Lyft Inc (LYFT) 2019 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Lyft Second Quarter 2019 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Catherine Buan, VP of Investor Relations. You may begin.

女士們、先生們，下午好，歡迎參加 Lyft 2019 年第二季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。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 June 30, 2019. I'm Catherine Buan, VP of Investor Relations. 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 Q2 financial results as well as provide updated guidance.

謝謝。下午好，歡迎參加 Lyft 截至 2019 年 6 月 30 日的季度財報電話會議。我是投資人關係副總裁凱瑟琳·布安。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 將回顧我們第二季度的財務業績並提供最新的業績指引。

This conference call will be available via webcast on our Investor Relations website at investor.lyft.com.

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, 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 for the first quarter of 2019 filed on May 14, 2019, and our Form 10-Q for the second quarter of 2019 that will be filed by August 14, 2019. 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 the date hereof, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law.

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、策略、長期成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，以及我們在 2019 年 5 月 14 日提交的 2019 年第一季度 10-Q 表格和將於 2019 年 8 月 14日之前提交的 2019 年第二季 10-Q 表格中所列的風險因素。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本次會議之日的假設和信念，除法律要求外，Lyft 不承擔更新任何前瞻性陳述的義務。

Our discussion today will include non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Information regarding our non-GAAP financial measures, including a reconciliation of our historical GAAP to non-GAAP results, may be found in our earnings release, 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財務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業績。有關我們非GAAP財務指標的信息，包括我們歷史GAAP與非GAAP業績的調節表，可以在我們今天向美國證券交易委員會提交的8-K表格中提供的收益報告中找到，也可以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. Good afternoon, everyone, and thank you for joining our call today. We're pleased to report another very strong quarter. The market conditions continue to be increasingly favorable, and we're successfully executing on our plans to drive operating leverage and progress towards sustainable earnings.

謝謝你，凱瑟琳。各位下午好，感謝各位今天參加我們的電話會議。我們很高興地宣布，本季業績又非常強勁。市場環境持續向好，我們正在成功執行各項計劃，以提高營運槓桿並實現可持續盈利。

Revenue growth of 72% year-over-year was driven by healthy demand in the market and better monetization of our leading transportation platform. Growth in both Active Riders and revenue per Active Rider exceeded our expectations. The number of Active Riders grew 41% year-over-year to 21.8 million, while revenue per Active Rider grew 22% year-over-year. As a result of our strong top line growth and an improving market environment, we generated significant operating leverage. This was a milestone quarter on our path to profitability.

營收年增 72%，這得益於市場強勁的需求以及我們領先的運輸平台更好的獲利能力。活躍用戶數量和每位活躍用戶的收入成長均超出了我們的預期。活躍用戶數量年增 41% 至 2,180 萬，而每位活躍用戶的收入則年增 22%。由於營收強勁成長和市場環境不斷改善，我們獲得了顯著的經營槓桿效應。這是我們實現獲利道路上的一個里程碑式季度。

For more and more of our riders, Lyft is becoming a bigger part of how they get from point A to point B. From more affordable and efficient Shared Saver rides to bikes that allow our riders to glide past rush hour traffic, we're rapidly building a world where you can trade in your car keys and ride with Lyft. We believe that Lyft will be the fastest and most accurate way to compare time and money across all relevant modes of transportation and frictionlessly complete the transaction. This quarter's results are another significant step towards realizing that long-term vision.

對於越來越多的乘客來說，Lyft 正在成為他們從 A 點到 B 點出行方式中越來越重要的組成部分。從更經濟高效的共享出行服務到讓乘客輕鬆避開高峰時段擁擠的自行車，我們正在迅速建造一個您可以告別車鑰匙，選擇 Lyft 出行的世界。我們相信 Lyft 將成為比較所有相關交通方式的時間和金錢，並無縫完成交易的最快捷、最準確的方式。本季的業績是朝著實現這一長期願景邁出的另一個重要步伐。

During our last earnings call, I talked about our Shared Saver product. As a reminder, Shared Saver offers a more affordable option to riders who are willing to wait a little longer or walk a short distance. In Q2, we launched Shared Saver in 6 new markets, bringing our total coverage to 9 markets. As we scale up this rollout, we're seeing improvements to system-wide efficiency and monetization.

在上次財報電話會議上，我談到了我們的共享儲蓄產品。提醒一下，共享經濟型車票為願意稍等片刻或步行一小段距離的乘客提供了更經濟實惠的選擇。第二季度，我們在 6 個新市場推出了共享儲蓄帳戶，使我們的總覆蓋範圍達到 9 個市場。隨著推廣規模的擴大，我們看到系統整體效率和獲利能力都在提高。

In Q2, we doubled down on our commitment to public transit by integrating real-time transit data into the Lyft app. This is now live in 8 markets, which collectively account for 78% of public transit trips in the U.S. This is exciting because Lyft can help extend the reach of public transit, which is often the fastest, most affordable form of transportation, which can be combined with Lyft's ridesharing, bikes and scooters to cover all the different legs of a trip.

第二季度，我們加倍投入公共交通，將即時交通數據整合到 Lyft 應用程式中。目前這項服務已在 8 個市場上線，這些市場合計占美國公共交通出行量的 78%。這令人興奮，因為 Lyft 可以幫助擴大公共交通的覆蓋範圍，而公共交通通常是最快、最經濟的交通方式，它可以與 Lyft 的共乘、自行車和滑板車服務相結合，涵蓋旅程的各個環節。

As a reminder, we own and operate the leading bikeshare programs in 9 markets, including Citi Bike in New York, Blue Bike in Boston, Divvy in Chicago and Bay Wheels in the San Francisco Bay Area. We've been bringing our bike and rideshare networks together into one experience within the Lyft app, providing our riders with seamless access across all these modes, starting in New York City, San Francisco and Washington, D.C. Also, just a few weeks ago, we announced plans to expand our Citi Bike program, which will double our service area and triple our fleet size in New York between now and 2023.

再次提醒大家，我們在 9 個市場擁有並經營領先的自行車共享項目，包括紐約的 Citi Bike、波士頓的 Blue Bike、芝加哥的 Divvy 和舊金山灣區的 Bay Wheels。我們一直在將自行車和共享出行網路整合到 Lyft 應用程式中，為乘客提供無縫銜接所有這些出行方式的體驗，首先在紐約市、舊金山和華盛頓特區推出。此外，就在幾週前，我們宣布了擴大 Citi Bike 計畫的計劃，這將使我們在紐約的服務範圍擴大一倍，車隊規模擴大兩倍（從現在到 2023 年）。

We continue to make strong progress on our scooter network as well. This past quarter, we introduced our next-generation scooter that has a longer battery life and better service-ability to help lower operating costs. Scooters are now live in 16 markets. Collectively, we expect our bike and scooter investments to keep Lyft top of mind and increase both Active Riders and Revenue per Active Rider. In the long term, we are confident bike and scooters will contribute to our bottom line.

我們的共享滑板車網路也持續取得顯著進展。上個季度，我們推出了新一代電動滑板車，其電池續航力更長，維修保養性能更好，有助於降低營運成本。目前，電動滑板車已在16個市場投入使用。總而言之，我們希望透過對自行車和滑板車的投資，讓 Lyft 保持領先地位，並增加活躍用戶數量和每位活躍用戶的收入。從長遠來看，我們相信自行車和踏板車將為我們的利潤做出貢獻。

In addition to these exciting new modes, we continue to expand and improve the technology and operations behind our core ridesharing platform. Enabling millions of daily trips in the real world across hundreds of markets requires an extraordinarily robust digital and physical infrastructure. Our product engineering and operations teams are innovating on every facet of our platform, week in and week out. This continuous effort is core to our ability to improve the experience for all of our communities.

除了這些令人興奮的新模式之外，我們還將繼續擴展和改進我們核心共享出行平台背後的技術和營運。要在現實世界中跨越數百個市場實現每天數百萬次的出行，需要極其強大的數位和實體基礎設施。我們的產品工程和營運團隊每週都在我們平台的各個方面進行創新。這種持續不斷的努力是我們改善所有社區體驗的核心。

One recent launch that captures the tight partnership between our engineering team and local operations is a new feature called Fast Match. We've launched Fast Match in several markets to enable faster and more efficient pickups at high-volume locations like airports and large event venues. So instead of searching for your driver at often-hectic pickup areas, we will direct you to a clearly marked Lyft pickup area where drivers queue up and passengers can take the next available car. This is now live at 3 airports: Chicago Midway, Portland International and LaGuardia. We believe this will help us grow overall volume of high-margin airport rides.

最近推出的一項名為「快速配對」的新功能，體現了我們工程團隊與本地營運部門之間的緊密合作。我們已在多個市場推出快速配對服務，以便在機場和大型活動場所等高客流量地點實現更快、更有效率的取貨。因此，您無需在通常擁擠的接客區尋找司機，我們將引導您前往有明確標識的 Lyft 接客區，司機將在那裡排隊等候，乘客可以乘坐下一輛可用的車輛。目前該服務已在三個機場開通：芝加哥中途機場、波特蘭國際機場和拉瓜迪亞機場。我們相信這將有助於我們提高高利潤機場接送服務的整體銷售量。

In another enhancement to our platform, we started to roll out scheduled rides for Lux Black and XL, available in many major markets. This allows riders to lock in availability and price up to a week in advance. So if you've got an early morning flight, you can sleep easier knowing that you've already booked your Lyft ride to the airport. These types of improvements are how we're continuing to grow share in high-value modes like Lux Black and XL, which have attractive unit economics.

為了進一步提升我們的平台，我們開始在許多主要市場推出 Lux Black 和 XL 的預約乘車服務。這樣一來，騎士們就可以提前一周鎖定車位和價格。所以，如果你要趕早班飛機，可以安心入睡，因為你已經預訂了去機場的 Lyft 車。正是透過這些類型的改進，我們才能繼續擴大 Lux Black 和 XL 等高價值車型的市場份額，這些車型的單位經濟效益非常可觀。

And finally, as you may have seen, we launched the first Waymo vehicles on Lyft in the metro Phoenix area. This was achieved through close collaboration between the Lyft and Waymo teams, resulting in an exciting seamless integration of Waymo self-driving vehicles into the Lyft app.

最後，正如您可能已經看到的，我們在鳳凰城都會區推出了首批 Lyft 平台上的 Waymo 車輛。這是 Lyft 和 Waymo 團隊密切合作的結果，最終實現了 Waymo 自動駕駛汽車與 Lyft 應用的無縫整合。

I'll now turn it over to John to talk about the work we're doing for our driver community and enterprises.

現在我將把發言權交給約翰，讓他談談我們正在為我們的司機群體和企業所做的工作。

Thanks, Logan. I'm excited to highlight some of the great progress we made this quarter. Our driver community enables us to deliver on our mission to improve people's lives with the world's best transportation. By delivering more value to drivers, we're able to maintain strong retention and foster the best possible experience for our riders.

謝謝你，洛根。我很高興向大家介紹我們本季取得的一些重大進展。我們的司機群體使我們能夠實現我們的使命，即透過提供世界上最好的交通工具來改善人們的生活。透過為司機提供更多價值，我們能夠保持較高的司機留存率，並為乘客創造最佳體驗。

Our teams are constantly working on ways to improve the driver experience and help drivers earn more. We have added a feature that helps drivers maximize their earnings by providing information about when and where is best to drive. Average hourly driver earnings are up more than 5% over the last 2 years. This quarter, we also began implementing work that will make driver earnings even more consistent on a week-to-week basis. We'll be closely monitoring the results of these improvements as we work to best serve our driver community.

我們的團隊一直在努力尋找改善司機體驗和幫助司機賺取更多收入的方法。我們新增了一項功能，透過提供有關何時何地最適合駕駛的信息，幫助司機最大限度地提高收入。過去兩年，司機平均時薪成長超過 5%。本季度，我們也開始實施一些措施，使司機每週的收入更加穩定。我們將密切關注這些改進措施的效果，並努力為我們的司機群提供最好的服務。

For drivers on the Lyft platform, navigating between personal auto insurance and Lyft insurance can be complicated. We've rolled out a partnership with GEICO that helps reduce this friction. With GEICO's rideshare policy, Lyft drivers can buy coverage through GEICO that covers them whether the Lyft app is on or off. In addition to giving drivers more peace of mind, drivers who sign up with this rideshare policy may receive an additional $0.25 per ride on eligible rides. This program is a win-win. Both drivers and Lyft save money.

對於 Lyft 平台上的駕駛者來說，在個人汽車保險和 Lyft 保險之間進行選擇可能很複雜。我們與GEICO建立了合作關係，這有助於減少這種摩擦。透過 GEICO 的共乘保險政策，Lyft 司機可以透過 GEICO 購買保險，無論 Lyft 應用程式是否開啟，該保險都能為他們提供保障。除了讓司機更安心之外，加入此共乘政策的司機在符合條件的行程中，每次行程還可以額外獲得 0.25 美元。這個項目是雙贏的。司機和 Lyft 都能省錢。

Another opportunity to provide increased value to our driver community is helping them find affordable, convenient service and maintenance for their vehicles. We're expanding our driver centers in order to provide the best maintenance experience at the best price. While it's still very early days, our initial NPS scores are industry leading.

為我們的駕駛群體提供更多價值的另一個機會是幫助他們找到價格合理、方便的車輛保養和維修服務。我們正在擴大我們的車主服務中心，以便以最優惠的價格提供最佳的維修保養體驗。雖然現在還處於非常早期的階段，但我們最初的 NPS 得分在業界處於領先地位。

In addition to helping drivers with their personal vehicles, we're continuing to grow our Express Drive rental program to expand access to Lyft driving for more people. We launched 5 new Express Drive markets this quarter with our newest rental provider, Avis Budget Group, and are seeing strong utilization across the fleet. We're excited to continue to unlock earning opportunities for drivers across the country as we launch more markets and increase access to rental vehicles.

除了幫助司機使用他們的私家車外，我們還在不斷發展我們的 Express Drive 租賃計劃，以便讓更多的人有機會成為 Lyft 司機。本季度，我們與最新的租賃供應商 Avis Budget Group 合作，推出了 5 個新的 Express Drive 市場，並且看到車隊利用率很高。我們很高興能夠隨著更多市場的開拓和租賃車輛管道的增加，繼續為全國各地的司機創造更多賺錢機會。

I'd now like to turn to our work with enterprises through our program called Lyft Business. With Lyft Business, we solve complex and large-scale transportation challenges for our enterprise partners. By collaborating with organizations, we're able to leverage our product and platform investments across more users and more use cases.

現在我想談談我們透過 Lyft Business 專案與企業的合作。透過 Lyft Business，我們為企業合作夥伴解決複雜且大規模的交通運輸問題。透過與各組織合作，我們可以將我們的產品和平台投資應用於更多用戶和更多用例。

Last quarter, Logan mentioned the exciting role that Lyft can play in the health care ecosystem. This quarter, we were approved to become an enrolled Medicaid transportation provider in Arizona, following new state regulations. We're excited to collaborate with partners and policymakers to help modernize and improve health care access for millions of people.

上個季度，洛根提到了 Lyft 在醫療保健生態系統中可以發揮的令人興奮的作用。本季度，我們根據亞利桑那州的新規定，獲準成為該州註冊的醫療補助運輸服務提供者。我們很高興能與合作夥伴和政策制定者攜手合作，幫助數百萬人實現醫療保健服務的現代化和改善。

This quarter, we also expanded our collaboration with Disney by becoming the official rideshare of Walt Disney World Resort and Disneyland Resort. Together, we have already connected over 1 million guests with rides at Walt Disney World Resort through Disney's Minnie Van service. Aligned in our values of hospitality and guest experience, we plan to work together to continue to expand Lyft's presence and enhance the overall transportation experience at both parks.

本季度，我們也擴大了與迪士尼的合作，成為華特迪士尼世界度假區和迪士尼樂園度假區的官方共享旅遊服務商。我們攜手透過迪士尼米妮專車服務，已經為超過 100 萬名遊客提供了在華特迪士尼世界度假區乘坐遊樂設施的機會。我們秉持著熱情待客和提升賓客體驗的價值觀，計劃攜手合作，繼續擴大 Lyft 在兩個園區的業務，並提升整體交通體驗。

In another example of creating transportation solutions for world-class venues, we announced an agreement to be the exclusive rideshare, bike and scooter partner of 12 AEG venues across the U.S. Lyft will work with AEG to operate designated drop-off and pickup "Lyft Spots" for cars, bikes and scooters. The partnership illustrates the growing importance of providing a full suite of transportation solutions. With our partnership, fans can expect to have a more smooth experience getting to and from events.

在另一個為世界級場館打造交通解決方案的例子中，我們宣布與 Lyft 達成協議，成為 AEG 在美國 12 個場館的獨家共享汽車、自行車和滑板車合作夥伴。 Lyft 將與 AEG 合作，營運指定的上下車“Lyft 站點”，供汽車、自行車和滑板車使用。此次合作體現了提供全方位交通運輸解決方案的重要性日益凸顯。透過我們的合作，粉絲們可以期待在往返賽事現場時獲得更順暢的體驗。

Finally, starting in Q2, we launched an exciting partnership with Hilton. Ground travel has always been important to Hilton Honors members, and now members will be able to earn Hilton Honors points when they ride with Lyft. Later this year, members will also be able to redeem these points for Lyft credits. This partnership is a great way for Lyft to engage tens of millions of Hilton Honors members who are constantly on the move.

最後，從第二季開始，我們與希爾頓酒店集團建立了令人興奮的合作關係。對於希爾頓榮譽客會會員來說，地面交通一直都很重要，現在會員乘坐 Lyft 出行即可賺取希爾頓榮譽客會積分。今年晚些時候，會員還可以將這些積分兌換成 Lyft 乘車券。對於 Lyft 而言，此次合作是與數千萬經常出行的希爾頓榮譽客會會員互動的絕佳方式。

We continue to find ways to expand and engage with our rider community and provide them with an elevated travel experience through our enterprise relationships. We strongly believe that our values and brand will continue to differentiate our service and unlock further opportunities for the business.

我們將繼續尋找各種方式來拓展和維繫我們的乘客群體，並透過我們的企業合作關係為他們提供更優質的旅行體驗。我們堅信，我們的價值觀和品牌將繼續使我們的服務脫穎而出，並為業務開拓更多機會。

I'll now hand it off to Brian.

現在我把它交給布萊恩。

Thanks, John, and good afternoon, everyone. Our Q2 results reflect the health of the market and our ongoing success driving product, platform and operational excellence.

謝謝你，約翰，大家下午好。我們第二季的業績反映了市場的健康狀況以及我們在產品、平台和營運卓越方面持續取得的成功。

Total revenue for the quarter increased 72% year-over-year to $867 million. Growth in revenue was driven by both an increase in Active Riders and Revenue per Active Rider. We ended Q2 with a record 21.8 million Active Riders, up 41% year-over-year, with the majority of new rider growth driven organically. We believe publicity surrounding Lyft's IPO positively impacted the number of Active Riders in the first half of 2019. Revenue per Active Rider was $39.77, up 22% year-over-year. Both of these growth drivers exceeded our expectations.

本季總營收年增 72%，達到 8.67 億美元。收入成長主要得益於活躍用戶數量的增加和每位活躍用戶收入的增加。第二季末，我們的活躍用戶數達到創紀錄的 2,180 萬，年增 41%，其中大部分新增用戶成長來自自然成長。我們認為 Lyft IPO 的相關宣傳對 2019 年上半年的活躍用戶數量產生了積極影響。每位活躍乘客的收入為 39.77 美元，年增 22%。這兩個成長動力都超出了我們的預期。

It is important to note that we drove this exceptional growth while significantly leveraging sales and marketing expense. I'll come back to this leverage later, but this is a huge signal of Lyft's growing brand preference and the improving market dynamics in the U.S. ridesharing industry.

值得注意的是，我們在大幅削減銷售和行銷費用的情況下實現了這一非凡的成長。我稍後會再談到這種槓桿作用，但這強烈表明 Lyft 的品牌偏好日益增強，以及美國叫車產業的市場動態正在改善。

Now before I move on, I want to note that unless otherwise indicated, all income statement measures that follow are non-GAAP and exclude stock-based compensation and other select items. A reconciliation of historical GAAP to non-GAAP results may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC and is available on our Investor Relations website. This includes Contribution, which is defined as revenue less cost of revenue adjusted to exclude amortization of intangible assets, stock-based compensation and related expenses and changes to liabilities for insurance required by regulatory agencies attributable to historical periods.

在繼續之前，我想指出，除非另有說明，以下所有損益表指標均為非GAAP指標，不包括股票選擇權費用和其他特定項目。有關歷史 GAAP 與非 GAAP 結果的調節表，請參閱我們的盈利報告，該報告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，並可在我們的投資者關係網站上查閱。這包括貢獻，其定義為收入減去收入成本，並進行調整，以排除無形資產攤銷、股票期權費用及相關費用以及監管機構要求的、歸因於歷史時期的保險負債的變化。

Contribution in Q2 was $399 million, up 88% year-over-year. Contribution margin for Q2 was 46%, up from 42% from the same period a year ago as a result of monetization increases and our continued focus on expense leverage. Contribution increased in absolute dollars quarter-over-quarter while, as we guided, contribution margin declined slightly on a sequential basis given our growth investments. The biggest factor was related to our costs associated with the expansion of our network of shared bikes and scooters. However, based on the strength in our core ridesharing business, we now expect contribution margin to improve in Q3 and Q4 relative to Q2. In fact, in Q3, we anticipate that contribution margin may return to the 50% mark we achieved in Q1.

第二季貢獻營收為 3.99 億美元，年增 88%。由於貨幣化成長和我們持續關注費用槓桿作用，第二季貢獻毛利率為 46%，高於去年同期的 42%。貢獻金額以絕對美元計算環比成長，但正如我們之前預測的那樣，由於我們的成長投資，貢獻毛利率較上季略有下降。最大的因素與我們擴展共享單車和滑板車網路相關的成本有關。然而，基於我們核心網約車業務的強勁表現，我們現在預計第三季和第四季的貢獻毛利率將比第二季有所提高。事實上，我們預計第三季貢獻毛利率可能會恢復到第一季達到的 50% 的水平。

Now as a reminder, contribution excludes changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. We experienced $141 million of adverse development this quarter. The adverse development is largely attributable to adjustments in reserves for historical auto losses predating our relationship with Travelers, our new third-party administrator for insurance claims.

需要提醒的是，繳款不包括監理機關因歷史時期而要求的保險負債的變動。本季我們遭遇了1.41億美元的不利發展影響。這一不利發展主要歸因於對歷史汽車損失準備金的調整，而這些損失發生在我們與 Travelers（我們新的第三方保險索賠管理機構）建立關係之前。

In terms of the go forward, we remain confident in our ability to leverage the cost of insurance given foundational investments we've been making this year to increase safety, reduce accidents and manage costs in the Lyft platform. We expect that the cost of insurance required for ridesharing as a percentage of revenue will be lower in the third quarter than in the second quarter.

展望未來，鑑於我們今年在 Lyft 平台進行的基礎性投資，旨在提高安全性、減少事故和控製成本，我們仍然有信心利用保險成本優勢。我們預計，第三季叫車所需的保險成本佔收入的比例將低於第二季。

Let's move to operating expenses. Operations and support expense for Q2 was $144 million or 17% of revenue, up from 13% in the same period a year ago but better than guidance. The increase relative to the year ago period was primarily driven by our increased investments in bikes and scooters; local operations, including driver hubs and driver centers; as well as Express Drive. Our commitment to supporting local operations and delivering best-in-class support for drivers is an increasing competitive differentiator.

接下來我們來看營運費用。第二季營運和支援費用為 1.44 億美元，佔營收的 17%，高於去年同期的 13%，但好於預期。與去年同期相比，成長主要得益於我們在自行車和滑板車方面的投資增加；本地運營，包括司機樞紐和司機中心；以及 Express Drive 服務。我們致力於支持本地運營，並為司機提供一流的支持，這正日益成為我們的競爭優勢。

Research and development expense was $122 million or 14% of revenue, slightly up from 13% from the same period a year ago but better than guidance. Our investments in R&D are fueling key improvements in our product, platform and autonomous future.

研發費用為 1.22 億美元，佔營收的 14%，略高於去年同期的 13%，但優於預期。我們在研發方面的投入正在推動產品、平台和自動駕駛未來的關鍵改進。

As I mentioned, the sales and marketing leverage in the second quarter was truly exceptional. The outperformance was beyond our most optimistic forecast. As Logan said, market conditions continue to be increasingly favorable. As a percentage of revenue, sales and marketing was 19% in the second quarter, almost half of the 35% from the same period a year ago, and the 19% is down 10 full points from the 29% in the first quarter. Note that as a percentage of revenue, incentives classified as sales and marketing declined nearly 40% in Q2 relative to Q1.

正如我之前提到的，第二季的銷售和行銷槓桿作用確實非常出色。這一表現遠遠超出我們最樂觀的預期。正如洛根所說，市場環境持續向好。第二季銷售和行銷費用佔營收的 19%，幾乎是去年同期 35% 的一半，比第一季的 29% 下降了整整 10 個百分點。請注意，以收入百分比計算，第二季歸類為銷售和行銷的激勵措施比第一季下降了近 40%。

General and administrative expense was $191 million or 22% of revenue, up from 19% in the same period a year ago but better than guidance. Our significant revenue outperformance combined with strong expense leverage led to a significant beat in adjusted EBITDA relative to guidance. Our adjusted EBITDA loss for the second quarter was $204 million compared to a loss of $191 million in the year ago period and guidance for loss between $270 million and $280 million. Adjusted EBITDA margins improved significantly to a loss of 24% versus 38% in the prior year, representing a 14 percentage point improvement year-over-year.

一般及行政費用為 1.91 億美元，佔營收的 22%，高於去年同期的 19%，但優於預期。我們顯著超預期的收入表現，加上強大的費用槓桿作用，使得調整後的 EBITDA 大幅超出預期。我們第二季的調整後 EBITDA 虧損為 2.04 億美元，而去年同期虧損為 1.91 億美元，此前預計虧損將在 2.7 億美元至 2.8 億美元之間。經調整的 EBITDA 利潤率顯著改善，從上年的 38% 降至虧損 24%，年增 14 個百分點。

As of June 30, Lyft had over $3.3 billion of unrestricted cash, cash equivalents and short-term investments with no debt. As I will describe shortly in our outlook, we believe we have a clear path to profitability, so our liquidity position remains extraordinarily strong.

截至 6 月 30 日，Lyft 擁有超過 33 億美元的非限制性現金、現金等價物和短期投資，且無任何債務。正如我將在展望部分稍後描述的那樣，我們相信我們有明確的獲利路徑，因此我們的流動性狀況仍然非常強勁。

To summarize, Q2 was an outstanding quarter that significantly surpassed our guidance on both the top and bottom line. Our results benefited from strong market conditions, organic growth in riders and the continued expansion of Lyft's transportation platform. We exited the quarter with tremendous momentum, and we're making a substantial increase in our guidance as a result.

總而言之，第二季表現出色，營收和利潤均大幅超出我們的預期。我們的業績受益於強勁的市場環境、乘客數量的自然成長以及 Lyft 交通平台的持續擴張。本季末我們取得了巨大的發展勢頭，因此我們大幅提高了業績預期。

Our guidance incorporates modest price adjustments that went live towards the end of June. More specifically, we began to adjust prices on select routes and in select cities based on costs and demand elasticities. We expect that these changes will accelerate Lyft's path to profitability, and further, we believe these price adjustments reflect an industry trend.

我們的指導意見包含了6月底生效的適度價格調整。更具體地說，我們開始根據成本和需求彈性調整部分路線和部分城市的價格。我們預計這些變化將加速 Lyft 實現盈利的進程，我們認為這些價格調整反映了行業趨勢。

In terms of our outlook, let me start with revenue. We are significantly increasing our revenue outlook based on our strong Q2 results, improvements in monetization and continued evidence of healthy market dynamics in our core ridesharing business. For the third quarter of 2019, we anticipate revenue will be in the range of $900 million to $915 million, representing a growth rate of 54% to 56% year-over-year. For the full year 2019, we are increasing our revenue outlook by up to $200 million relative to our prior guidance. We anticipate that revenue will be in the range of $3.47 billion to $3.5 billion, representing annual growth between 61% and 62%.

就我們的前景而言，讓我先從收入說起。基於我們強勁的第二季業績、貨幣化方面的改進以及我們核心網約車業務持續健康的市場動態，我們大幅提高了收入預期。我們預計 2019 年第三季的營收將在 9 億美元至 9.15 億美元之間，年增 54% 至 56%。對於 2019 年全年，我們將營收預期較先前的預期上調至多 2 億美元。我們預計營收將在 34.7 億美元至 35 億美元之間，年增率介於 61% 至 62% 之間。

Now moving to adjusted EBITDA. We are extremely pleased with our success leveraging costs in the first half of the year and see continued evidence of an improving market environment. As a result, we are significantly improving our 2019 outlook for adjusted EBITDA. For the third quarter, we anticipate our adjusted EBITDA loss will be in the range of $190 million to $210 million. For the full year 2019, we anticipate our adjusted EBITDA loss will be in the range of $850 million to $875 million. This is an improvement of $300 million or 26% versus our prior guidance. This means we now anticipate that our 2019 adjusted EBITDA loss will be smaller than 2018 as we balance driving strong top line growth with demonstrating a clear path to profitability.

現在來看調整後的 EBITDA。我們對上半年在成本控制方面取得的成功感到非常滿意，並看到了市場環境持續改善的跡象。因此，我們大幅提高了對 2019 年調整後 EBITDA 的預期。我們預計第三季調整後的 EBITDA 虧損將在 1.9 億美元至 2.1 億美元之間。我們預計 2019 年全年調整後的 EBITDA 虧損將在 8.5 億至 8.75 億美元之間。這比我們先前的預期提高了 3 億美元，增幅達 26%。這意味著我們現在預計，2019 年調整後的 EBITDA 虧損將小於 2018 年，因為我們將在推動強勁的營收成長和展現清晰的獲利路徑之間取得平衡。

We are incredibly encouraged by the strength of our business and the improving market conditions. With that, let me turn it back to Logan for closing remarks.

公司業務的強勁發展和市場狀況的改善令我們倍受鼓舞。那麼，現在把麥克風交給洛根，請他作總結發言。

All right. Thanks, Brian. We're excited about our strong performance this quarter, built on incredible effort across all of our teams. Our 72% revenue growth rate this quarter is exceptional at our scale. We are increasingly confident in the market outlook for U.S. ridesharing as the competitive environment continues to show signs of improvement.

好的。謝謝你，布萊恩。我們對本季取得的強勁業績感到非常興奮，這得益於我們所有團隊的辛勤努力。本季我們72%的營收成長率在我們這個規模下是相當出色的。隨著競爭環境持續呈現改善跡象，我們對美國叫車市場的前景越來越有信心。

We're making terrific progress on improving the efficiency of our business and generating operating leverage, as Brian indicated. Our Lyft Business team is building partnerships with world-leading brands like Disney, leveraging our technology and expertise to deliver tailored solutions at scale. Finally, we're setting ourselves up for decades to come by solidifying our position as the platform of choice for self-driving technology companies.

正如布萊恩所指出的那樣，我們在提高業務效率和產生經營槓桿方面取得了巨大的進展。我們的 Lyft Business 團隊正在與迪士尼等世界領先品牌建立合作關係，利用我們的技術和專業知識大規模提供客製化解決方案。最後，我們透過鞏固自身作為自動駕駛技術公司首選平台的地位，為未來幾十年做好準備。

Before moving on to questions, I want to spend a moment on our mission, which is to improve people's lives with the world's best transportation. We're committed to building cities around people and addressing key problems our communities are facing through better access to transportation. It's estimated that over 23 million people in the U.S. live in food deserts, areas where access to affordable healthy food options is limited or nonexistent because grocery stores are too far away. To help address this serious challenge, we're significantly expanding the Lyft Grocery Access Program. Through this program, we're partnering with local organizations and nonprofits to provide flat-fare rides to get low-income families and seniors to and from grocery stores. We've expanded this program to more than a dozen cities, including Atlanta and Miami, and we're looking forward to rolling it out to more cities in the near future.

在回答問題之前，我想花一點時間談談我們的使命，那就是透過世界上最好的交通工具來改善人們的生活。我們致力於以人為本建設城市，並透過改善交通條件來解決社區面臨的關鍵問題。據估計，美國有超過 2,300 萬人生活在食品沙漠中，這些地區由於雜貨店距離太遠，人們難以獲得價格合理的健康食品，甚至根本沒有此類食品。為了應對這項嚴峻挑戰，我們正在大幅擴展 Lyft 雜貨配送計畫。透過這項計劃，我們與當地組織和非營利組織合作，提供固定票價的乘車服務，幫助低收入家庭和老年人往返雜貨店。我們已將該計劃擴展到十幾個城市，包括亞特蘭大和邁阿密，我們期待在不久的將來將其推廣到更多城市。

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

現在我們來接受提問。操作員？

(Operator Instructions) Our first question comes from Doug Anmuth of JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的道格·安穆斯。

Brian, you talked about 2019 as the peak loss year. Is that still the case? And then could just help us understand how you think about the path to profitability over the next few years? We have 2022 breakeven, for example. And can you also just give us an update on core ridesharing loss improvement relative to the losses and investments you're seeing in bikes and scooters and then also autonomous?

布萊恩，你曾說過 2019 年是虧損最嚴重的一年。現在情況仍然如此嗎？那麼，您能否幫助我們了解您對未來幾年實現獲利之路的看法？例如，我們預計在 2022 年達到損益兩平。您能否也向我們介紹一下，與自行車、滑板車以及自動駕駛汽車的虧損和投資相比，核心共享出行虧損改善情況如何？

Sure. Thanks, Doug. So in terms of the investments we're making, we had previously said that 2019 would be our peak investment year. I think what's really important to get out of this call is that we have changed our guidance for 2019 in terms of the adjusted EBITDA loss. We now expect it to be $300 million smaller. So if you compare our guidance of $850 million to $875 million against last year's $943 million, it turned out last year was likely to be the peak loss in terms of adjusted EBITDA. So we're super excited in terms of the momentum we have right now, and the overall platform is driving that, the smaller losses.

當然。謝謝你，道格。所以就我們正在進行的投資而言，我們之前曾說過 2019 年將是我們的投資高峰年。我認為本次電話會議真正需要傳達的訊息是，我們已經更改了 2019 年調整後 EBITDA 虧損的預期。我們現在預計金額將減少3億美元。因此，如果將我們 8.5 億美元至 8.75 億美元的預期與去年的 9.43 億美元進行比較，就會發現去年可能是調整後 EBITDA 虧損最嚴重的一年。所以，我們對目前的勢頭感到非常興奮，而整體平台，尤其是較小的損失，正在推動這一勢頭。

In terms of breakeven, we'll be updating folks by later this year in terms of our longer-term model in terms of breakeven points. But I will say that we expect 2020 adjusted EBITDA to be smaller than 2019 as well.

關於損益平衡點，我們將在今年稍後向大家更新我們長期模型中的損益平衡點數據。但我可以肯定的是，我們預計 2020 年調整後的 EBITDA 也將低於 2019 年。

Our next question comes from the line of Ross Sandler of Barclays.

我們的下一個問題來自巴克萊銀行的羅斯·桑德勒。

Guys, just 2 questions and then maybe a quick housekeeping one. Some of the data we've seen suggests that your utilization rate's gone up about 200 basis points over the last 2 years and still trails your larger competitor by a little bit. So how quickly do you think you can close that gap? And then what kind of financial impact would that have on the business? And then the second question is you mentioned the pricing changes that went through in June. Can you talk about at a high level how these changes might impact volume growth and take rate going forward? And then the housekeeping question is just on stock-based comp. How should we think about that given the movement of the stock and that going forward?

各位，就問兩個問題，然後可能再問一個無關緊要的小問題。我們看到的一些數據顯示，過去兩年您的使用率提高了約 200 個基點，但仍然比您的大型競爭對手略低一些。那你認為你能多快彌合這個差距？那麼，這會對企業造成什麼樣的財務影響呢？第二個問題是，您提到了六月的價格調整。您能否從宏觀層面談談這些變化可能會如何影響未來的銷售成長和成交率？然後，還有一些關於股權激勵的問題需要解決。鑑於股票的走勢以及未來的發展趨勢，我們該如何看待這個問題？

Brian, do you want to take the pricing question? And then we can comment on utilization.

布萊恩，你想回答定價問題嗎？然後我們可以對利用率進行評論。

Sure. So in terms of pricing, the price adjustments that I described went into effect at the very end of June. So there was limited impact in Q2. And so I think the question, what happened in Q2, and I think it's really a continuation of our strategy. We are focused on driving profitable growth, not growth at all costs. And we've been investing to grow our share of the more valuable rides such as premium modes and airport rides, and that's why Lyft Business is so important to us. We also enjoyed success improving the financial efficiency of Shared rides in Q2. And finally, we were able to increase the efficiency and the effectiveness of driver incentives as well as improve the algorithms that power pricing.

當然。所以，在價格方面，我所描述的價格調整在六月底生效。因此，第二季度受到的影響有限。所以我認為問題在於，第二季度發生了什麼，我認為這實際上是我們策略的延續。我們專注於實現獲利成長，而不是不惜一切代價的成長。我們一直在投資，以擴大我們在更有價值的乘車服務（例如高級模式和機場接送服務）中的份額，這就是為什麼 Lyft Business 對我們如此重要。第二季度，我們在提高共享旅遊業務的財務效率方面也取得了成功。最後，我們提高了駕駛員激勵的效率和效果，並改進了定價演算法。

So in terms of Q2, it was really execution of our prior strategic initiatives that drove that monetization increase. Again, revenue per Active Rider grew 22% year-on-year to $39.77.

因此，就第二季而言，真正推動獲利成長的是我們先前策略性舉措的執行。同樣，每位活躍騎士的收入年增 22%，達到 39.77 美元。

In terms of the future, what I would say is we made modest price adjustments that went live towards the end of June, and we really began to adjust prices on select routes and in select markets based on cost and demand elasticities. And we tried to pick routes and cities where the demand impact would be the smallest. And as I mentioned, we believe these price adjustments reflect an industry trend. So we expect that both the mix shift as well as the price adjustments will increase Revenue per Active Rider in Q3 and in Q4. And we expect that Revenue per Active Rider could accelerate in Q3 up to 1% versus Q2. So Q2 was up 22% year-on-year, and we think Q3 can go up to about 23% year-on-year.

展望未來，我想說的是，我們在 6 月底開始實施了適度的價格調整，並且我們真正開始根據成本和需求彈性，對特定航線和特定市場的價格進行調整。我們努力選擇需求影響最小的路線和城市。正如我之前提到的，我們認為這些價格調整反映了行業趨勢。因此我們預計，產品組合的變化以及價格的調整都將提高第三季和第四季每位活躍騎士的收入。我們預計第三季每位活躍騎士的收入可能會比第二季成長高達 1%。因此，第二季年增 22%，我們認為第三季年增率可能達到 23% 左右。

Let me answer the stock-based comp question, and then we'll address your utilization question. Virtually, all of our RSUs or restricted stock units granted before the IPO contained a performance-based and service-based vesting condition, including 15 million RSUs granted on March 27 that were valued for GAAP purposes at the IPO price. For accounting purposes, the company is required to use the accelerated attribution method to recognize SBC expense for RSUs with a performance-based condition in addition to a service one. So in plain English, SBC is front-loaded under the accelerated attribution method, and this is different from the treatment of RSUs with just a simple service condition.

讓我先回答關於股票選擇權補償的問題，然後再討論你的使用率問題。實際上，我們在首次公開發行 (IPO) 之前授予的所有限制性股票單位 (RSU) 都包含基於業績和服務的歸屬條件，其中包括 3 月 27 日授予的 1500 萬份 RSU，這些 RSU 按照 GAAP 規定以 IPO 價格估值。出於會計目的，公司需要使用加速歸屬法來確認除服務條件外還具有績效條件的限制性股票單位的SBC費用。簡而言之，SBC 在加速歸因方法下是預先加載的，這與僅具有簡單服務條件的 RSU 的處理方式不同。

The vast majority of our Q2 stock-based compensation expense is related to RSUs granted before the IPO. As I mentioned, the expense related to RSUs granted before the IPO was front-loaded. So that portion of our SBC expense will come down as we go forward. For the next 2 quarters, we expect stock-based comp to decline by roughly $25 million each quarter.

我們第二季股票選擇權激勵支出的絕大部分與IPO先前授予的限制性股票單位有關。正如我之前提到的，IPO先前授予的限制性股票單位的相關費用是前期集中發生的。因此，隨著時間的推移，我們SBC的這部分支出將會減少。未來兩個季度，我們預計股票選擇權補償金每季將減少約 2,500 萬美元。

And this is Logan. In terms of driver utilization, there are a lot of factors that influence what that is. On the last call, we talked about our global matching platform. That has resulted in some significant efficiencies across the business.

這是洛根。就駕駛員利用率而言，有許多因素會影響其結果。在上次通話中，我們討論了我們的全球配對平台。這顯著提高了公司各方面的營運效率。

Other things that influence that number are improvements in our mapping platform. So as we improve ETA road speeds, city maps and how we match rides, those all drive utilization as well as the driver experience that we're building. So we're building better tools to show drivers and make suggestions on when and where to drive. And so when drivers are driving in the busiest areas at the busiest time, utilization naturally increases. That said, there are seasonal effects to that number, and so you'll see that move back and forth a little bit as demand changes across the seasons.

影響該數字的其他因素還包括我們地圖平台的改進。因此，隨著我們改進預計到達時間、道路速度、城市地圖以及匹配行程的方式，所有這些都將提高利用率，並改善我們正在建立的駕駛員體驗。因此，我們正在開發更好的工具，向駕駛員展示並建議何時何地駕駛。因此，當司機在最繁忙的地區和最繁忙的時段行駛時，車輛利用率自然會增加。也就是說，這個數字會受到季節性因素的影響，因此你會看到隨著季節變化需求的變化，這個數字也會略有波動。

Our next question comes from the line of Brent Thill of Jefferies.

我們的下一個問題來自傑富瑞集團的布倫特·蒂爾。

Brian, given the significant raise, it would be helpful if you could give more granularity on the line items in Q3. And then a couple of quick follow-up questions about the true-up in insurance costs. I'm curious if you could just address that.

Brian，鑑於這次大幅加薪，如果你能更詳細地說明第三季的具體項目，那就太好了。然後，我又快速地問了幾個關於保險費用結算的後續問題。我很想知道您是否可以回答這個問題。

Sure. So let start with sort of a detailed follow-up on our guidance, and then I'll talk about insurance. And before I jump into the details on the guidance, I just want to reiterate how pleased we are with the performance of the business. I mean Q2 was a milestone quarter, and the substantial increase in our guidance reflects the tremendous momentum we have.

當然。那麼，讓我們先詳細跟進一下我們的指導意見，然後再談談保險。在我深入探討業績指引的細節之前，我只想重申我們對公司業績表現的滿意程度。我的意思是，第二季度是一個里程碑式的季度，我們大幅提高業績預期反映了我們所擁有的巨大發展勢頭。

I'll just start at the top. As you know, we have 2 revenue drivers, and I'll begin with Revenue per Active Rider. We had previously indicated that Revenue per Active Rider would be relatively flat in 2019. We now expect Revenue per Active Rider will grow sequentially in Q3 and Q4. And as I just mentioned, we anticipate that revenue per Active Rider could accelerate in Q3 by up to 1 full point to 23% growth year-over-year.

我就從頭開始吧。如您所知，我們有兩個收入驅動因素，我先從每位活躍乘客的收入說起。我們先前曾表示，2019 年每位活躍乘客的收入將相對持平。我們現在預計第三季和第四季每位活躍騎士的收入將環比增長。正如我剛才提到的，我們預計第三季每位活躍騎士的收入可能會比去年同期成長高達 1 個百分點，達到 23%。

This guidance incorporates the modest price adjustments that went live towards the end of June as we began to adjust prices, again, on select routes and in select cities based on cost and demand elasticities. The price adjustments are modest, but we anticipate that these changes will increase revenue per Active Rider on both a quarter-over-quarter and year-over-year basis, and we expect that these changes will accelerate our path to profitability. And further, as I mentioned, we believe these price adjustments are an industry trend.

該指導意見包含了 6 月底開始實施的適度價格調整，當時我們開始根據成本和需求彈性，再次對部分路線和部分城市的價格進行調整。價格調整幅度不大，但我們預計這些變化將使每位活躍騎士的收入環比和同比均有所增長，我們預計這些變化將加快我們實現盈利的進程。此外，正如我之前提到的，我們認為這些價格調整是行業趨勢。

In terms of Active Riders, we've enjoyed a huge benefit in the first half of 2019 related to the publicity from our IPO. We believe we pulled forward a portion of rider activation, so we are maintaining our prior implied Q3 and Q4 targets for Active Riders, notwithstanding the Q2 beat.

就活躍騎士而言，我們在 2019 年上半年受益於 IPO 帶來的宣傳效應。我們相信我們已經提前實現了一部分騎手激活，因此儘管第二季度業績超出預期，我們仍維持此前對第三季度和第四季度活躍騎手數量的預期目標。

I think it's worth mentioning that there are also some unique factors impacting Q3 and Q4. For Q3, we anticipate that Active Rider growth will face some demand elasticity headwinds from the modest price adjustments I just described. We believe Active Riders will grow to roughly 22 million in Q3. For Q4, we'll also face the previously mentioned seasonal headwinds in bikes and scooters -- people don't like to use scooters in snow -- as well as ridesharing. And so for Q4, we expect Active Riders will be in the range of 22.3 million to 22.4 million, which is in line with prior expectations. The $200 million increase in our 2019 revenue outlook is based on these expectations and trends.

我認為值得一提的是，還有一些獨特的因素影響第三季和第四季。對於第三季度，我們預期活躍騎士的成長將面臨一些需求彈性的阻力，這源自於我剛才描述的適度價格調整。我們認為第三季活躍騎士數量將成長至約 2,200 萬人。在第四季度，我們也將面臨先前提到的自行車和滑板車的季節性不利因素——人們不喜歡在雪地裡使用滑板車——以及共享旅行方面的不利因素。因此，我們預計第四季度活躍用戶數將在 2,230 萬至 2,240 萬之間，這與先前的預期一致。我們2019年營收預期增加2億美元是基於這些預期和趨勢。

So let me move to expenses and remind everyone first that unless otherwise indicated, all income statement measures that follow are non-GAAP and exclude SBC and other select items. Now as I mentioned, we were very successful leveraging costs in the first half of this year and continue to see evidence of an improving market environment. We expect that the momentum and the efficiencies we're realizing in our core ridesharing business will enable us to make progress on our path to profitability. And to be clear, we are not reducing our investments in key strategic initiatives, including bikes and scooters, autonomous and driver centers. It's just the strength and momentum in ridesharing is helping offset the investments we're making.

那麼接下來我要談談費用，首先要提醒大家，除非另有說明，以下所有損益表指標均為非GAAP指標，不包括SBC和其他特定項目。正如我之前提到的，今年上半年我們在成本控制方面取得了巨大成功，並且持續看到市場環境改善的跡象。我們預計，我們在核心共享出行業務中取得的勢頭和效率提升，將使我們能夠在實現盈利的道路上取得進展。需要明確的是，我們並沒有減少對關鍵策略措施的投資，包括自行車和滑板車、自動駕駛中心和駕駛中心。正是叫車產業的強勁勢頭和發展勢頭，才抵消了我們正在進行的投資。

So let me just spend a moment talking through some of the key components for the second half of the year. As I mentioned in my prepared remarks, we expect contribution margin to improve in Q3 and Q4 relative to Q2, notwithstanding our investments in bikes and scooters. We anticipate that Q3 contribution margin will return to Q1's 50%, up 4 percentage points versus Q2 as we drive leverage and execute on key initiatives.

那麼，讓我花一點時間談談下半年的一些關鍵組成部分。正如我在準備好的演講稿中提到的，儘管我們在自行車和踏板車方面進行了投資，但我們預計第三季和第四季的貢獻毛利率將比第二季有所提高。我們預計，隨著我們提高槓桿率並執行關鍵舉措，第三季貢獻毛利率將恢復到第一季的 50%，比第二季提高 4 個百分點。

In Q4, we anticipate that contribution margin will decline 1 point to 49% given seasonal trends, especially with bikes and scooters. The 50% and 49% contribution margin for Q3 and Q4, respectively, is better than our prior guidance. Our operations and support expense in Q2 was 17% of revenue, flat versus Q1 despite the investments we're making in areas like bikes and scooters. Looking forward, we anticipate that the leverage in core ridesharing will drive a reduction in operations and support as a percentage of revenue with both Q3 and Q4 down approximately 1 percentage point versus Q2 to 16%. This is significantly better than prior guidance.

鑑於季節性趨勢，特別是自行車和滑板車的銷售情況，我們預計第四季度貢獻毛利率將下降 1 個百分點至 49%。第三季和第四季的貢獻毛利率分別為 50% 和 49%，均優於我們先前的預期。第二季度我們的營運和支援費用佔收入的 17%，與第一季持平，儘管我們在自行車和滑板車等領域進行了投資。展望未來，我們預期核心共享出行業務的槓桿作用將推動營運和支援費用佔收入的比例下降，第三季和第四季將比第二季下降約 1 個百分點，至 16%。這比之前的指導意見好得多。

Now as we invest in our core platform, new strategic initiatives and our autonomous future, we expect that R&D as a percentage of revenue will increase over the remainder of 2019. We anticipate that Q3 R&D will be 15% of revenue, up 1 percentage point versus Q2, with Q4 18% as we ramp hiring, which is consistent with prior guidance.

現在，隨著我們對核心平台、新的策略性舉措和自主未來進行投資，我們預計 2019 年剩餘時間內研發支出佔收入的比例將會增加。我們預計第三季研發投入將佔營收的 15%，比第二季成長 1 個百分點，隨著招募力度加大，第四季將達到 18%，這與先前的預期一致。

The leverage we drove in sales and marketing in Q2 was truly exceptional. For Q3, remember, there is seasonality given the forward investments in marketing to attract drivers for the important back-to-school season. We anticipate that sales and marketing as a percentage of revenue will increase 3 percentage points in Q3 versus Q2, but realize that this Q3 guidance of 22% is nearly half of last year's 41%. For Q4, we expect sales and marketing as a percentage of revenue could decline back to 20% as we continue to scale and drive leverage. This is an 8 percentage point improvement versus our prior Q4 guidance.

第二季我們在銷售和行銷方面取得的成效確實非常出色。對於第三季度，請記住，由於需要提前投資行銷以吸引駕駛人迎接重要的返校季，因此存在季節性因素。我們預計第三季銷售和行銷費用佔營收的百分比將比第二季成長 3 個百分點，但同時也意識到，第三季 22% 的預期幾乎是去年同期 41% 的一半。我們預計，隨著我們繼續擴大規模和提高槓桿率，第四季度銷售和行銷費用佔收入的比例可能會回落至 20%。這比我們之前的第四季預期提高了8個百分點。

Finally, we continue to anticipate that the G&A expense as a percentage of revenue will increase in Q3 and Q4 relative to Q2 with the investments we're making to support our new strategic initiatives as well as for SOX readiness. However, we expect this increase to be much more moderate than our prior guidance. We anticipate G&A expense in Q3 as a percentage of revenue will increase approximately 1 percentage point versus Q2 to 23% and an additional point in Q4 to 24%. This updated guidance represents a 3 percentage point improvement versus our prior guidance for Q3 and Q4, and we anticipate that we can unlock G&A leverage beginning in 2020.

最後，我們繼續預計，由於我們為支持新的戰略舉措以及為應對 SOX 法案而進行的投資，第三季度和第四季度的一般及行政費用佔收入的百分比將比第二季度有所增加。然而，我們預計此次增幅將遠低於我們先前的預期。我們預期第三季一般及行政費用佔營收的百分比將比第二季增加約 1 個百分點至 23%，第四季將再增加 1 個百分點至 24%。此次更新後的業績指引較我們先前對第三季和第四季的指引提高了 3 個百分點，我們預計從 2020 年開始，我們可以釋放 G&A 槓桿效應。

To summarize, we are incredibly encouraged by the strength of our business and the improving market environment. Our updated guidance is a significant increase versus the outlook we provided just 90 days ago. We are now demonstrating a clear path to profitability while driving strong top line growth. So there are obviously a number of moving parts here. Hopefully, this additional information, Brent, is helpful to you as you develop your models.

總而言之，我們對公司業務的強勁發展和不斷改善的市場環境感到無比鼓舞。我們更新後的業績指引較90天前發布的預期有了顯著提升。我們現在展現出一條清晰的獲利之路，同時實現了強勁的營收成長。所以很明顯，這裡涉及很多方面。布倫特，希望這些補充資訊對你開發模型有所幫助。

I think just to touch on your insurance question, there were 2 components of adverse development. There was $130 million related to ridesharing and $11 million related to bikes and scooters. And the adverse development is largely attributable to historical auto losses that predate our relationship with Travelers, our new third-party administrator for insurance claims. Some of this dates back as far as 2015. So we are significantly increasing the size of our risk solutions team and are making operational and product changes informed by billions of miles of data to reduce the frequency of accidents on the Lyft platform. And we're also being smarter about how to respond to claims when accidents do happen.

關於您的保險問題，我想簡單談談，不良發展有兩個組成部分。其中，與共享出行相關的支出為 1.3 億美元，與自行車和滑板車相關的支出為 1,100 萬美元。而這種不利的發展很大程度上歸因於我們與 Travelers（我們新的第三方保險理賠管理機構）建立關係之前的歷史汽車損失。其中一些可以追溯到 2015 年。因此，我們正在大幅增加風險解決方案團隊的規模，並根據數十億英里的數據進行營運和產品方面的調整，以減少 Lyft 平台上的事故發生頻率。而且，當事故發生時，我們在處理索賠方面也更加謹慎和明智。

So in terms of the go forward, we remain confident in our ability to leverage the cost of insurance given the foundational investments we've been making this year to increase safety, reduce accidents and manage costs. And again, just it's worth repeating, we expect that the cost of ridesharing insurance as a percentage of revenue will be lower in the third quarter than the second quarter and will contribute to the increase in contribution margin back to 50%.

因此，展望未來，鑑於我們今年在提高安全性、減少事故和控製成本方面所做的基礎性投資，我們仍然有信心利用保險成本優勢。再次重申，我們預計第三季叫車保險成本佔收入的百分比將低於第二季度，這將有助於貢獻毛利率回升至 50%。

Our next question comes from Stephen Ju of Credit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

So Logan, John, will you add more color around your efforts to increase the use cases for Lyft and ridesharing in general? And in particular, I'm talking about the business that you brought up several times during the call. You brought up education and health care as verticals before. Where are we now in terms of getting more schools and providers and other enterprises to adopt Lyft as a designated service provider? Secondarily, I know this is but one market, but given a lot of investors live in New York City, there is a heavy amount of a focus here. So can you talk about the state of that particular market, what the regulatory framework may be doing to consumers' willingness to use the service and what you may be doing in the background to offset?

那麼，Logan、John，你們能否詳細介紹你們為增加 Lyft 和共享出行服務的應用程式場景所做的努力？特別是，我指的是您在通話中多次提到的那項業務。你之前提到過教育和醫療保健這兩個垂直領域。目前我們在爭取更多學校、教育機構和其他企業採用 Lyft 作為指定服務提供者方面進展如何？其次，我知道這只是一個市場，但考慮到許多投資者都住在紐約市，所以這裡受到了高度關注。那麼，您能否談談該特定市場的現狀，監管框架可能對消費者使用該服務的意願產生的影響，以及您在幕後可能採取的抵消措施？

Sure. Thanks for the question. This is John. So first on Lyft Business, at a high level between corporate travel and nonemergency medical transportation, including education that you mentioned, we think the overall addressable opportunity is at least $25 billion. We are not breaking out the relative sizes of each aspect of our business or specifically within Lyft Business, which include those categories.

當然。謝謝你的提問。這是約翰。首先，就 Lyft Business 而言，從企業差旅和非緊急醫療運輸（包括您提到的教育）等層面來看，我們認為整體潛在市場至少有 250 億美元。我們不會單獨列出我們業務各個方面的相對規模，也不會具體列出 Lyft Business（包括這些類別）的相對規模。

Some highlights that we've established in the industry, we have exclusive deals with various health care brokers that give us a fantastic pipeline into those markets. There was news out of Arizona that allows us to provide a better transportation for Arizona Medicaid participants, which covers about 1.5 million participants. So a lot of great momentum there in all those categories. We also mentioned the Disney partnership expanding, and the Hilton partnership, which will address different portions of that market.

我們在業界取得的一些亮點是，我們與多家醫療保健經紀公司達成了獨家協議，這為我們進入這些市場提供了絕佳的管道。亞利桑那州傳來消息，我們可以為亞利桑那州醫療補助計劃的參與者提供更好的交通服務，該計劃覆蓋約 150 萬參與者。所以，這些領域都展現了強勁的發展動能。我們也提到了迪士尼合作關係的擴大，以及與希爾頓的合作關係，這兩項合作將分別針對該市場的不同部分。

Moving to New York. So specifically on the new regulations, the thing that's important to understand is at the highest level, we are actually aligned with the stated goals, the policy goals that policymakers have of increasing driver earnings and lowering congestion. But we don't believe the rules as they're written today do the best for those 2 aspects and that they actually create negative consequences for both drivers and riders. And so we're working really hard with them to find those policy goals without the negative consequences. So any increase in prices can lead to a decrease in driver work opportunities because of less rides, and that's the point that we're trying to get across there.

搬到紐約。所以具體來說，關於新規，需要理解的重要一點是，從最高層面上講，我們實際上與政策制定者提出的提高司機收入和減少交通擁堵的既定目標和政策目標保持一致。但我們認為，現行的規則並不能很好地兼顧這兩個方面，而且實際上會對司機和騎車人都造成負面影響。因此，我們正在與他們努力合作，以找到既能實現政策目標又不會產生負面後果的方法。因此，任何價格上漲都可能導致司機工作機會減少，因為訂單減少，而這正是我們想要表達的觀點。

And then at a high level for overall context, policy, whether it's New York or any other market, is nothing new as part of our business. Actually, the origin of the company was working with policymakers to create a new category, to adjust the category. We take it really seriously. We built a phenomenal team around former Secretary of Transportation, Anthony Foxx. And so we will keep working to address those policy goals but with policy that has a positive impact on the overall market.

從宏觀層面來看，無論是紐約或其他任何市場，政策都是我們業務的一部分，這並不新鮮。事實上，這家公司的起源是與政策制定者合作，創建一個新的類別，並調整現有類別。我們非常重視此事。我們以前交通部長安東尼·福克斯為核心，組建了一支非常優秀的團隊。因此，我們將繼續努力實現這些政策目標，但要製定對整體市場產生正面影響的政策。

Our next question comes from Benjamin Black of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Benjamin Black。

I was wondering if you can talk about the underlying core ridesharing contribution margin trends, excluding bikes and scooter investments, and how you view that shaping up for the rest of the year. And secondly, I was wondering if you could talk about engagement trends across your Active Rider base. How has that trended? And how do you see it progressing going forward, particularly in the face of the price increase?

我想請您談談不計入自行車和滑板車投資的共享出行核心貢獻毛利率趨勢，以及您如何看待今年剩餘時間的趨勢發展。其次，我想請您談談貴公司活躍騎士群的參與趨勢。趨勢如何？那麼，您認為它未來的發展前景如何，尤其是在價格上漲的情況下？

Yes. So let me take the first comment first. The question around contribution margin for core ridesharing, again, we are a single-segment company, but we have publicly stated we're making large investments, building out our network of shared bikes and scooters. And so the guidance raise on contribution margin, 50% in Q3 and 49% in Q4, it is in light of the investments we're making. So you should assume that there is very strong contribution margin trend in core ridesharing. And that's just based on our strong execution as well as the improving market environment.

是的。那麼，我先來回答第一條評論。關於核心共享出行業務的貢獻利潤率問題，我們仍然是一家單一業務板塊的公司，但我們已經公開表示，我們正在進行大量投資，以建立我們的共享單車和滑板車網路。因此，鑑於我們正在進行的投資，我們對第三季貢獻毛利率的預期上調至 50%，第四季為 49%。因此，你應該假設核心叫車業務的貢獻毛利率趨勢非常強勁。這都得益於我們強大的執行力以及不斷改善的市場環境。

I think in terms of your question in terms of engagement, in Q2, rides grew faster than our growth in Active Riders. But I think it's important that folks understand that all rides are not created equally. We're, again, focused on driving profitable growth, not growth at all cost. And that's why we've been investing to grow our share of the most valuable rides such as premium modes and airport rides, and that's why Lyft Business that John talked about is so important.

我認為就您提出的用戶參與度問題而言，在第二季度，騎乘次數的成長速度超過了活躍用戶數量的成長速度。但我認為，讓大家明白並非所有遊樂設施都一樣重要。我們再次強調，我們專注於實現獲利成長，而不是不惜一切代價追求成長。這就是為什麼我們一直在投資擴大我們在最有價值的乘車服務（例如高級模式和機場乘車服務）中的份額，也是為什麼約翰提到的 Lyft Business 如此重要的原因。

So in terms of how this translates, again, the 22% increase in revenue per Active Rider year-over-year is a really good indicator of the monetization trends and -- on top of that, and we grew Active Riders by 41% year-over-year in Q2.

所以就其轉換效果而言，每位活躍騎士的收入同比增長 22%，這很好地表明了盈利趨勢，而且——除此之外，我們在第二季度的活躍騎手數量同比增長了 41%。

Our next question comes from Mark Mahaney of RBC.

我們的下一個問題來自加拿大皇家銀行的馬克·馬哈尼。

I'll ask 2 questions. Just on this -- again on this revenue per Active Rider. So clearly, you had some pricing that helped that. Can you just talk about the other part of that? The prior person was asking about engagement. Like how did you get the activity per rider to rise? And it looks like that happened for most of the quarter, so just spend a little time on that. And then the second question is more of a snatching defeat from the jaws of victory. It looks like the business is really doing well here, and you may well have a milestone, and you raised your guidance, et cetera. So why bring up the lockup expiration? Just put some color around that.

我會問兩個問題。就這一點而言——再次強調，這是每位活躍騎士的收入。很明顯，你們的定價策略起到了一定的作用。能談談另一部分嗎？前面那個人問的是訂婚的事。你是如何提升每位騎士的活動量的？而且看起來這種情況持續了整個季度的大部分時間，所以花點時間處理一下。而第二個問題更像是從勝利的邊緣奪走了失敗。看來貴公司業務發展得非常好，您可能已經取得了里程碑式的成就，並且提高了業績預期等等。那麼，為什麼要提起禁售期到期的問題呢？給它上色就行了。

Sure. So let me take the first question. And we have been trying to grow our share of the more valuable rides, as I mentioned, in terms of the premium modes and those airport rides. We also were very successful in Q2 on increasing the financial efficiency of Shared rides. And Logan mentioned last time the progress we made on the global matching platform. So that unlocks the monetization benefits in Q2. And then finally, we're able to increase the efficiency and effectiveness of driver incentives as well as improve the underlying algorithms that power pricing. And all of this is before the adjustments in price that happened at the very end of the quarter.

當然。那麼，讓我來回答第一個問題。正如我之前提到的，我們一直在努力提高我們在更有價值的乘車服務中的份額，例如高級乘車服務和機場接送服務。第二季度，我們在提高共享出行的財務效率方面也取得了巨大成功。洛根上次提到了我們在全球配對平台方面的進展。這樣一來，第二季就能獲利。最後，我們能夠提高駕駛員激勵的效率和效果，並改進支撐定價的底層演算法。而這一切都發生在季度末價格調整之前。

So the progress in Q2 and that growth in rides is we have strong core growth in the U.S. ridesharing industry. I'm sure you look at the same surveys that we do in terms of what percentage of the U.S. population have never tried ridesharing. And as we described, and I think as you can see in our S-1, it's one of those products that people will try it for the first time, maybe they've had a drink too many on a weekend, and they try ridesharing, and then they just discovered how much easier it is to use Lyft to go to the airport or use Lyft to go to a medical appointment, et cetera. And it just -- we tend to see usage go up over time, but I think Q2 is a really nice combination of driving usage as well as really prioritizing the more valuable rides.

因此，第二季的進展和乘車量的成長表明，美國叫車產業的核心成長強勁。我相信你們也會參考和我們一樣的調查，了解美國有多少人口從未嘗試過共乘。正如我們所描述的，而且我認為正如您在我們的 S-1 文件中看到的那樣，這是人們第一次嘗試的產品，也許他們在周末喝多了，然後嘗試了拼車，然後他們就發現使用 Lyft 去機場或去醫院就診等等是多麼容易。而且我們往往會看到使用量隨著時間的推移而增加，但我認為第二季度很好地結合了提高使用量和真正優先考慮更有價值的行程。

Can you repeat the other part of the question?

你能再重複問題的另一部分嗎？

Yes. Why bring up the lockup expiration?

是的。為什麼要提禁售期到期的問題？

Yes, I mean, the lockup agreement was disclosed in the S-1. It just turned out the time period was during the blackout period, and per the language, it just pulls forward.

是的，我的意思是，鎖定協議已在 S-1 文件中披露。結果發現，這段時間正好是停電時期，依照語言的規律，時間會向前推進。

Our next question comes from John Blackledge of Cowen.

下一個問題來自 Cowen 公司的 John Blackledge。

Just given the sales and marketing leverage, could you discuss your thoughts on Lyft's competitive position in the U.S.? And would you expect this more rational trend in sales and marketing, particularly the decline in rider incentives, to persist over the longer term? And then second question, just a quick update on the rollout of driver centers. How many are out there? And how many may be in there by the end of the year?

鑑於 Lyft 在銷售和行銷方面的優勢，您能否談談您對 Lyft 在美國市場競爭地位的看法？你認為這種銷售和行銷中更理性的趨勢，特別是乘客激勵措施的減少，會在長期內持續下去嗎？第二個問題，請簡單介紹一下駕駛員服務中心的推廣情況。外面有多少人？到年底會有多少人被關進去？

This is Brian. I'll take both of those questions. I think in terms of sales and marketing, one of the most important takeaways people should take from this call, if you look at sales and marketing as a percentage of revenue in Q1, it was 29%. And in Q2, it dropped to 19%. Nearly -- and the key driver of that is looking at incentives that are classified as sales and marketing, generally better known as coupons. If you look at between Q1 and Q2, incentives classified as sales and marketing as a percentage of revenue declined nearly 40%.

這是布萊恩。這兩個問題我都回答。我認為就銷售和行銷而言，人們應該從這次電話會議中學到的最重要教訓之一是，如果你看一下第一季銷售和行銷佔收入的百分比，那就是 29%。第二季度，這一比例下降至 19%。差不多——而這背後的關鍵驅動因素是專注於那些被歸類為銷售和行銷的激勵措施，通常更廣為人知的名稱是優惠券。如果比較第一季和第二季度，歸類為銷售和行銷的激勵措施佔收入的百分比下降了近 40%。

And so when you look at our guide for later this year, by Q4, we expect that sales and marketing will be roughly 20%. Now that's an 8% -- or 8 percentage point improvement versus our prior guidance. So we expect this environment has improved. And again, we're just -- we're focused on trying to win on brand preference and experience, not coupons. And I think our actions in the market environment support that.

因此，當我們查看今年稍後（第四季）的指導方針時，我們預計銷售和行銷費用將佔總費用的 20% 左右。這比我們之前的預期提高了 8 個百分點。因此，我們認為這種環境已經有所改善。再次強調，我們只專注於贏得品牌偏好和體驗，而不是優惠券。我認為我們在市場環境中採取的行動也印證了這一點。

Shifting to your question on driver centers. We're still in the early period here. We're testing, and we're learning, but we do plan to ramp this up in the second half of 2019. But it will still be probably to a handful of sites. We just want to make sure we're really executing and getting the exact formula right.

接下來回答您關於駕駛員中心的問題。我們現在還處於早期階段。我們正在進行測試和學習，但我們計劃在 2019 年下半年加大力度。但可能仍然只會出現在少數幾個地方。我們只是想確保我們真正執行到位，並且公式完全正確。

Our next question is from Itay Michaeli from Citi.

我們的下一個問題來自花旗銀行的伊泰·米凱利。

Just 2 questions. I was hoping you can firstly talk about the Active Rider growth this year in terms of regional distribution. How much are you seeing in some of your top markets relative to newer markets? And second, would love to hear an update on just the autonomous vehicle development efforts at Lyft internally as well as with some of your partners.

就兩個問題。我希望您能先談談今年活躍騎士在區域分佈方面的成長情況。在您重點關注的市場中，與新興市場相比，您觀察到的情況如何？其次，我很想了解 Lyft 內部以及與合作夥伴在自動駕駛汽車開發方面取得的最新進展。

Sure. This is Brian. I'll take the first part of the question around Active Rider. So we don't provide -- we don't segment that by city, but I will say it's really important to realize that we're focused on winning the most valuable riders. And that's why we're making the investments we are in the Lyft Business. We want road warriors on the platform, and this is exactly why it's important to look at both of our drivers of revenue growth.

當然。這是布萊恩。我先回答關於 Active Rider 的問題的第一部分。所以我們沒有按城市細分，但我必須說，真正重要的是要意識到，我們專注於贏得最有價值的乘客。這就是我們為何要對 Lyft 業務進行投資的原因。我們希望平台上的使用者都是經常出差的商務人士，因此，關注我們收入成長的兩大驅動因素至關重要。

Revenue per Active Rider provides a really good signal of the value of the Active Rider population. And additionally, we're investing in our multimodal platform because we believe we can increase our addressable market and really build a more complete transportation-as-a-service solution. So we're excited in terms of how we are expanding our addressable market and in terms of our execution focus on really trying to win those really highly profitable business travelers.

每位活躍騎士的收入能夠很好地反映活躍騎士群的價值。此外，我們正在投資我們的多式聯運平台，因為我們相信我們可以擴大我們的目標市場，並真正建立一個更完整的運輸即服務解決方案。因此，我們對擴大目標市場以及專注於贏得那些真正高利潤的商務旅客的執行重點感到興奮。

And then this is Logan. In terms of AV, autonomous vehicles, we have 2 major initiatives. One is our open platform strategy. And there's a couple of great partnerships that are live and out in the wild now. So we talked about earlier on the call, the first vehicles are live from the Waymo platform in the Phoenix area. We're very excited about that. The 2 teams have been working closely together and created, I think, a really exciting experience. Bottom line, we're both learning a lot from that partnership and very excited about it.

這是洛根。在自動駕駛汽車方面，我們有兩項主要措施。第一是我們的開放平台策略。目前已經有一些非常棒的合作關係正在順利進行中並取得成功。正如我們之前在電話會議中討論的那樣，Waymo 平台的首批車輛已在鳳凰城地區運作。我們對此感到非常興奮。這兩個團隊一直密切合作，我認為，他們創造了非常令人興奮的體驗。總之，我們雙方都從這段合作關係中學到了很多，並且對此感到非常興奮。

We also have had a long-standing partnership with Aptiv, which has been great. That's been live in Las Vegas for over a year. Now of course, both of those, there's still a safety driver in the car. We're early in the testing process. Want to make sure everybody understands this is -- autonomous vehicle development is a very long game. It's the future of the business, but it's, of course, many years out. And we've done well over 50,000 rides on the Aptiv platform in Vegas.

我們與 Aptiv 也一直保持著長期的合作關係，這非常棒。這個項目已經在拉斯維加斯上線一年多了。當然，現在這兩種情況下，車上都還有一名安全駕駛員。我們目前還處於測試過程的早期階段。我想確保每個人都明白這一點——自動駕駛汽車的研發是一項非常長期的工作。這是企業的未來發展方向，但當然，這還需要很多年才能實現。我們在拉斯維加斯使用 Aptiv 平台已經完成了超過 5 萬次乘車服務。

And then back to us, Lyft has a Level 5 engineering center down in Palo Alto. And what we think is really unique about our opportunity is twofold. One, driverless vehicles will first roll out on ridesharing platforms. The first generation of autonomous vehicles will only be able to do a small percentage of trips, and it will be critical that they're rolled out on a platform such as Lyft so that the rest of the rides that aren't able to be served by an autonomous vehicle can be fulfilled by a driver. So we think that gives us a significant advantage.

再說回我們，Lyft 在帕洛阿爾托設有一個 5 級工程中心。我們認為此次機會的獨特之處在於兩方面。第一，無人駕駛汽車將首先在叫車平台上推出。第一代自動駕駛汽車只能完成一小部分行程，因此至關重要的是，它們必須在 Lyft 等平台上推出，以便其餘無法由自動駕駛汽車完成的行程可以由司機完成。所以我們認為這給了我們很大的優勢。

And second is all of the data from the miles traveled on the Lyft platform. We're launching some really exciting tests using data collected from cameras on some Lyft vehicles and using that, feeding that into the training of our own autonomous system. So we think given the position we sit in, in the market, all the data that we can collect can really play to our advantage.

其次是 Lyft 平台上的行駛里程數據。我們正在進行一些非常令人興奮的測試，利用從 Lyft 車輛上的攝影機收集的數據，並將這些數據輸入到我們自己的自動駕駛系統的訓練中。因此，我們認為，鑑於我們在市場中所處的地位，我們能夠收集到的所有數據都可以真正對我們有利。

Our next question comes from Eric Sheridan of UBS.

我們的下一個問題來自瑞銀集團的艾瑞克·謝裡丹。

Maybe 2 questions, if I can. You highlighted some of the product innovation you're doing in a handful of markets. Wanted to understand a little bit better what you've seen from the consumer behavior as you've given the consumer more choice in the app and more transportation choices, what that might do to stimulate usage. And sort of anecdotally, I'm in the Smart Savings Plan. How widely deployed is that as a product to users? And what do you see in terms of the elasticity of people once they're getting 10% off but they become a subscriber to your platform and what that does to drive incremental demand and incremental spend versus how widely deployed it might be?

如果可以的話，我想問兩個問題。您重點介紹了您在少數市場進行的一些產品創新。我想更了解一下，隨著您在應用程式中為消費者提供了更多選擇和更多交通選擇，您觀察到的消費者行為有哪些變化，以及這可能會對刺激使用產生什麼影響。順便一提，我參加了智慧儲蓄計劃。該產品在使用者中的普及程度如何？當人們享受 10% 的折扣並成為您平台的訂閱用戶後，您認為他們的消費彈性如何？這與平台的廣泛部署相比，會對推動增量需求和增量支出產生怎樣的影響？

Yes. Thanks. That's a great question. This is Logan. First is we see a lot of incremental activity as we add new modes of transportation. We see very little cannibalism across modes, and we see a lot of incremental activity. So by adding different modes that people may want to trade off against, it brings them into the Lyft app a lot more often. And I think being top of mind and being the first app that's open is very, very important from a strategic position.

是的。謝謝。這是一個很好的問題。這是洛根。首先，隨著新的交通方式的增加，我們看到了許多漸進式的活動。我們看到不同模式的同類相食現象非常少，而且我們看到了很多漸進式活動。因此，透過添加人們可能想要權衡取捨的不同模式，可以更頻繁地吸引用戶使用 Lyft 應用程式。我認為，從策略角度來看，能夠成為用戶首先想到的應用，成為用戶開啟的第一個應用，是非常非常重要的。

On subscriptions, in the long run, we view a lot of the market moving to subscriptions. We think it will play an incredible role in the future. We often use the analogy of the wireless companies where you subscribe to a certain sort of bundle of minutes or maybe even an unlimited package. And we've launched hundreds of experiments across the country.

從長遠來看，我們認為訂閱模式將會佔據市場的大部分份額，並轉向訂閱模式。我們認為它在未來將發揮舉足輕重的作用。我們常用無線電信業者來做類比，你可以訂閱某種通話時長套餐，甚至是無限流量套餐。我們在全國各地開展了數百項實驗。

A couple that we've rolled out a little more broadly. One is our All-Access pass. That is as close as sort of we've gone to that unlimited package. And then the Smart Savings Plan was the other one. That's $14.99 a month for 10% off all rides. And each package caters to a different type of user. I would say there's a lot of variability in terms of frequency across our users when you dig into the different cohorts. And so there's not kind of a one-size-fits-all plan. But when we get some of these subscription packages that hit a particular cohort and provide great value to them, we do see incremental activity from that cohort. So we're optimistic about it, and we're going to continue testing and rolling out new initiatives in that space.

我們已經更廣泛地推廣了其中幾款產品。其中之一就是我們的全通通行證。這已經是我們所能達到的最接近無限流量套餐的效果了。還有一種方案是智慧儲蓄計劃。每月只需​​ 14.99 美元，即可享受所有乘車服務 10% 的折扣。每個套餐都針對不同類型的使用者。深入分析不同使用者群體後，你會發現使用者使用頻率有很大的差異。因此，並不存在萬能的方案。但是，當我們推出一些針對特定群體並能為他們提供巨大價值的訂閱套餐時，我們確實會看到該群體的用戶活躍度有所提升。所以我們對此持樂觀態度，並將繼續在該領域進行測試和推出新措施。

Our next question comes from Andy Hargreaves of KeyBanc.

下一個問題來自 KeyBanc 的 Andy Hargreaves。

I wanted to ask a couple of questions on sort of the driver side. One, I'm just wondering with all the volume you guys -- all the volume growth you've had and sort of where we are from a driver incentive efficiency standpoint, if there's more room for further efficiency there. And then on driver pay, you guys mentioned it being up. But it's obviously an area of a lot of controversy, so I'm wondering if you can comment on CA AB5 and what the impact from that could be but also just sort of how your sort of philosophy on driver pay, I guess, is evolving right now.

我想問幾個關於駕駛員方面的問題。首先，我想知道，鑑於你們的業務量如此之大——你們的業務量增長如此之快，以及從司機激勵效率的角度來看，是否還有進一步提高效率的空間。關於司機薪酬，你們提到上漲了。但這顯然是一個充滿爭議的領域，所以我想知道您能否就加州 AB5 法案及其可能產生的影響發表評論，以及您目前對司機薪酬的看法是如何演變的。

Sounds good. This is John. I'll take most of that. So the on the driver side, as we said in the prepared remarks, earnings are up 5% the last 2 years. More even, if you look back year-over-year. And overall, we continue to make a ton of investments to support the driver experience and are seeing continued increased demand for interest in signing up to drive on the platform. I think society has -- there's broader societal issues that certainly affect our industry as we have millions of people working on ridesharing platforms, and AB5 is an opportunity, I believe, for California to create a new model and one that provides worker protections while also providing flexibility.

聽起來不錯。這是約翰。大部分我都要。所以，就司機而言，正如我們在準備好的演講稿中所說，過去兩年收入增加了 5%。如果按年回顧，情況就更均衡了。總的來說，我們持續投入大量資金來支持司機體驗，並且看到人們對註冊成為平台司機的興趣持續增長。我認為社會存在一些更廣泛的社會問題，這些問題肯定會影響我們的行業，因為我們有數百萬人在叫車平台上工作，而我認為，AB5 法案為加州提供了一個機會，可以創建一個新的模式，既能保護工人，又能提供靈活性。

So we are deep in conversations with various labor groups and lawmakers. And as I said, policy has always been a big part of our business and an opportunity for us to continue to do more for drivers. And our philosophy from the beginning has been when you take care of drivers, that drivers take care of passengers, and that's good for the business.

因此，我們正在與各個勞工團體和立法者進行深入對話。正如我所說，政策一直是我們業務的重要組成部分，也是我們繼續為司機做更多事情的機會。從一開始，我們的理念就是：善待司機，司機就會善待乘客，這對企業發展有好處。

So there's a lot of coverage about driver earnings. That's why we wanted to share the facts because we think the facts are important. But there's always opportunity to improve. Now, when we're serving millions of people, any small thing on the platform that needs improvement affects thousands of people, and that's very important.

所以有很多關於司機收入的報導。這就是為什麼我們想分享事實，因為我們認為事實很重要。但總有進步的空間。如今，我們服務數百萬用戶，平台上任何需要改進的小問題都會影響成千上萬的用戶，這非常重要。

And this is Brian. Let me comment on some of the trends in driver incentives. As a percentage of revenue, incentives that are classified as contra revenue declined in Q2 versus Q1 as well as the year ago period.

這是布萊恩。我想談談駕駛員激勵機制的一些趨勢。佔收入的百分比，被歸類為抵減收入的激勵措施在第二季度與第一季以及去年同期相比均有所下降。

However, I'm going to take this opportunity to encourage investors to avoid analyzing absolute driver incentives in isolation because doing so ignores the economics of rides at high-demand periods. So in terms of our strategy, we try to limit driver incentives to periods when rides are most valuable on the platform. So during peak times, when drivers can typically earn bonuses or incentives, Lyft is also benefiting from higher rider demand, which can lead to higher prices. And our service fee and commission is generally calculated as the difference between what a rider pays and what a driver earns based on time and distance of the ride. So revenue, which is calculated after subtracting contra revenue incentives, is a really clean metric to calculate the value of rides net of driver payments.

不過，我想藉此機會鼓勵投資者避免孤立地分析司機的絕對激勵，因為這樣做忽略了高峰時段的乘車經濟效益。因此，就我們的策略而言，我們盡量將司機獎勵限制在平台上乘車需求最高的時期。因此，在高峰時段，司機通常可以獲得獎金或獎勵，Lyft 也受益於更高的乘客需求，這可能會導致更高的價格。我們的服務費和佣金通常是按乘客支付的費用與司機根據行程時間和距離所賺取的收入之間的差額來計算的。因此，扣除反向收入誘因後計算出的收入，是一個非常清楚的指標，可以用來計算扣除司機報酬後的乘車價值。

Our final question will be from Ron Josey of JMP Securities.

最後一個問題來自 JMP Securities 的 Ron Josey。

Just maybe I want to follow up on Eric's question earlier on just multimodal benefits. And given what we heard about expanding usage, any more details on the time frame or how you're thinking about expanding the 9 or so bikeshare markets and 15 or so scooter markets? And then just on the GEICO partnership, are other insurance partners willing to offer a similar program? And just curious on your thoughts there. Great quarter.

或許我想就艾瑞克之前提出的關於多模式益處的問題做個後續探討。鑑於我們聽到的關於擴大使用範圍的消息，關於時間安排或您打算如何擴大大約 9 個共享單車市場和大約 15 個共享滑板車市場，您能否提供更多細節？那麼就 GEICO 的合作關係而言，其他保險合作夥伴是否也願意提供類似的計畫呢？我很好奇你對此有何看法。很棒的季度。

Thank you. This is John. We're not going to comment on the specific expansion plan for bikes and scooters except to say that we're very happy with this growing part of our business. We are focused on the largest metro areas, the areas that will see the most rides because we do think that scale when you're building infrastructure, physical infrastructure especially, is incredibly important.

謝謝。這是約翰。我們不會對自行車和滑板車的具體擴張計劃發表評論，只想說我們對這項不斷增長的業務非常滿意。我們專注於最大的都會區，也就是客流量最大的地區，因為我們認為，在建造基礎設施，特別是實體基礎設施時，規模非常重要。

One more stat that I think is exciting is that -- around bikes and scooters is that users that are new -- people that are using our bikes and scooters, about 25% are actually new to the Lyft ecosystem, which is an exciting way for us to both create a new business and get broader new passenger, new rider acquisition. And then what we see, as Logan talked about, is that then they use Lyft for more and more of their transportation needs as they find that we have transit, rideshare and bikes and scooters. So overall, that's something that we think goes with our overall mission of getting people away from car ownership and into transportation-as-a-service.

我覺得另一個令人興奮的統計數據是——關於自行車和滑板車，新用戶——也就是使用我們自行車和滑板車的用戶中，約有 25% 是 Lyft 生態系統的新用戶，這對我們來說既是創造新業務，也是獲得更廣泛的新乘客和新騎手的絕佳途徑。正如洛根所說，我們看到，隨著人們發現我們有公共交通、共享出行、自行車和滑板車，他們越來越多地使用 Lyft 來滿足他們的旅行需求。所以總的來說，我們認為這與我們讓人們擺脫汽車所有權、轉向交通即服務的整體使命是一致的。

All right. So thanks again for joining us today. It was a milestone quarter for Lyft, and we look forward to seeing you all soon. Thanks so much.

好的。再次感謝您今天收看我們的節目。對於 Lyft 來說，這是一個具有里程碑意義的季度，我們期待很快與大家見面。非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude our program. Thank you for your participation, and have a wonderful day. You may disconnect your lines at this time.

女士們、先生們，我們的節目到此結束。感謝您的參與，祝您有美好的一天。您可以在此時斷開線路。