Lyft 的忠誠度。

Last, I want to talk about Lyft Business, our enterprise channel. Our partnership spans several categories, including corporate partnerships for employee travel, health care partnerships for patients to get to and from medical appointments, national partnerships with airlines such as Delta, Southwest and JetBlue, university partnerships for student travel with major universities like USC and UT Austin, and financial partners such as MasterCard and many others.

最後，我想談談 Lyft Business，我們的企業通路。我們的合作涵蓋多個類別，包括為員工出行提供企業合作、為患者往返醫療預約提供醫療保健合作、與達美航空、西南航空和捷藍航空等航空公司開展全國性合作、與南加州大學和德克薩斯大學奧斯汀分校等主要大學開展學生出行提供大學合作，以及與萬事達卡等金融合作夥伴開展合作。

In Q1, we saw continued growth in all of these categories. Specifically, corporate partnerships for employee travel are growing even faster than Lyft's overall business. We have seen some great results from the Certify SpendSmart quarterly report, which analyzes the most recent business expense transactions and vendor ratings data to provide valuable insights on the corporate T&E industry.

第一季度，所有這些類別都實現了持續成長。具體來說，企業與 Lyft 合作的員工差旅業務成長速度甚至超過了 Lyft 的整體業務成長速度。我們從 Certify SpendSmart 季度報告中看到了一些非常好的結果，該報告分析了最新的企業支出交易和供應商評級數據，為企業差旅和娛樂產業提供了有價值的見解。

For the fifth quarter in a row, Lyft was the top-rated ride-hailing service with an average rating of 4.9 stars according to Certify's 5-star customer rating system and that has resulted in significant momentum. Since Q1 2017, Lyft has increased its share of employee ride-hailing expenses from 9% to almost 22%. Lyft is now tied with American Airlines and Delta as the fourth most expensed vendor by business travelers. This is up from #5 in Q4 2018, a further indication of Lyft's momentum in the enterprise space.

根據 Certify 的 5 星客戶評級系統，Lyft 連續第五個季度成為評分最高的叫車服務，平均評分為 4.9 顆星，這帶來了顯著的發展勢頭。自 2017 年第一季以來，Lyft 已將其在員工叫車費用中所佔的比例從 9% 提高到近 22%。Lyft 目前與美國航空和達美航空並列，成為商務旅客支出第四多的供應商。這比 2018 年第四季的第 5 位上升了 1 位，進一步表明 Lyft 在企業領域的成長勢頭強勁。

This momentum with corporate T&E spend is significant because it indicates that our awareness and brand preference is strengthening with many of the most important companies across the country. Their decision to choose Lyft is often driven by alignment with our corporate values for sustainability and social impact work, which is a key differentiator.

企業差旅支出的這種成長勢頭意義重大，因為它表明，我們品牌在全國許多最重要的公司中的知名度和偏好正在增強。他們選擇 Lyft 的原因通常是與我們公司在永續發展和社會影響方面的價值觀相契合，這是一個關鍵的差異化因素。

In November, Forbes cited a study of 1,000 Americans. In it, 87% of consumers will purchase a product because the company advocated for an issue they cared about. 88% will be more loyal to a company that supports social or environmental issues, and 92% will be more likely to trust a company that supports social or environmental issues. We see this play out in many areas of our business, in particular, our enterprise channel where corporate social responsibility is a strategic initiative for the companies we partner with.

11 月，《富比士》雜誌引用了一項針對 1000 名美國人的研究。報告顯示，87% 的消費者會因為公司倡導他們關心的問題而購買其產品。88% 的人會更忠於支持社會或環境議題的公司，92% 的人會更信任支持社會或環境議題的公司。我們在業務的許多領域都看到了這一點，尤其是在我們的企業管道中，企業社會責任是我們合作公司的策略舉措。

There's one more thing we're excited to talk about. Today, Waymo announced that they're working to deploy Waymo vehicles on the Lyft platform. We expect this deployment to start this quarter, Q2, and reach 10 vehicles by Q3, signifying an important step in bringing world-class self-driving technology together with our leading transportation network.

還有一件事我們很興奮地想跟大家聊聊。今天，Waymo宣布他們正在努力將Waymo車輛部署到Lyft平台上。我們預計這項部署將於本季（第二季）開始，到第三季將達到 10 輛車，這標誌著將世界一流的自動駕駛技術與我們領先的交通網絡結合起來邁出了重要一步。

With that, I'll hand it over to Brian for our financial results.

接下來，我將把發言權交給布萊恩，讓他為大家帶來我們的財務表現報告。

Thanks, John, and good afternoon, everyone.

謝謝你，約翰，大家下午好。

Our first quarter results demonstrate our strong execution and focus on delivering growth while improving operating leverage. Total revenue for the quarter increased 95% year-over-year to $776 million, driven by an increase in the number of Active Riders and the revenue generated on our platform per Active Rider. The number of quarterly Active Riders increased by 46% year-over-year to a record 20.5 million, primarily due to the wider market adoption of ridesharing and our initiatives to attract and retain riders. We also believe that the publicity and attention surrounding the company's IPO contributed to the strong increase in the number of quarterly Active Riders.

第一季業績顯示我們擁有強大的執行力，並專注於在提高營運槓桿的同時實現成長。本季總營收年增 95% 至 7.76 億美元，這主要得益於活躍用戶數量和每位活躍用戶在我們平台上產生的收入的增加。季度活躍用戶數量年增 46%，達到創紀錄的 2,050 萬，這主要歸功於共享出行服務在市場上的廣泛普及以及我們為吸引和留住用戶而採取的各項舉措。我們也認為，公司首次公開募股（IPO）所帶來的宣傳和關注，也促成了季度活躍騎手數量的大幅增長。

As we continue to drive usage and monetization of our platform, revenue per quarterly Active Rider increased 34% year-over-year to $37.86. Before I move on, I want to note that the non-GAAP income statement measures that follow in my remarks exclude $894 million of stock-based compensation and related payroll tax. Our restricted stock unit awards or RSUs have both a time-based vesting condition and a liquidity event-related performance condition. Upon the effectiveness of our IPO, RSUs that had previously met the time-based vesting condition also met the second requirement, immediately triggering the stock-based compensation expense. A reconciliation of GAAP to non-GAAP results may be found in our earnings release.

隨著我們不斷推動平台的使用和獲利，每季活躍騎士的收入年增 34%，達到 37.86 美元。在我繼續之前，我想指出，接下來我的發言中提到的非GAAP損益表指標不包括8.94億美元的股票選擇權費用和相關的薪資稅。我們的限制性股票單位獎勵（RSU）既有基於時間的歸屬條件，也有與流動性事件相關的績效條件。IPO 生效後，先前已滿足基於時間的歸屬條件的限制性股票單位也滿足了第二個要求，立即觸發了股票補償費用。有關 GAAP 與非 GAAP 結果的調整表，請參閱我們的獲利報告。

Let me move to contribution. In the first quarter, contribution margin reached a record 50%, up from 35% in the same period a year ago. This increase in contribution margin could be attributed to strong revenue growth and our successful leveraging of expenses in the first quarter. These expenses include insurance required under TNC regulations, transaction processing and hosting. All 3 costs declined as a percentage of revenue relative to the year-ago period as well as the fourth quarter of 2018. The historical change to insurance reserves is excluded in the calculation of TNC insurance expense for all periods.

接下來我來談談貢獻。第一季度，貢獻毛利率達到創紀錄的 50%，高於去年同期的 35%。貢獻毛利率的提高可歸因於強勁的收入成長以及我們在第一季成功利用了各項費用。這些費用包括TNC法規要求的保險、交易處理和託管費用。與去年同期以及 2018 年第四季相比，這 3 項成本佔收入的百分比均有所下降。計算跨國公司保險費用時，所有期間的保險準備金歷史變動均不予考慮。

Let's move to operations and support. First quarter operations and support was $133 million or 17% of revenue compared to 15% in the same period a year ago. The increase as a percentage of revenue was driven by investments in bikes, scooters and Express Drive. Just as a data point, if our bikes and scooter initiative was excluded from our P&L, operations and support as a percentage of revenue would have been lower in the current period than in the same period a year ago.

接下來我們進入營運和支援部分。第一季營運和支援費用為 1.33 億美元，佔營收的 17%，而去年同期為 15%。營收佔比的成長主要得益於對自行車、滑板車和 Express Drive 的投資。僅舉一例，如果我們的自行車和滑板車專案不計入損益表，那麼本期營運和支援費用佔收入的百分比將低於去年同期。

R&D expense was $108 million or 14% of revenue compared to 16% from the same period a year ago. Our investments in R&D are fueling key improvements in our core platform and autonomous future. The current period includes a $14 million reimbursement from our autonomous co-development partner. Without the reimbursement, adjusted R&D would have been 16% of revenue compared to 16% from the same period a year ago.

研發費用為 1.08 億美元，佔營收的 14%，去年同期為 16%。我們在研發方面的投入正在推動我們核心平台和自動駕駛未來的關鍵改進。本期包括我們自主合作開發夥伴的 1,400 萬美元補償。如果沒有報銷，調整後的研發支出佔營收的 16%，而去年同期也為 16%。

As we gain scale and drive brand preference, we are leveraging our investments in sales and marketing. In the first quarter, sales and marketing was $227 million or 29% of revenue, down significantly from 42% in the same period a year ago. And keep in mind that this 13 percentage point improvement was realized while the company achieved 95% year-on-year revenue growth. Our adjusted EBITDA loss for the quarter was $216 million compared to a loss of $239 million in the year ago period. Adjusted EBITDA margin improved significantly to a loss of 28% versus 60% in the prior year, representing a 32 percentage point improvement year-over-year.

隨著我們規模的擴大和品牌偏好的提升，我們正在充分利用在銷售和行銷方面的投資。第一季度，銷售和行銷費用為 2.27 億美元，佔營收的 29%，較去年同期的 42% 大幅下降。請記住，這 13 個百分點的提升是在公司實現 95% 的年收入成長的情況下取得的。本季經調整後的 EBITDA 虧損為 2.16 億美元，去年同期虧損為 2.39 億美元。經調整的 EBITDA 利潤率顯著改善，從上年的 60% 虧損轉為 28%，較去年同期成長 32 個百分點。

Moving on to cash balances. We remain in extremely strong cash position. As of March 31, Lyft had over $1 billion of unrestricted cash, cash equivalents and short-term investments. On a pro forma basis for the $2.5 billion of net proceeds from our IPO, which closed in the first part of April, we have $3.5 billion with no debt.

接下來是現金餘額。我們依然擁有非常充裕的現金流。截至 3 月 31 日，Lyft 擁有超過 10 億美元的非限制性現金、現金等價物和短期投資。根據我們在 4 月初完成的 IPO 所獲得的 25 億美元淨收益的備考數據，我們目前擁有 35 億美元，且無任何債務。

So moving to guidance, let me start with revenue. For the second quarter of 2019, we anticipate revenue will be in the range of $800 million to $810 million, representing a growth rate of 58% to 60% year-over-year. This strong growth is being achieved in light of a difficult comp as we lap the industry-wide price increases introduced in the second quarter of last year. For the full year 2019, we anticipate revenue will be in the range of $3.275 billion to $3.3 billion, representing an annual growth rate of 52% to 53%.

接下來談談業績指引，先從收入方面說起。我們預計 2019 年第二季的營收將在 8 億美元至 8.1 億美元之間，年增 58% 至 60%。鑑於去年第二季產業普遍漲價，今年同期基數較高，我們依然實現了強勁成長。我們預計 2019 年全年營收將在 32.75 億美元至 33 億美元之間，年增長率為 52% 至 53%。

Now moving to operating leverage. We are pleased with our success leveraging costs in the first quarter. We now believe that the strength and efficiencies we're realizing in our ridesharing business will help offset an even larger portion of our strategic initiatives than we originally expected. As a result of this success, in the second quarter, we anticipate our adjusted EBITDA loss will be in the range of $270 million to $280 million. For the full year, we anticipate our adjusted EBITDA loss to be in the range of $1.15 billion to $1.175 billion, which includes the impact of investments we're undertaking in autonomous, bikes and scooters, and driver centers.

接下來討論營運槓桿。我們對第一季成本控制的成功感到滿意。我們現在相信，我們在共享出行業務中實現的實力和效率將有助於抵消比我們最初預期更大的策略舉措的影響。由於這一成功，我們預計第二季調整後的 EBITDA 虧損將在 2.7 億美元至 2.8 億美元之間。我們預計全年調整後的 EBITDA 虧損將在 11.5 億美元至 11.75 億美元之間，其中包括我們在自動駕駛汽車、自行車和滑板車以及駕駛員中心方面的投資的影響。

We're encouraged by our strength of our core business and see a clear path to profitability in ridesharing. We anticipate that 2019 will be our peak loss year as we then move steadily towards profitability on a consolidated basis.

我們核心業務的強勁表現令我們倍感鼓舞，並看到了在叫車領域實現盈利的清晰路徑。我們預計 2019 年將是虧損最嚴重的一年，之後我們將穩定合併獲利。

I'll now turn it back to Logan for closing remarks.

現在我將把發言權交還給洛根，請他作總結發言。

All right. Thanks, Brian.

好的。謝謝你，布萊恩。

To conclude, we had a great first quarter and are excited for another big year. Our results continue to demonstrate the strength of our scale platform, successful execution on our strategies and discipline towards our financial plan. These are the early days for our company and industry, and we're all excited by the new innovations and impact that we'll deliver to the market. We're proud of the momentum and even more excited by what lies ahead.

總之，我們第一季表現出色，並對即將到來的另一個豐收年充滿期待。我們的業績持續證明了我們規模平台的優勢、策略的成功執行以及對財務計劃的嚴格執行。對於我們公司和產業來說，現在還處於起步階段，我們都對即將帶給市場的新創新和影響感到興奮。我們為目前的勢頭感到自豪，也對未來充滿期待。

Before I move to Q&A, I want to tell a quick story to explain why we're so inspired to bring our mission to life. One of our riders is 76 years old and lives on her own in New York City. She's been recently diagnosed with kidney failure and didn't have family to take her to the many appointments she has every week. Her story is not unique. Every year, 3.6 million Americans miss medical appointments due to a lack of transportation, which leads to bad health outcomes and a $150 billion loss for the health care ecosystem. Lyft has established partnerships with the largest health care systems in the United States to best serve patients across the country, and with their health care platform and the incredible driver community, patients like this rider are now able to get the care they need. This is just one among many impacts that motivates our work.

在進入問答環節之前，我想先講一個故事，解釋為什麼我們如此熱衷於將我們的使命變為現實。我們的一位騎手今年76歲，獨自居住在紐約市。她最近被診斷出患有腎衰竭，而且沒有家人陪同她去參加每週多次的預約。她的經歷並非個案。每年有 360 萬美國人因缺乏交通工具而錯過就醫預約，這導致不良的健康後果，並給醫療保健系統造成 1500 億美元的損失。Lyft 已與美國最大的醫療保健系統建立了合作關係，以便更好地服務全國各地的患者。憑藉其醫療保健平台和優秀的司機群體，像這位乘客一樣的患者現在能夠獲得所需的護理。這只是激勵我們工作的眾多影響因素之一。

And now I'd like to open it up for questions. Operator?

現在我想開放提問環節。操作員？

(Operator Instructions) Our first question comes from the line of Stephen Ju with Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Stephen Ju。

Congratulations. So one of the questions that we got asked a lot during the IPO process was around the addressable market and how users may be using ridesharing in general versus the choice of owning a car. I think you talked about 45% of Lyft users not owning a car. So anything you can share about these cohorts of users you have observed over the years, for which it might have just started with that airport ride at first but then Lyft becomes an everyday use case to get them from -- to and from work? And secondarily, how long does it usually take before they go from every now and then to perhaps every day?

恭喜。因此，在 IPO 過程中，我們被問到最多的問題之一就是潛在市場規模，以及使用者整體上是如何使用共享旅遊服務，還是選擇擁有自己的汽車。我想你之前提到過 Lyft 用戶有 45% 沒有車。那麼，您能否分享一下您多年來觀察到的這些使用者群體的情況？他們最初可能只是透過 Lyft 搭計程車到機場，但後來 Lyft 就成了日常上下班的交通工具？其次，他們通常需要多長時間才能從偶爾發生變成每天發生？

Yes. So this is John. Brian can comment on the trends we're seeing year-over-year in riders frequency. Nothing to specifically share on the cohorts other than to say that there's an increasing number of Lyft users. The most recent estimate was 300,000 that got rid of their car because of Lyft and so those are trends that we see continuing to increase.

是的。這位是約翰。Brian 可以就我們每年看到的乘客出行頻率趨勢發表評論。關於使用者群體，除了 Lyft 使用者數量不斷增加之外，沒有特別需要分享的資訊。根據最新估計，有 30 萬人因為 Lyft 的出現而放棄了私家車，而且我們看到這種趨勢還在持續增長。

Yes. To talk about it at a high level, we -- Lyft is much more than just a ridesharing company and we're going after -- in the U.S. alone, the consumer transportation market is $1.2 trillion. And of that $1.2 trillion, over $1 trillion is spent on car ownership. And we see this once in a generation opportunity to move this $1 trillion-plus car ownership market to the world of transportation-as-a-service. I think we've seen this happen in other industries like entertainment where you have companies like Spotify and Netflix or you have industries, businesses like the cloud. When you can deliver a product as a service instead of requiring folks to own it, you can often deliver a better customer experience at a lower price point. And so that bit is flipping for more and more of our riders and our customers. Predominantly, we see the largest pickup of that in really dense urban areas today where somebody lives and works within a city. Lyft is often the most convenient and the most economical choice, especially when you're looking at high insurance rates, high cost of parking in a major city. We're seeing people sort of switch wholesale and get rid of their cars. When you look further out to the suburbs, you're seeing trends of families going from 2-car households to 1-car households. And we think as the array of services that we offer continues to expand, so in the opening remarks, we were talking about Shared Saver lowering the price point further. We're also talking about introduction of bikes and scooters and there will be more to come. So as we keep introducing more products that suit more use cases, I think we're going to continue to see an acceleration of that trend towards service over ownership.

是的。從宏觀層面來說，Lyft 不僅僅是一家共乘公司，我們的目標是——僅在美國，消費者交通市場規模就高達 1.2 兆美元。在這1.2兆美元中，超過1兆美元用於汽車擁有。我們看到了千載難逢的機會，可以將價值超過 1 兆美元的汽車擁有市場轉變為交通即服務 (TaaS) 的模式。我認為我們已經在其他行業看到了這種情況，例如娛樂業，有像 Spotify 和 Netflix 這樣的公司，或者像雲端運算這樣的行業和企業。當你能夠以服務的形式提供產品，而不是要求人們擁有它時，你通常可以以更低的價格提供更好的客戶體驗。因此，越來越多的騎士和顧客開始意識到這一點。目前，這種現象最顯著的出現地點是人口密度極高的城市地區，也就是人們居住和工作在城市裡的地區。Lyft 通常是最方便、最經濟的選擇，尤其是在大城市保險費高、停車費高的情況下。我們看到人們正在大規模地改變生活方式，賣掉自己的汽車。當你把目光投向更遠的郊區時，你會發現家庭車數量正從兩輛減少到一輛。我們認為，隨著我們提供的服務範圍不斷擴大，正如我們在開場白中提到的，共享儲蓄計劃將進一步降低價格點。我們也正在討論引進自行車和踏板車，未來還會有更多。因此，隨著我們不斷推出更多適合更多使用情境的產品，我認為我們將繼續看到服務型模式相對於所有權模式的加速發展。

And just to add a data point, in Lyft's history, we've never had a down quarter in terms of the quarterly Active Riders. And so in the most recent quarter, we grew 46% year-on-year, 10% quarter-on-quarter to 20.5 million. So the growth is very strong.

補充一點數據，在 Lyft 的歷史上，我們從未出現過季度活躍乘客數量下降的情況。因此，在最近一個季度，我們年增了 46%，環比成長了 10%，達到 2,050 萬。所以成長勢頭非常強勁。

And our next question comes from the line of Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

For Logan and John, if you could maybe expand a little bit on the Google-Waymo partnership in terms of the focus and where you're going to be rolling out first, that will be great. And a quick follow-up for Brian. Just maybe talk a little bit about your pathway to profitability. There have been a lot of question around the investments you're making this year. I think you said you continue to believe that those losses will trend lower. And if you could just provide a little more color, that will be helpful.

對於 Logan 和 John，如果你們能稍微詳細介紹 Google 與 Waymo 的合作，例如合作的重點以及你們將首先在哪些地區推出，那就太好了。還有一個問題想問布萊恩。或許可以稍微談談你們的獲利路徑。今年，大家對您所進行的投資有很多疑問。我想你說過你仍然相信這些損失會繼續減少。如果你能再添加一些色彩，那就太好了。

Great. So on the Waymo partnership, as we mentioned in Q2, Waymo and Lyft will be launching this new public partnership. And their -- Waymo's self-driving vehicles will be integrated into the Lyft platform in Phoenix. So it will be in the Phoenix metro area and we expect it to be at about 10 vehicles by the end of Q3, that will serve thousands of Lyft passengers over time. There will be a safety driver in these vehicles. And so this is the first time that Waymo is providing self-driving vehicles to a partner outside of their own service. The way it will work for a passenger is they'll be able to book that ride in the Lyft app, and if the Waymo vehicle is nearby and able to service their origin and destination, they would have the opportunity to be matched with that vehicle.

偉大的。關於 Waymo 的合作，正如我們在第二季提到的，Waymo 和 Lyft 將推出這項新的公共合作關係。而且，Waymo 的自動駕駛汽車將整合到 Lyft 在鳳凰城的平台中。所以這項服務將在鳳凰城都會區開展，我們預計到第三季末將有大約 10 輛車，隨著時間的推移，這些車輛將為數千名 Lyft 乘客提供服務。這些車輛上都會配備一名安全駕駛。因此，這是 Waymo 首次向自身服務以外的合作夥伴提供自動駕駛汽車。乘客可以透過 Lyft 應用程式預訂行程，如果 Waymo 車輛在附近且能夠服務於他們的出發地和目的地，他們就有機會乘坐這輛車。

So just to follow up in terms of the question on the path to profitability. We are day 1 of a $1.2 trillion market opportunity. We just announced a quarter with 95% year-over-year revenue growth. Our core ridesharing today drives our P&L and is trending strongly. We're also making investments in autonomous, bikes and scooters and other strategic initiatives because we believe it will strengthen the core business and create long-term shareholder value. Now in terms of the path to profitability, our strong results today demonstrate not only world-class growth but also our success leveraging costs. And contribution margin jumped to 50% from 35% in the same period a year ago. Non-GAAP sales and marketing declined from 42% to 29%. Now the investments in autonomous, bikes and scooters and driver centers hide the underlying improvements in core ridesharing. But even with the investments, adjusted EBITDA margin improved to a loss of 28% from a loss of 60%, a 32 percentage point improvement year-over-year as absolute adjusted EBITDA improved in the first quarter. So we are definitely encouraged by the strength of our core business and see a clear path to profitability in core ridesharing. We have teams across the company dedicated to initiatives that will help us grow more profitably in the core ridesharing business by both bending cost curves and increasing the efficiency of growth levers. And finally, as I mentioned in my prepared remarks, we anticipate that 2019 will be our peak loss year as we then move steadily towards profitability on a consolidated basis.

那麼，關於實現獲利的途徑這個問題，我想進一步說明一下。我們正處於一個價值 1.2 兆美元市場機會的第一天。我們剛公佈的季度業績顯示，營收年增95%。目前，我們的核心叫車業務是公司損益的主要驅動力，並且發展勢頭強勁。我們也在自動駕駛汽車、自行車和滑板車以及其他策略性舉措方面進行投資，因為我們相信這將加強核心業務並創造長期股東價值。就實現獲利的路徑而言，我們今天的強勁業績不僅展現了世界級的成長，也展現了我們在成本控制方面的成功。貢獻毛利率從去年同期的 35% 躍升至 50%。非GAAP銷售和行銷費用從42%下降到29%。現在，對自動駕駛汽車、自行車、滑板車和司機中心的投資掩蓋了共享出行核心領域的潛在改進。但即便進行了投資，調整後的 EBITDA 利潤率也從虧損 60% 改善至虧損 28%，同比改善 32 個百分點，因為第一季的絕對調整後 EBITDA 有所改善。因此，我們對核心業務的強勁表現感到非常鼓舞，並看到了核心共享出行業務實現盈利的明確路徑。我們公司內部有多個團隊致力於各項舉措，旨在透過降低成本曲線和提高成長槓桿的效率，幫助我們在核心的叫車業務中實現更盈利的成長。最後，正如我在準備好的演講稿中提到的，我們預計 2019 年將是虧損最嚴重的一年，之後我們將穩步朝著合併盈利的目標邁進。

Our next question comes from the line of Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的道格·安穆斯。

Wanted to ask 2. Just first, you've seen leverage and incentives as a percentage of revenue over the past couple of years. There's been a lot of discussion just about the degree of promotions and incentives in 1Q. Can you just give us your view of the current incentive environment, how you think it compares to previous periods? And then secondly, Brian, you talked about bending cost curves. Can you give us some more detail particularly on insurance and how you can bend that cost curve and move toward the 70% contribution margin, how you're thinking about long-term?

想問第二個問題。首先，在過去幾年裡，您是否已經看到槓桿和激勵措施佔收入的百分比？關於第一季的晉升和激勵措施的力度，已經有很多討論了。您能否談談您對當前激勵環境的看法，以及您認為它與以往時期相比如何？其次，布萊恩，你談到了彎曲成本曲線。您能否詳細說明保險方面的情況，以及如何降低成本並實現 70% 的貢獻毛利率？您是如何考慮長期發展的？

Absolutely. So let me start with your first question. Again, we grew revenue in the first quarter 95% year-over-year while non-GAAP sales and marketing as a percentage of revenue declined from 42% to 29%. We are extraordinarily pleased with our momentum. I mean, just for historical context, non-GAAP sales and marketing as a percentage of revenue was 127% in 2016, 54% in 2017 and 37% in 2018. The 29% achieved in the first quarter is just another proof point of our success in driving brand preference and sales and marketing efficiencies. Now in terms of your question on the current competitive environment, I would say competitive pressure in terms of rider incentives has recently receded. We're encouraged by this and believe that the industry is headed in the right direction and becoming increasingly rational. Our strategy is to win on experience, not price.

絕對地。那麼，就讓我先回答你的第一個問題吧。第一季度，我們的營收年增了 95%，而非 GAAP 銷售和行銷費用佔營收的百分比從 42% 下降到 29%。我們對我們的發展勢頭感到非常滿意。我的意思是，僅從歷史角度來看，2016 年非 GAAP 銷售和行銷費用佔收入的 127%，2017 年為 54%，2018 年為 37%。第一季取得的 29% 的成長率再次證明了我們在提升品牌偏好、銷售和行銷效率方面的成功。至於你提出的關於當前競爭環境的問題，我認為最近在騎士激勵方面存在的競爭壓力有所緩解。我們對此感到鼓舞，並相信該行業正朝著正確的方向發展，變得越來越理性。我們的策略是憑藉經驗取勝，而不是價格。

And then to answer your insurance question, we have a variety of initiatives to reduce the cost of insurance. There's 2 factors that drive insurance costs, the frequency and the severity of accidents. And we're making investments in technology, data science as well as just changing business workflows to reduce both factors. You may need to cut me off because I get very excited when I talk about insurance. But we believe the insurance-related initiatives can have super high ROI and I'll just share 3 quick examples. We are investing in telematics to be able to monitor driver behavior and assess speeding or hard braking. We're investing in predictive analytics to mitigate fraudulent claims. And then finally, in the first quarter, we moved to a new third-party claims administrator to help us handle new insurance claims. The goal here is to reduce claims cycle times, thereby improving settlement results. This is both in terms of how quickly we contact someone and in closing out the claim itself.

至於您的保險問題，我們有多種措施來降低保險成本。影響保險成本的因素有兩個：事故的頻率和嚴重程度。我們正在投資技術、數據科學，並改變業務流程，以減少這兩個因素的影響。你可能需要打斷我，因為我一談到保險就非常興奮。但我們相信，與保險相關的措施可以帶來非常高的投資報酬率，我這裡只分享 3 個簡單的例子。我們正在投資車載資訊技術，以便能夠監控駕駛員行為並評估超速或急煞車等情況。我們正在投資預測分析，以減少詐欺性索賠。最後，在第一季度，我們更換了第三方理賠管理機構，以幫助我們處理新的保險理賠。此舉旨在縮短理賠週期，進而提高理賠結果。這體現在我們聯繫當事人的速度以及結案的速度。

And our next question comes from the line of Mike Olson with Piper Jaffray.

接下來的問題來自 Mike Olson 和 Piper Jaffray 的問題。

Just following on the Waymo question earlier, maybe a bit higher level than the specific details of the deal. Could you maybe share some thoughts on how you think about your internal autonomous technology development effort while at the same time partnering with external technology developers like Waymo? And should we potentially expect additional future partnerships like this?

接著之前關於 Waymo 的問題，我想問一些比交易具體細節更高層次的問題。您能否分享一下您是如何看待公司內部自主技術研發工作，同時又與 Waymo 等外部技術開發商合作的？我們是否可以期待未來會有更多類似的合作關係？

Yes. So we have 2 pieces of our autonomous strategy. One is first party, which is our Level 5 group. We believe we're in great position, given our platform, our access to data and an amazing talented team, to build our own self-driving components. And something that's important to note that those investments that we're making today in our first-party system can benefit the existing business even before there's autonomous vehicles through mapping better ETAs and therefore, higher utilization and efficiency in the marketplace. But we are agnostic to where this technology comes from and so therefore, we have a third party part of our strategy. And Waymo is a phenomenal partner with leading AV technology and so it's part of that 2-prong strategy and it doesn't affect the other relationships that we have. And you can expect more developments on both sides of that strategy.

是的。所以我們自主戰略包含兩個部分。一是第一方，也就是我們的 5 級組。我們相信，憑藉我們的平台、數據獲取管道和一支才華橫溢的團隊，我們有能力建立自己的自動駕駛組件。值得注意的是，我們今天對第一方系統的投資，即使在自動駕駛汽車出現之前，也能透過更好地預測預計到達時間，從而提高市場利用率和效率，使現有業務受益。但我們對這項技術的來源持開放態度，因此，我們的策略中包含了第三方部分。Waymo 是擁有領先自動駕駛技術的傑出合作夥伴，因此這是我們雙管齊下策略的一部分，而且不會影響我們與其他合作夥伴的關係。可以預見，這項戰略的雙方都將有更多進展。

Okay. And then you mentioned you're singularly focused on transportation, but I don't think you said transportation only in North America. I realize with $1.2 trillion spend on transportation, there's a lot of wood to chop in the North American market. But do you think about international expansion as a long-term option for growth at least or is it focus really North America?

好的。然後你提到你專注於交通運輸領域，但我認為你並沒有說只專注於北美地區的交通運輸。我意識到，在交通運輸領域花費了 1.2 兆美元，北美市場還有很多工作要做。但您是否將國際擴張視為至少長期的成長選擇，還是真的只專注於北美市場？

Yes. Our focus today is 100% on the United States and Canada. We do look at international as a potential future opportunity. But right now, we're absolutely focused on the U.S. and Canada and don't have any current plans.

是的。我們今天的工作重點將100%放在美國和加拿大。我們確實將國際市場視為未來潛在的發展機會。但目前，我們完全專注於美國和加拿大市場，暫時沒有任何計劃。

And our next question comes from the line of Eric Sheridan with UBS.

我們的下一個問題來自瑞銀集團的 Eric Sheridan。

Sales and marketing, obviously, the biggest driver of the improvement year-on-year in the cost structure below gross margin. Just want to get a little bit of better sense of whether the sales and marketing channels you're leaning into, where you're seeing potentially higher returns against marketing dollars and how that should factor into the way we think about marketing efficiency not only in '19 but longer term?

顯然，銷售和行銷是毛利率以下成本結構逐年改善的最大驅動力。我只是想更了解一下，您正在重點發展的銷售和行銷管道中，哪些管道的行銷投入能帶來更高的潛在回報，以及這應該如何影響我們對行銷效率的思考，不僅是2019年，還有更長遠的未來？

Sure. Let me start and then I'll hand it off to John to add some additional color. I would say maybe where I started in my last answer, which is the current competitive market is improving. We are seeing a reduction in terms of rider incentives. And so we do believe the industry is headed in the right direction. For us, we are focused on building the defining brand of our generation.

當然。我先開始，然後交給約翰補充一些細節。我想說，也許正如我在上一個回答中提到的，當前競爭激烈的市場正在改善。我們看到騎士激勵措施有所減少。因此，我們相信這個行業正朝著正確的方向發展。我們的目標是打造我們這一代最具代表性的品牌。

Yes. And so just from the perspective, Logan and I have now been in the market for -- Lyft is about 7 years old. And if you look at the economics, you can see, as a percentage of revenue, that this is the most rational the market has been. I think that's a really important takeaway. And as that happens, that happens because there are now 2 strong players, right? And both players can provide 3-minute ETAs, 3-minute pickup times in major markets. And so then the reason why people choose one company versus the other comes down to the brand. And this is where something that we've always believed is important, something that we have always valued and always, I believe, done better than the industry. And so within that brand, we don't mean ads. We mean every single touch point that you have with us and our company, and that gets to the actions we take locally. That takes place in the app itself. That takes place in the products we build for our drivers. And we think that will be the biggest opportunity for leverage against that sales and marketing line so that it can continue to come down.

是的。所以從這個角度來看，Logan 和我現在一直在尋找——Lyft 已經有大約 7 年的歷史了。從經濟角度來看，從收入百分比來看，這是市場有史以來最理性的時期。我認為這是一個非常重要的啟示。之所以會出現這種情況，是因為現在有 2 個強大的對手，對吧？兩家公司都能在主要市場提供 3 分鐘內送達的預計時間和 3 分鐘內取貨時間。因此，人們選擇一家公司而不是另一家公司的原因就歸功於品牌。而這正是我們一直認為很重要、一直很重視，我認為一直比業界做得更好的地方。因此，在這個品牌內部，我們指的不是廣告。我們指的是您與我們公司接觸的每一個環節，包括我們在當地採取的行動。這一切都在應用程式本身中進行。這體現在我們為車手打造的產品中。我們認為這將是利用銷售和行銷管道繼續下調成本的最大機會。

And our next question comes from the line of John Blackledge with Cowen.

我們的下一個問題來自約翰·布萊克利奇和考恩​​的系列文章。

Just a couple of questions. On the driver center rollout, could you just provide an update on the number of driver centers that have been rolled out thus far this year and perhaps how the drivers are responding to these centers? And then the second question on bikes and scooters, just how is this initiative ramping thus far this year? How many markets are you in now with bikes and scooters? And any color on how incremental it was or a percent of revenue from bikes and scooters that you saw in the quarter?

幾個問題。關於駕駛員服務中心的推廣，您能否提供一下今年迄今已推廣的駕駛員服務中心的數量，以及駕駛員對這些服務中心的反饋情況？那麼關於自行車和滑板車的第二個問題，今年到目前為止，這項計畫的進展如何？您目前在多少個市場銷售自行車和踏板車？能否提供一些關於本季自行車和滑板車收入增量或佔總收入百分比的資訊？

Yes. On driver centers, this is part of our broader strategy to go above and beyond to take care of our drivers. So we have a history of leading the industry with driver-facing initiatives. We've had tipping from day 1. We were the first to launch Express Pay, which provided a same-day pay option for drivers. We were also the first to launch Express Drive, which is a weekly rental program for drivers, all of which have helped build and sustain driver preference over the years. We're very excited about the driver service centers. Vehicle operating expenses are our drivers' top cost and service is a big component of that. And so we've had hubs, we refer to them as hubs, in the market for a number of years. And that's where drivers can show up to get sort of -- to do some of their onboarding activities and get in-person help so it's sort of like a Genius Bar type experience. What we realized was we had an opportunity to provide really low-cost, essentially at-cost, vehicle service for drivers instead of just answering basic questions. So we've now opened up and are operating our first 2 driver service centers with a number more that will continue to scale this year. It's still early days but we're -- the anecdotal feedback from drivers has been very positive. And we've really focused on speed at these driver centers so we're able to turn cars around quite quickly, help get drivers back on the road and making money. As a driver on the platform, if your car's in the shop for a number of days, that can be very tough financially because you use and depend on that car to make money. So we focused on helping high-quality service with record speeds. So anyway, it's still very early but we're excited about the initiative.

是的。在司機服務中心，這是我們為司機提供更優質服務的更廣泛策略的一部分。因此，我們在面向駕駛員的舉措方面一直處於行業領先地位。我們從成立之初就實行了小費制度。我們率先推出了快速支付服務，為司機提供當日付款選項。我們也是第一個推出 Express Drive 的公司，這是一個面向司機的每週租車計劃，所有這些都幫助我們多年來建立了並保持了對司機的青睞。我們對司機服務中心感到非常興奮。車輛營運費用是我們司機最大的成本，而服務又是其中很重要的一環。因此，我們已經在市場上推出了樞紐（我們稱之為樞紐）好幾年了。司機們可以到那裡進行一些入職培訓活動並獲得面對面的幫助，這有點像天才吧的體驗。我們意識到，我們有機會為司機提供真正低成本、幾乎以成本價提供的車輛服務，而不僅僅是回答一些基本問題。所以，我們現在已經開設並經營了首批 2 家司機服務中心，今年也將繼續擴大規模，開設更多服務中心。現在還處於早期階段，但我們從司機那裡得到的回饋非常積極。我們非常注重這些駕駛中心的效率，以便能夠快速週轉車輛，幫助駕駛員重新上路賺錢。作為平台上的司機，如果你的車在修理廠待了好幾天，經濟上可能會非常困難，因為你使用並依賴這輛車來賺錢。因此，我們專注於提供速度最快的高品質服務。總之，現在還為時過早，但我們對這項計劃感到興奮。

And then on bikes and scooters, we have approximately 9 markets with bikes, 15 with scooters. We're not going to be breaking that out separately on the economics side. But as I said in the prepared remarks, it's something that we will continue to invest in with those relationships we have with local cities and we're excited that now in New York, the first few customers will be able to actually book a Citi Bike within the Lyft app.

至於自行車和踏板車，我們大約有 9 個自行車市場，15 個踏板車市場。我們不會在經濟方面單獨列出這部分內容。但正如我在準備好的演講稿中所說，我們將繼續利用與當地城市的合作關係進行投資，我們很高興現在在紐約，首批客戶將能夠在 Lyft 應用程式內預訂 Citi Bike。

And our next question comes from the line of Ron Josey with JMP Securities.

下一個問題來自 JMP Securities 的 Ron Josey。

Wanted to focus a little bit more on rider growth, the 40%, the 20.5 million. Brian, you mentioned initiatives to attract and retain riders here. Just can you provide a little more details on those initiatives you mentioned? And while we're at it, any insights or lessons learned on the testing of subscription or loyalty programs and how that's helping the service?

想更關心騎士成長，40% 的成長，2050 萬的騎士數量。布萊恩，你提到了這裡為吸引和留住騎士而採取的措施。您能否提供更多關於您提到的那些舉措的細節？順便問一下，在測試訂閱或會員計劃以及這些計劃如何幫助提升服務品質方面，您有什麼見解或經驗教訓嗎？

Yes. This is Logan. I'll just go back into a couple of the big initiatives that we launched in Q1 that we attribute a decent portion of our growth to. One was the investment in the Lyft matching platform that we've been working on for over a year that reduces cancels, increases the reliability of the service. And the unlock of new rider experiences. So Shared Saver now live in 3 markets and that's able to provide a lower-cost shared ride by driving further efficiency in the system. Like John was just talking about, our first rollouts of the bike and scooter integration into the Lyft app. So as a whole, we are trying and striving to continually provide a better multimodal experience for all of our customers, a more reliable experience and we see those efforts stack over time.

是的。這是洛根。我再簡單回顧一下我們在第一季推出的幾項重大舉措，我們認為這些舉措為我們帶來了相當一部分的成長。其中一項投資是 Lyft 匹配平台，我們已經開發了一年多，該平台可以減少取消訂單，提高服務的可靠性。並解鎖全新的騎乘體驗。目前，Shared Saver 已在 3 個市場上線，它能夠透過進一步提高系統效率來提供更低成本的共享出行服務。就像約翰剛才說的那樣，我們首次將自行車和滑板車整合到 Lyft 應用程式中。因此，總的來說，我們正在努力為所有客戶提供更好的多模式體驗，更可靠的體驗，我們看到這些努力隨著時間的推移而不斷累積。

And our next question comes from the line of Andy Hargreaves with KeyBanc.

下一個問題來自 KeyBanc 的 Andy Hargreaves。

Just want to ask you a question on -- with the share gain and the brand. It seems like this shared gain has persisted, so I just wanted to get your thoughts on any of the underlying drivers there and what you're doing to reinforce that. And then just a follow-up on the insurance. If you could give us any help on, should we see those, the benefits there sort of scale smoothly over time or are there stair steps that we might hit at different milestones?

我想問您一個關於市場佔有率成長和品牌的問題。這種共同獲益的情況似乎一直持續下去，所以我只是想聽聽你對其中潛在驅動因素的看法，以及你正在採取哪些措施來鞏固這種局面。然後是關於保險的後續問題。如果您能就以下問題提供一些幫助，我們將不勝感激：我們是否應該看到這些好處？這些好處是會隨著時間的推移而平穩成長，還是會在不同的里程碑階段逐步增加？

Great. Just on the brand front, one of the advantages we've always had in the market has been on driver preference. So when you ask drivers who drive for both Lyft and Uber, which service they prefer, historically and to this day, drivers -- the majority of drivers prefer driving on Lyft. And like we talked about, the Lyft driver centers are one of the latest initiatives as well as Lyft Direct. So we launched Express Pay, which is a same-day pay service a number of years ago and it's been extremely popular. And the new Lyft Direct debit card actually puts money after every ride directly on that driver's debit card. In addition, drivers -- a lot of our drivers get hit with a ton of banking fees. And so by launching a no-fee bank account, we think we can drive a lot of additional economic value. And at the end of the day, all this adds up to providing a better hospitality experience. Our goal is for when you get in a Lyft, for that -- for Lyft to take care of the driver and the driver in turn to take care of the rider in the car. So that's part of our broader hospitality experience. Additionally, we've made some significant investments to really showcase our values. So last year, we became one of the largest voluntary purchasers of carbon offsets, and we made every single ride on the Lyft platform carbon neutral through the purchase of those offsets. Additionally, we have a program we're really proud of called Round Up & Donate. And through Round Up & Donate, riders can optionally opt into this program and it will round up the fare at the end of the ride to the nearest dollar, with the difference being donated to one of a handful of nonprofit that we partnered with. So collectively, we've raised, since launching the program a little over a year ago, we've raised over $14 million for a number of different causes. And I think really living our values and finding ways to harness the power of the platform for change has been a big part of building this differentiated brand.

偉大的。就品牌而言，我們在市場上一直擁有的優勢之一就是駕駛者的偏好。所以，當你問同時為 Lyft 和 Uber 開車的司機，他們更喜歡哪項服務時，從歷史上看，直到今天，大多數司機都更喜歡為 Lyft 開車。正如我們之前討論過的，Lyft 司機中心和 Lyft Direct 都是最新的舉措之一。因此，幾年前我們推出了 Express Pay，這是一項當日到帳的支付服務，而且非常受歡迎。而新的 Lyft Direct 金融卡實際上會在每次行程結束後直接將錢轉入司機的借記卡中。此外，司機們——我們許多司機都要支付大量的銀行手續費。因此，我們認為推出免手續費銀行帳戶可以創造許多額外的經濟價值。歸根究底，這一切都是為了提供更好的待客體驗。我們的目標是，當您搭乘 Lyft 時，Lyft 能夠照顧好司機，而司機又能夠照顧好車上的乘客。所以，這是我們更廣泛的待客之道體驗的一部分。此外，我們也進行了一些重大投資，以真正展現我們的價值觀。因此，去年我們成為最大的自願購買碳抵消額的用戶之一，並透過購買這些碳抵消額，使 Lyft 平台上的每一次行程都實現了碳中和。此外，我們還有一個我們非常引以為傲的項目，叫做「四捨五入捐款」。透過「四捨五入捐贈」計劃，乘客可以選擇加入該計劃，行程結束後車費將四捨五入到最接近的整數美元，差額將捐贈給我們合作的少數幾家非營利組織之一。因此，自從一年多前啟動該計劃以來，我們總共籌集了超過 1400 萬美元，用於各種不同的事業。我認為，真正實踐我們的價值觀，並找到利用平台的力量進行變革的方法，是打造這個差異化品牌的重要組成部分。

Thanks, Logan. Let me answer part 2 of your question around insurance. We have a range of initiatives, and I should say, what gets me so excited about insurance is just the opportunity because there's both -- there's a spectrum. There's short-term opportunities and then there's really exciting long-term opportunities. I can say when I looked back out the last 5 quarters, every single quarter, we've reduced the cost of TNC insurance as a percentage of revenue, excluding any adverse development. So this is an opportunity for us to continue to try to really leverage one of the largest costs on our income statement.

謝謝你，洛根。讓我來回答你關於保險問題的第二部分。我們有一系列舉措，我應該說，讓我對保險業如此興奮的正是它的機會，因為它既有前景也有局限性——它是一個涵蓋範圍很廣的領域。既有短期機會，也有真正令人興奮的長期機會。回顧過去 5 個季度，我可以肯定地說，每個季度我們都降低了 TNC 保險成本佔收入的百分比，不包括任何不利因素。因此，這是一個讓我們繼續努力真正利用損益表上最大成本之一的機會。

And our next question comes from the line of Ron Josey with JMP Securities.

下一個問題來自 JMP Securities 的 Ron Josey。

It's me again. Just real quick, I meant also asking, Brian, can you just give us a little more detail on 2Q expense guidance? I noticed that definitely coming down relative to where we were on an EBITDA basis. That will be helpful.

又是我。我剛才也想問一下，Brian，你能否更詳細地介紹第二季的支出預期？我注意到，相對於我們之前的 EBITDA 水平，這個數字肯定有所下降。那會很有幫助。

Sure. So I may provide some extended comments on guidance, just want to have everyone on the phone. So this may be a relatively long answer and I'll -- actually, let me start with revenue and then I'll go into your expense question. So as I mentioned in my prepared remarks, we're really pleased with the momentum underscored by the positive trends of both Active Riders and revenue per Active Rider. The strong increase in Q1 Active Riders was a positive surprise for us. The number of quarterly Active Riders jumped 10% quarter-on-quarter. That being said, we do believe in the first quarter, we benefited from some unprecedented publicity about Lyft, given we were the first major tech company to go public in 2019. In terms of Q2, we want to remind investors that there was an industry-wide price increase introduced in the second quarter of last year. This significant increase -- this increase significantly boosted revenue in the second quarter of 2018. Just as a data point, revenue per Active Rider jumped 16% quarter-on-quarter in the second quarter of last year, which led to 27% quarterly revenue growth and 111% annual revenue growth. This obviously creates a challenging comp this year. Our revenue guidance of $800 million to $810 million for Q2 implies annual revenue growth of 58% to 60% off of last year's exceptional Q2. So this is still a super strong quarter for us coming up.

當然。所以我可能會就指導意見做一些補充說明，只是想讓大家都參與電話會議。所以這可能是比較長的回答，實際上，讓我先從收入開始，然後再回答你的支出問題。正如我在準備好的演講稿中提到的，我們對活躍用戶數量和每位活躍用戶的收入的積極趨勢所體現出的發展勢頭感到非常滿意。第一季活躍騎士數量的強勁成長讓我們感到驚喜。季度活躍騎士數量較上季成長 10%。也就是說，我們相信在第一季度，我們受益於 Lyft 前所未有的宣傳，因為我們是 2019 年第一家上市的大型科技公司。關於第二季度，我們想提醒投資者，去年第二季度整個產業都出現了價格上漲。這一顯著增長——這一增長顯著提升了 2018 年第二季度的收入。僅從數據來看，去年第二季度每位活躍騎士的收入環比增長了 16%，從而實現了 27% 的季度收入增長和 111% 的年度收入增長。這顯然會使今年的比賽更具挑戰性。我們預計第二季營收將達到 8 億美元至 8.1 億美元，這意味著與去年第二季相比，全年營收將成長 58% 至 60%。去年第二季業績表現優異。所以，接下來這個季度對我們來說依然會非常強勁。

Additionally, as we continue to grow our bike and scooter business, it's worth noting seasonality. This is really going to be our first summer and fall with both bikes and scooters. We anticipate that revenue per Active Rider may be more flat over this period, especially if there's a positive surprise in the number of Active Riders from new bike and scooter customers.

此外，隨著我們自行車和滑板車業務的不斷發展，季節性因素也值得關注。這將是我們第一次同時擁有自行車和踏板車的夏秋兩季。我們預計在此期間，每位活躍騎士的收入可能會更加平穩，尤其是如果來自新自行車和滑板車客戶的活躍騎士數量出現積極驚喜的話。

Also, as we look out later in the year, we anticipate that the seasonality from bikes and scooters may have a more pronounced impact on consolidated revenue trends. More specifically, we expect that bikes and scooter revenue will decline between Q3 and Q4, given snow and other seasonality. This may cause our consolidated quarter-on-quarter revenue growth in Q4 to exhibit more meaningful seasonality and impact revenue per Active Rider for the same reason.

此外，展望今年晚些時候，我們預計自行車和滑板車的季節性因素可能會對綜合收入趨勢產生更明顯的衝擊。更具體地說，考慮到降雪和其他季節性因素，我們預計自行車和滑板車的收入將在第三季到第四季之間下降。這可能會導致我們第四季的季度環比收入成長呈現更明顯的季節性，並出於同樣的原因影響每位活躍騎士的收入。

Now let me switch gears to answer the question you asked on expenses. We are extremely pleased that we were able to leverage expenses in important areas of our P&L in the first quarter. We now believe that the strength and efficiencies we're realizing in our core ridesharing business will help offset an even larger portion of our strategic initiatives than we originally expected.

現在讓我換個話題來回答你關於費用方面的問題。我們非常高興能夠在第一季有效利用損益表中重要領域的支出。我們現在相信，我們在核心共享出行業務中實現的優勢和效率將有助於抵消比我們最初預期更大的策略舉措的影響。

Notwithstanding this benefit, the investments in bikes and scooters, autonomous and driver centers will increase operating expenses. And so let me just spend a moment to provide some highlights. In terms of contribution margin, we reached a 50% record in the first quarter versus 35% in the same period a year ago as we leverage key expenses. For the remainder of 2019, contribution margin will be negatively impacted by 2 to 3 percentage points versus Q1 as we expand our shared network of bikes and scooters. I want everyone to remember that depreciation is in contribution.

儘管有此好處，但對自行車和滑板車、自動駕駛中心和駕駛員中心的投資將增加營運成本。那麼，請允許我花一點時間簡單介紹一下重點。就貢獻毛利率而言，由於我們有效利用了關鍵支出，第一季我們達到了創紀錄的 50%，而去年同期為 35%。2019 年剩餘時間裡，由於我們擴大了共享自行車和滑板車網絡，貢獻毛利率將比第一季下降 2 至 3 個百分點。我希望大家記住，折舊是計入貢獻額的。

We're also able to leverage the efficiency of operations and support excluding our new strategic investments. Now over the remainder of 2019, we expect to increase our investments in our shared network of bikes and scooters, Express Drive and driver centers. So notwithstanding the efficiencies we're unlocking in core ridesharing, we anticipate that non-GAAP operations and support as a percentage of revenue will increase from Q1 levels as a result of these investments. This is baked into the guidance that we've provided.

我們還能夠利用營運和支援的效率，而無需考慮我們新的策略投資。在 2019 年剩餘的時間裡，我們預計將增加對共享自行車和滑板車網路、快速出行服務和司機中心的投資。因此，儘管我們在核心共享出行領域提高了效率，但我們預計，由於這些投資，非 GAAP 營運和支援佔收入的百分比將從第一季的水平上升。這一點已融入我們提供的指導方針中。

In the remaining quarters of 2019, we anticipate an increase of 3 to 5 percentage points relative to Q1 level with an expected peak in the third quarter. Moving to R&D. As we invest to fuel key improvements in our multimodal platform and our autonomous future, non-GAAP R&D as a percentage of revenue will increase over the remainder of 2019. We anticipate that Q2 non-GAAP R&D will increase 2 percentage points versus Q1, with Q3 and Q4 up 2 percentage points from the Q2 levels.

在 2019 年剩餘的幾個季度中，我們預計相對於第一季水準將成長 3 至 5 個百分點，預計第三季將達到高峰。轉入研發部門。隨著我們增加投資以推動多模式平台和自動駕駛未來的關鍵改進，2019 年剩餘時間內，非 GAAP 研發支出佔收入的百分比將會增加。我們預計第二季非GAAP研發支出將比第一季成長2個百分點，第三季和第四季將比第二季成長2個百分點。

Now in terms of sales and marketing, again, we are extraordinarily excited about the leverage we've delivered. We expect that sales and marketing will decline to 28% as a percentage of revenue in the second quarter, down from 35% in the year ago period and really hold there for the remainder of 2019 as we launch and expand our network of shared bikes and scooters as well as driver centers across the country.

現在，就銷售和行銷而言，我們對所取得的成效感到非常興奮。我們預計第二季銷售和行銷費用將佔收入的比例將下降至 28%，低於去年同期的 35%，並且隨著我們在全國推出和擴展共享單車和滑板車網路以及司機中心，這一比例將在 2019 年剩餘時間內保持在這個水平。

Finally, we anticipate that non-GAAP G&A expense as a percentage of revenue will increase approximately 4 percentage points in Q2 from Q1 and peak at 26% in Q3 and Q4 as part of the buildout required to support our new strategic initiatives as well as SOX readiness. We anticipate that we could unlock G&A leverage beginning in 2020.

最後，我們預計，作為支持我們新的策略舉措以及為應對 SOX 法案而進行的建設的一部分，第二季度非 GAAP 一般及行政費用佔收入的百分比將比第一季度增加約 4 個百分點，並在第三季度和第四季度達到 26% 的峰值。我們預計從 2020 年開始，我們可以釋放 G&A 槓桿效應。

And I just want to end with repeating what I said in my prepared remarks. We are really encouraged by the strength of our core business and we see a clear path to profitability in ridesharing. We anticipate that 2019 will be our peak loss year and then we'll move steadily towards profitability on a consolidated basis. And again, all of the remarks I just said were baked into the guidance we've provided on EBITDA.

最後，我只想重申我事先準備好的演講稿。我們核心業務的強勁表現令我們倍受鼓舞，我們看到了在叫車領域實現盈利的清晰路徑。我們預計 2019 年將是虧損最嚴重的一年，之後我們將穩定合併獲利。再次強調，我剛才所說的所有觀點都已融入我們對 EBITDA 的指導意見中。

And our next question comes from the line of Michael Graham with Canaccord.

我們的下一個問題來自 Canaccord 的 Michael Graham。

Just 2. First on shared rides, just maybe can you talk a little bit about the KPIs in shared rides? Is it as straightforward as a 3-minute arrival time or what else do you think about there? It's obviously a more complex proposition. And then just wonder if you could spend a minute on the government and regulatory landscape. What are some of the key things you're focused on as you look to cement relationships with local and state governments?

就兩點而言，首先是關於共乘，您能否談談共乘的關鍵績效指標 (KPI)？到達時間真的像3分鐘那麼簡單嗎？還是您對此還有其他看法？這顯然是一個更為複雜的問題。然後，我想請您花一分鐘時間談談政府和監管環境。在尋求鞏固與地方和州政府的關係時，您將重點放在哪些方面？

Yes, this is Logan. So on shared rides, we do have a lot of internal KPIs that we use to measure the quality of the service. We don't disclose any of those but I can sort of talk through at a high level what we look for. The first is around the efficiency generated by the system overall. So we look at based -- what's the match rate, what's the quality of those matches so it's the overlap of those rides. And what type of efficiency does that generate in the system because then we can pass that efficiency back to our riders.

是的，這是洛根。因此，在共乘服務方面，我們有許多內部 KPI 來衡量服務品質。我們不會透露任何具體細節，但我可以大致談談我們尋找的是什麼。第一個面向是系統整體產生的效率。所以我們著眼於匹配率，以及這些匹配的質量，也就是這些匹配的重疊情況。這樣一來，系統就能產生什麼樣的效率呢？因為我們可以將這種效率回饋給我們的乘客。

And then we look at -- in addition to pickup times, there's also a matching window and there's an obvious trade-off. The longer the matching window, the more opportunities there are for higher-quality matches, and that lets us pass on lower prices. So we're not always trying to just optimize on price or pickup time, there's a trade-off between the 2 and we're really working to find the right balance for our users.

然後我們再看看——除了取貨時間之外，還有一個匹配的時間窗口，這顯然是一種權衡。匹配窗口期越長，高品質匹配的機會就越多，這使我們能夠提供更低的價格。因此，我們並不總是只追求價格或取貨時間的優化，這兩者之間存在權衡，我們正在努力為用戶找到合適的平衡。

And then lastly, the quality of the match, so not just how fast the car comes to pick up the rider but how quickly do you get to your destination and what's the sort of detour on the route and obviously, we try to minimize the detours as much as possible. So those hopefully gives you a little bit of a sense of the kind of high-level areas that we look at internally. But again, we don't break out shared ride numbers or disclose those other KPIs.

最後，還有匹配的質量，這不僅包括汽車接送騎士的速度，還包括到達目的地的速度以及路線上的繞行情況。顯然，我們會盡量減少繞行。希望這些內容能讓您對我們內部關注的高層次領域有所了解。但是，我們不會單獨列出共乘數據，也不會揭露其他關鍵績效指標。

On the policy and local policy front, as some of you know, we hired Secretary Anthony Foxx, who used to run the Department of Transportation for President Obama, to lead policy at Lyft. He was also the mayor of Charlotte, North Carolina so he understands both local and federal politics and opportunities in transportation. And so with him and his team, we're continuing to build the local relationships that have served us well. We're investing locally and we're listening to make sure that the actions we're taking are aligned with the interests of the local officials.

在政策和地方政策方面，正如你們中的一些人所知，我們聘請了曾在奧巴馬總統時期擔任交通部長的安東尼·福克斯來領導 Lyft 的政策制定工作。他也曾擔任北卡羅來納州夏洛特市長，因此他對地方和聯邦政治以及交通運輸領域的機會都非常了解。因此，我們與他及其團隊繼續鞏固和發展對我們大有裨益的本地關係。我們正在進行本地投資，並將認真聽取意見，以確保我們採取的行動與當地官員的利益保持一致。

And our next question comes from the line of Justin Patterson with Raymond James.

我們的下一個問題來自賈斯汀·帕特森和雷蒙德·詹姆斯。

On enterprise, it sounds like you had some continued success there during the quarter. Could you talk about the factors driving that growth? What do you need to do to get further traction within the health care vertical?

在企業方面，聽起來你們本季繼續取得了一些成功。您能談談推動這項成長的因素嗎？要想在醫療保健領域獲得更大的發展動力，你需要做些什麼？

Yes. So part of it is just changing over how an industry has done things in the past. And I think the first critical thing that the team did is they built relationships with, I believe, 9 -- the top 9 transportation health care brokers. So historically, when someone like the rider Logan mentioned in his remarks was needing nonemergency medical transportation, they would call into a call center and then that call center would call out to a taxi dispatcher. And then they would do their best to have that taxi show up, which would happen sometimes and other times if that taxi was hailed from the street, it wouldn't show up for that patient. And so we've worked directly with those call centers, which are run by those brokers to build a service that's called Lyft Concierge. And it's a web platform that allows -- there's an API that allows us to basically have a deep integration with these large transportation brokers and order rides -- multiple rides when needed. And for both the customer, in some cases, and the broker, in other cases, to be able to track the success of that pickup and dropoff.

是的。所以，其中一部分只是改變一個產業過去做事的方式。我認為團隊做的第一件關鍵事情是與 9 家頂尖的醫療保健運輸經紀公司建立了聯繫。因此，從歷史上看，當像洛根在演講中提到的那位乘客需要非緊急醫療運輸時，他們會打電話給呼叫中心，然後呼叫中心會打電話給計程車調度員。然後他們會盡力讓計程車出現，有時會成功，有時即使從街上攔下計程車，也不會來接病人。因此，我們直接與這些由經紀人營運的呼叫中心合作，建立了一項名為 Lyft Concierge 的服務。這是一個網路平台，它提供了一個 API，使我們能夠與這些大型運輸經紀商進行深度集成，並在需要時訂購多趟行程。在某些情況下，客戶需要追蹤取貨和送貨的成功情況；在其他情況下，經紀人也需要追蹤取貨和送貨的成功情況。

So first was establishing those relationships. Second was building the technology platform to scale that, and then third will be more work on the policy front because these are new ways of bringing nonemergency medical transportation patients to their appointments, and in some cases, laws didn't account for this new form of transportation and will need to be adjusted.

所以，首要任務就是建立這些關係。其次是建立技術平台以擴大規模，第三是政策方面需要做更多的工作，因為這些是將非緊急醫療運輸患者送往預約地點的新方法，在某些情況下，法律沒有考慮到這種新的運輸方式，需要進行調整。

And our last question comes from the line of Tom White with D. A. Davidson.

最後一個問題來自湯姆懷特和D·A·戴維森。

So first off, congrats on the IPO. Brian, since you like talking about insurance so much, maybe just a follow-up there. You highlighted 3 specific drivers kind of leverage related to insurance. Could you maybe give us a sense of the magnitude of the efficiencies that you guys can think -- you think you can get there over the next 12 to 24 months, maybe put it in terms of kind of insurance costs per driver per day today versus maybe where you think that can go? And then just on the Waymo announcement, realize it's early. But if we were to look out 5 to 10 years and partnership was a big part of your autonomous strategy, how should we think about kind of how the economics gets split? And I'm also curious if it's cheaper for a Phoenix-based person to grab a Waymo ride versus a Lyft ride and maybe by how much roughly?

首先，恭喜你們成功上市。布萊恩，既然你這麼喜歡談論保險，或許可以就此做個後續討論。你重點介紹了與保險相關的 3 種具體的驅動因素。能否請您大致說明一下，您認為在未來 12 到 24 個月內，你們能夠實現的效率提升幅度有多大？例如，能否用目前每位駕駛者每天的保險成本與你們認為未來能夠達到的水平來舉例說明？然後，就在 Waymo 發佈公告的時候，意識到現在還為時過早。但如果我們展望未來 5 到 10 年，而合作是你們自主策略的重要組成部分，我們該如何考慮經濟利益的分配呢？我還想知道，對於居住在鳳凰城的人來說，搭乘 Waymo 是否比搭乘 Lyft 便宜，大概便宜多少？

Sure. So this is Brian. Let me tackle the first question. The reason I get so excited about insurance is there's just so many different initiatives. For the company, we have different goals for the company. And so in the first half, reducing the cost of insurance is actually the #1 goal company-wide. And so I mentioned 3. We probably have a list of probably 10 to 20 different programs and initiatives that we could discuss.

當然。這位是布萊恩。讓我先回答第一個問題。我對保險業如此興奮的原因是，它衍生了太多不同的方案。對公司而言，我們有不同的目標。因此，在上半年，降低保險成本其實是全公司的第一個目標。所以我提到了第 3 點。我們大概可以討論 10 到 20 個不同的項目和計劃。

What's really powerful is each initiative has a different time line in terms of unlocking benefits. And so this is one -- and again, we worked with third-party actuaries and so we may know internally something that's going to be stat sig in terms of having an impact but it will take time for the actuaries then to give credit in terms of loss reserves, et cetera. So this is one where we see we have years of opportunities in terms of unlocking costs on the platform.

真正強大的地方在於，每項措施在釋放效益方面都有不同的時間表。所以這是其中之一——而且，我們再次與第三方精算師合作，因此我們內部可能知道一些具有統計顯著性的影響，但精算師需要時間來考慮損失準備金等方面。所以，我們看到在這個平台上，我們有多年的機會來降低成本。

And for the Waymo relationship, we can't comment on the economics, but again, we are very excited about the opportunities to work with them and to get Waymos on the Lyft platform.

至於與 Waymo 的合作關係，我們無法評論其中的經濟因素，但我們再次強調，我們非常高興有機會與他們合作，並將 Waymo 的車輛引入 Lyft 平台。

Okay, great. Maybe just one last one, try to slip it in. Can you guys give us any sense about gross booking trends? I see it's not -- I don't think it was in the press release and also rides as well. I'm just curious why maybe you guys aren't going to be sharing that quarterly going forward.

好的，太好了。或許可以再加最後一個，試著塞進去。各位能否介紹一下總預訂量趨勢？我發現並非如此——我認為新聞稿裡沒有提到，而且乘坐體驗也是如此。我只是好奇，為什麼你們以後不再按季分享這些數據了。

Sure. Thank you. So our historical business was virtually entirely a Ridesharing Marketplace. And so we included bookings and take rate in the S-1 so investors could understand the monetization trends. We're now aggressively investing in new areas, including those where revenue equals bookings. So we really want to try to avoid investor confusion. Lyft's take rates could increase solely based on the relative proportion of initiatives where revenue equals bookings. We believe it's more appropriate for investors to use revenue as the best top line growth metric since revenue drives our P&L across all initiatives.

當然。謝謝。因此，我們歷史上的業務幾乎完全是一個共乘平台。因此，我們在 S-1 文件中加入了預訂量和佣金率，以便投資者能夠了解獲利趨勢。我們現在正積極投資新的領域，包括那些收入等於預訂量的領域。所以我們希望盡量避免讓投資人感到困惑。Lyft 的佣金率可能會僅根據收入等於預訂量的舉措的相對比例而增加。我們認為，對於投資者而言，使用收入作為最佳營收成長指標更為合適，因為收入驅動著我們所有項目的損益。

And just so that there is absolutely no confusion on this call, this is absolutely positive metric for us in the first quarter. Revenue as a percentage of bookings increased in the first quarter on both a year-over-year and quarter-over-quarter basis. We just believe it's more important for investors to analyze the performance using revenue going forward.

為了避免任何誤解，我要強調，這絕對是我們第一季的一個正面指標。第一季度，營收佔預訂量的百分比年比和季比均有所成長。我們認為，對投資者而言，更重要的是根據未來的收入情況來分析績效。

In terms of rides, we will report important ride milestones from time to time. But as we begin to expand our shared networks of bikes and scooters and really lean into related subscriptions, we don't think the ride metric is the best way to understand our business going forward. For example, we offer a bike subscription right now in New York where a rider has access to unlimited bikes for a fixed dollar amount. We believe it's better for investors to understand trends in our business based on Active Riders and revenue per Active Rider.

在騎行方面，我們會不時報告重要的騎行里程碑事件。但隨著我們開始擴大共享自行車和滑板車網絡，並真正轉向相關訂閱服務，我們認為騎乘次數指標不再是了解我們未來業務發展的最佳方式。例如，我們目前在紐約提供自行車訂閱服務，騎乘者只需支付固定金額即可無限次使用自行車。我們認為，透過活躍乘客數量和每位活躍乘客的收入來了解我們業務的趨勢，對投資者來說會更有幫助。

Thank you. Now I would now like to turn the call back over to Co-founder and CEO, Mr. Logan Green, for any further remarks.

謝謝。現在，我想把電話交還給聯合創始人兼執行長洛根·格林先生，請他再補充一些內容。

All right. Thanks so much, everybody, for joining our very first earnings call, and thank you for all the great questions. We look forward to seeing you all soon. Take care.

好的。非常感謝各位參加我們的首次財報電話會議，也感謝大家提出的所有精彩問題。我們期待很快能見到大家。小心。

Bye.

再見。

Bye.

再見。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program and you may all disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝各位參加今天的會議。程式到此結束，請各位斷開連線。祝大家今天過得愉快。