Lyft Inc (LYFT) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to the Lyft Second Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 Lyft 2022 年第二季度財報電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to turn the conference over to Sonya Banerjee, Head of Investor Relations. You may begin.

我現在想將會議轉交給投資者關係主管 Sonya Banerjee。你可以開始了。

Thank you. Welcome to the Lyft earnings call for the quarter ended June 30, 2022. Joining me today to discuss Lyft's results and key business initiatives are Co-Founder and CEO, Logan Green; Co-Founder and President, John Zimmer; and Chief Financial Officer, Elaine Paul. A recording of this conference call will be available on our Investor Relations website at investor.lyft.com shortly after this call has ended.

謝謝你。歡迎參加截至 2022 年 6 月 30 日的季度 Lyft 收益電話會議。今天和我一起討論 Lyft 的業績和關鍵業務計劃的是聯合創始人兼首席執行官 Logan Green；聯合創始人兼總裁約翰·齊默；和首席財務官伊萊恩·保羅。本次電話會議結束後不久，將在我們的投資者關係網站investor.lyft.com 上提供本次電話會議的錄音。

I'd like to take this opportunity to remind you that during the call, we will be making forward-looking statements. These include statements relating to the expected impact of the continuing COVID-19 pandemic, macroeconomic factors, the performance of our business, future financial results and guidance, strategy, long-term growth and overall future prospects.

我想藉此機會提醒您，在電話會議期間，我們將做出前瞻性陳述。其中包括與持續的 COVID-19 大流行的預期影響、宏觀經濟因素、我們的業務表現、未來財務業績和指導、戰略、長期增長和整體未來前景有關的陳述。

We may also make statements regarding regulatory matters. 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 Form 10-Q for the first quarter of 2022 filed on May 10, 2022, and in our Form 10-Q for the second quarter of 2022 that will be filed by August 9, 2022, as well as risks related to the current uncertainty in the markets and economy.

我們也可能就監管事項發表聲明。這些陳述受已知和未知風險和不確定性的影響，可能導致實際結果與本次電話會議期間預計或暗示的結果存在重大差異，特別是 2022 年第一季度 10-Q 表中包含的風險因素中描述的那些於 2022 年 5 月 10 日提交，並在我們將於 2022 年 8 月 9 日之前提交的 2022 年第二季度的 10-Q 表中，以及與當前市場和經濟不確定性相關的風險。

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.

您不應依賴我們的前瞻性陳述作為對未來事件的預測。我們在本次電話會議上所做的所有前瞻性陳述均基於截至本通知日期的假設和信念，除法律要求外，Lyft 不承擔更新任何前瞻性陳述的任何義務。

Our discussion 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. Information regarding our non-GAAP financial results, 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 as well as in our earnings slide deck. These materials may also be found on our Investor Relations website.

我們今天的討論將包括非公認會計準則財務指標。這些非公認會計原則措施應作為我們公認會計原則結果的補充而不是替代或孤立考慮。有關我們非 GAAP 財務業績的信息，包括我們的歷史 GAAP 與非 GAAP 業績的對賬，可以在我們今天向 SEC 提交的 8-K 表格以及我們的收益幻燈片中提供的收益發布中找到甲板。這些材料也可以在我們的投資者關係網站上找到。

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

我現在想將電話會議轉交給 Lyft 的聯合創始人兼首席執行官 Logan Green。洛根？

Thanks, Sonya, and good afternoon. I'm pleased with our Q2 results. In light of the macroeconomic environment, we took swift and decisive actions, which helped generate $79.1 million in adjusted EBITDA, which is the highest in our company's history. Revenue of $991 million was near the top end of our outlook. Rides reached a new COVID high, and we added more than 2 million Active Riders versus Q1.

謝謝，索尼婭，下午好。我對我們的第二季度業績感到滿意。鑑於宏觀經濟環境，我們採取了迅速而果斷的行動，幫助產生了 7,910 萬美元的調整後 EBITDA，這是我們公司歷史上的最高水平。 9.91 億美元的收入接近我們預期的上限。遊樂設施達到了新的 COVID 高點，與第一季度相比，我們增加了超過 200 萬的活躍騎手。

We feel good about where things landed. And I'm grateful to team members for everything they do to support the company and our mission.

我們對事情的落腳點感覺很好。我感謝團隊成員為支持公司和我們的使命所做的一切。

We saw increased demand in Q2. Active Riders and rides both hit post-COVID highs with rideshare rides up 27% year-over-year. Travel came roaring back. The airport use case reached an all-time historic high at 10.2% of total rideshare rides in Q2 and managed Lyft business bookings more than doubled, up 105% year-over-year.

我們看到第二季度的需求增加。 Active Riders 和遊樂設施都達到了 COVID 後的新高，拼車遊樂設施同比增長 27%。旅行回來了。機場用例在第二季度達到了歷史最高水平，佔拼車總次數的 10.2%，管理的 Lyft 業務預訂量增加了一倍多，同比增長 105%。

In addition, bike and scooter rides more than doubled in Q2 versus Q1. We saw increased driver performance, too. The total active drivers were the highest they've been in 2 years, reflecting a mix of new and returning drivers. More than half of new driver acquisition in Q2 was organic. And we've seen strong driver attention year-to-date.

此外，與第一季度相比，第二季度的自行車和踏板車騎行量增加了一倍以上。我們也看到了駕駛員性能的提高。活躍司機總數是 2 年來最高的，這反映了新司機和老司機的混合。第二季度超過一半的新司機收購是有機的。年初至今，我們已經看到了強烈的駕駛員關注。

In Q2, average driver earnings in the U.S. were north of $37 per utilized hour, which is up 18% year-over-year, including tips and bonuses. Critically, we attracted more drivers to our platform even as we grew our adjusted EBITDA and realized greater leverage. Contra revenue incentives on a per ride share ride basis were down 17% versus last year, which is an even sharper decline than we expected.

在第二季度，美國司機的平均收入超過每小時 37 美元，包括小費和獎金，同比增長 18%。至關重要的是，即使我們增加了調整後的 EBITDA 並實現了更大的槓桿作用，我們也為我們的平台吸引了更多的司機。與去年相比，按單次乘車共享的收入激勵下降了 17%，降幅比我們預期的還要大。

I want to remind folks that these incentives are primarily funded by Primetime, which is reflected in the price riders pay.

我想提醒人們，這些激勵措施主要由黃金時段資助，這反映在乘客支付的價格上。

Service levels are also improving. With more drivers using Lyft, service levels are getting better even with more riders and higher ride volumes. Across the U.S., average rideshare ETAs in Q2 were roughly 3 minutes faster than they were in Q2 of last year. This means we are 1 to 2 minutes away from pre-COVID rideshare ETAs.

服務水平也在提高。隨著越來越多的司機使用 Lyft，即使有更多的乘客和更高的乘車量，服務水平也會越來越好。在美國，第二季度的平均拼車預計到達時間比去年第二季度快了大約 3 分鐘。這意味著我們距離 COVID 之前的拼車 ETA 有 1 到 2 分鐘的路程。

Additionally, when normalizing for the $0.55 per ride gas surcharge that goes directly to the driver, which went into effect in mid-March, rideshare prices have come down year-over-year. And overall improved service levels have led to rideshare conversion rates that have returned to pre-COVID levels.

此外，3 月中旬生效的直接支付給司機的每趟 0.55 美元的汽油附加費正常化後，拼車價格同比下降。整體服務水平的提高導致拼車轉換率恢復到 COVID 之前的水平。

Over the medium term, we expect rideshare ride volumes to reach and exceed pre-COVID levels. In Q2, Shared rides were 1% of total rideshare rides versus roughly 20% pre-COVID.

從中期來看，我們預計拼車乘車量將達到並超過疫情前的水平。在第二季度，共享乘車佔總乘車次數的 1%，而在 COVID 之前約為 20%。

We're moving quickly to introduce our improved Shared ride experience in more markets to go after this growth opportunity. John will go into more detail about our work on Shared rides.

我們正在迅速採取行動，在更多市場推出我們改進的拼車體驗，以抓住這一增長機會。 John 將詳細介紹我們在共享遊樂設施方面的工作。

While the West Coast has lagged behind other parts of the country, we see signs that it is recovering. In Q2, the top 10 West Coast markets grew more than twice as fast as the East Coast or the South relative to Q1. Nights out represent another growth opportunity since this use case has lagged as a percentage of total rideshare rides relative to what it was before COVID.

雖然西海岸落後於該國其他地區，但我們看到它正在復甦的跡象。在第二季度，相對於第一季度，西海岸前 10 大市場的增長速度是東海岸或南部市場的兩倍多。夜遊代表了另一個增長機會，因為與 COVID 之前的情況相比，此用例佔拼車總次數的百分比落後。

We are also making prudent decisions and responsibly managing our cost structure. In mid-Q2, we revised our operating plan. We pulled back on discretionary spending and significantly slowed hiring. We reprioritized our R&D initiatives and reorganized teams to ensure laser focus on driving profitable growth.

我們也在做出審慎的決定並負責任地管理我們的成本結構。在第二季度中期，我們修訂了運營計劃。我們縮減了可自由支配的支出並顯著放緩了招聘速度。我們重新調整了研發計劃的優先級並重組了團隊，以確保激光專注於推動盈利增長。

Our Q2 performance demonstrates our continued ability to navigate uncertain operating environments and deliver strong results. In addition, we recently announced our plans to discontinue our first-party consumer rental business. Since introducing Lyft Rentals 3 years ago, we experimented with both first- and third-party models and saw third parties as the best way to scale Lyft Rentals and provide better coverage.

我們的第二季度業績表明我們有能力駕馭不確定的運營環境並提供強勁的業績。此外，我們最近宣布了停止我們的第一方消費者租賃業務的計劃。自 3 年前推出 Lyft Rentals 以來，我們嘗試了第一方和第三方模式，並認為第三方是擴大 Lyft Rentals 規模和提供更好覆蓋範圍的最佳方式。

We also consolidated several of our vehicle driver support locations. Finally, even though we decided to exit the San Diego scooter market, Lyft riders will still have extensive nationwide scooter access through our Spin integration. Taken together, these actions are expected to deliver incremental cost savings while maintaining a strong rider experience.

我們還整合了幾個車輛駕駛員支持地點。最後，即使我們決定退出聖地亞哥踏板車市場，Lyft 騎手仍將通過我們的 Spin 集成在全國范圍內廣泛使用踏板車。總而言之，這些行動有望在保持良好騎手體驗的同時帶來更多的成本節約。

The most important point I'd like to leave you with is that we are confident in our ability to continue navigating near-term headwinds and deliver strong long-term business results. Over the past several months, one of the most common requests in investor conversations has been for more visibility into our longer-term profitability.

我想留給您的最重要一點是，我們有信心繼續駕馭近期逆風並提供強勁的長期業務成果。在過去的幾個月裡，投資者對話中最常見的要求之一是更多地了解我們的長期盈利能力。

While the macroeconomic environment continues to create near-term uncertainty, we are confident in the fundamentals of our business. As we look out to 2024, we are targeting adjusted EBITDA of $1 billion with over $700 million of free cash flow, which is defined as operating cash flow less CapEx.

儘管宏觀經濟環境繼續造成近期不確定性，但我們對業務的基本面充滿信心。展望 2024 年，我們的目標是調整後的 EBITDA 為 10 億美元，自由現金流超過 7 億美元，即經營現金流減去資本支出。

We see multiple paths to achieving these milestones driven by expected industry growth and operating leverage. These will be key financial targets that we'll be using to drive the business forward over the next 2 years.

在預期的行業增長和運營槓桿的推動下，我們看到了實現這些里程碑的多種途徑。這些將是我們將在未來 2 年用來推動業務發展的關鍵財務目標。

Now let me turn the call over to Elaine to share the details on our financials.

現在讓我把電話轉給 Elaine，分享我們的財務細節。

Thanks, Logan, and good afternoon, everybody. In the second quarter, we delivered revenues of $991 million, representing an increase of 13% versus Q1 and 30% versus last year. Q2 revenue was just 3% below the all-time peak reached in Q4 of 2019.

謝謝，洛根，大家下午好。第二季度，我們實現了 9.91 億美元的收入，比第一季度增長 13%，比去年增長 30%。第二季度收入僅比 2019 年第四季度達到的歷史峰值低 3%。

Revenue growth was driven primarily by rideshare, which was up 27% year-over-year in Q2. Relative to guidance, Q2 revenues came in towards the high end of our range.

收入增長主要由拼車驅動，第二季度同比增長 27%。相對於指導，第二季度的收入接近我們範圍的高端。

Active Riders grew by more than 2 million versus Q1 and were the highest they've been since early 2020. Active Riders were 19.9 million in Q2, up 12% quarter-over-quarter and 16% versus last year. Sequential new rider growth outpaced the growth of returning riders, which is great to see since it speaks to the runway in front of us.

與第一季度相比，活躍車手增長了超過 200 萬，是自 2020 年初以來的最高水平。第二季度活躍車手為 1990 萬，環比增長 12%，與去年同期相比增長 16%。新騎手的連續增長超過了回歸騎手的增長，這很高興看到，因為它與我們面前的跑道說話。

Q2 revenue per Active Rider of $49.89 was the second highest it has ever been. Revenue per Active Rider grew by $0.71 versus Q1 and by $5.26 versus Q2 of last year. The increase was driven by higher revenue per ride associated with longer trips. Two major trends are driving this: accelerated growth we've seen in Lyft business as well as a strong pickup in travel.

第二季度每位 Active Rider 的收入為 49.89 美元，是有史以來第二高的。每個 Active Rider 的收入與去年第一季度相比增長了 0.71 美元，與去年第二季度相比增長了 5.26 美元。這一增長是由於與長途旅行相關的每次騎行收入增加所致。推動這一趨勢的兩大趨勢：我們在 Lyft 業務中看到的加速增長以及旅行的強勁回升。

Before I move on, I want to note that unless otherwise indicated, all income statement measures are non-GAAP and exclude stock-based compensation and other select items as detailed in our earnings release. A reconciliation of historical GAAP to non-GAAP results is available on our Investor Relations website and may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC.

在我繼續之前，我想指出，除非另有說明，否則所有損益表指標都是非公認會計原則，並且不包括我們的收益發布中詳述的基於股票的薪酬和其他精選項目。歷史 GAAP 與非 GAAP 結果的對賬可在我們的投資者關係網站上找到，並且可以在我們的收益發布中找到，該發布與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。

Q2 contribution significantly outperformed versus guidance. Contribution was $590 million, up 18% versus Q1 and up 31% versus Q2 '21. This is roughly $30 million better than the high end of our contribution outlet of $560 million.

第二季度的貢獻顯著優於指導。貢獻為 5.9 億美元，比第一季度增長 18%，比 21 年第二季度增長 31%。這比我們捐款渠道的高端 5.6 億美元高出大約 3000 萬美元。

Relative to our guidance, around half of the beat or $15.5 million was driven by bikeshare-related accounting adjustments that reduced cost of revenue. This is inclusive of $3.2 million depreciation benefit. The remaining upside was driven by deliberate management actions that drove incremental growth and cost savings.

相對於我們的指導，大約一半的節拍或 1550 萬美元是由共享單車相關的會計調整推動的，這些調整降低了收入成本。這包括 320 萬美元的折舊收益。其餘的上漲是由推動增量增長和成本節約的深思熟慮的管理行動推動的。

Contribution margin in the second quarter was 59.6% and was 360 basis points higher than our guidance of 56%. The bikeshare items I just discussed delivered roughly 160 basis points of this outperformance. Relative to Q1 2022, contribution margin increased by approximately 220 basis points, reflecting deliberate management actions that drove improved per ride unit economics.

第二季度的貢獻率為 59.6%，比我們預期的 56% 高出 360 個基點。我剛剛討論的共享單車項目提供了大約 160 個基點的這種優異表現。相對於 2022 年第一季度，邊際貢獻增加了約 220 個基點，反映出刻意的管理行動推動了單車經濟性的改善。

As a reminder, contribution excludes changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. In the second quarter, there was adverse development of $275 million. This was partly offset by a $37 million accounting gain and resulted in a net impact to GAAP cost of revenue of $239 million. This adverse development reflects insurance industry trends.

提醒一下，供款不包括監管機構要求的可歸因於歷史期間的保險負債變化。第二季度出現了2.75億美元的不利發展。這部分被 3700 萬美元的會計收益所抵消，並對 GAAP 收入成本產生了 2.39 億美元的淨影響。這種不利的發展反映了保險業的趨勢。

The commercial auto industry have been experiencing higher costs and increasing insurance losses. Like many other services, auto repair and health care have become more expensive, reflecting the broad impact of inflation on both wages and materials given supply constraints as well as challenging litigation trends.

商用汽車行業一直在經歷更高的成本和不斷增加的保險損失。與許多其他服務一樣，汽車維修和醫療保健已經變得更加昂貴，這反映了通貨膨脹對工資和材料的廣泛影響，因為供應限制以及具有挑戰性的訴訟趨勢。

Furthermore, our Q2 adverse development is primarily associated with a legacy third-party claims administrator, who did not resolve legacy claims as effectively as we would have expected. These claims predate the risk transfer structure that we've been implementing since Q4 of 2019, which means we do not have the same exposure to additional volatility on legacy claims in future periods. At this point, around 90% of the claims that are handled by our legacy claims administrator, which date back to 2018, are resolved.

此外，我們第二季度的不利發展主要與傳統的第三方索賠管理員有關，他沒有像我們預期的那樣有效地解決遺留索賠。這些索賠早於我們自 2019 年第四季度以來一直在實施的風險轉移結構，這意味著我們在未來期間不會面臨相同的遺留索賠的額外波動風險。至此，由我們的舊理賠管理員處理的可追溯到 2018 年的理賠中約有 90% 得到了解決。

Let's move to operating expenses below cost of revenue. In the aggregate, these expenses came in well below guidance, primarily driven by cost savings in R&D and sales and marketing. These savings are the direct result of actions we took in the quarter to address macroeconomic uncertainty.

讓我們轉向低於收入成本的運營費用。總體而言，這些費用遠低於指導水平，主要是由於研發、銷售和營銷方面的成本節省。這些節省是我們在本季度為解決宏觀經濟不確定性而採取的行動的直接結果。

Let me start with operations and support. As a percentage of revenue, operations and support was 10%, down 60 basis points from Q1 and down 130 basis points from Q2 '21. In absolute terms, this expense was $98.6 million in Q2 and includes a $5 million benefit from an accounting adjustment related to our bikeshare systems.

讓我從運營和支持開始。作為收入、運營和支持的百分比，為 10%，比第一季度下降 60 個基點，比 21 年第二季度下降 130 個基點。按絕對值計算，該費用在第二季度為 9860 萬美元，其中包括與我們的共享單車系統相關的會計調整帶來的 500 萬美元收益。

Relative to Q1 '22 and to Q2 of last year, we achieved better leverage on our operations and support expense even as ride volumes and driver supply grew.

相對於 22 年第一季度和去年第二季度，我們在運營和支持費用方面實現了更好的槓桿作用，即使乘車量和司機供應增加。

R&D was 10.7% of revenue in Q2, down 100 basis points from Q1 and 630 basis points down from Q2 '21. In absolute terms, R&D expense was $105.7 million in Q2. Year-over-year comparisons reflect the impact of our divestiture of our Level 5 self-driving division that closed in July of last year.

研發在第二季度佔收入的 10.7%，比第一季度下降 100 個基點，比 21 年第二季度下降 630 個基點。按絕對值計算，第二季度的研發費用為 1.057 億美元。同比比較反映了我們剝離去年 7 月關閉的 5 級自動駕駛部門的影響。

Relative to Q1, R&D increased by just $3 million, which was below guidance that implied an $18 million to $25 million increase in R&D expense quarter-over-quarter. We were able to do this by streamlining the number of priorities we are working on and considerably limiting hiring.

相對於第一季度，研發僅增加了 300 萬美元，低於預期，即研發費用環比增長 1800 萬至 2500 萬美元。我們能夠通過簡化我們正在處理的優先事項的數量並大大限制招聘來做到這一點。

Sales and marketing as a percentage of revenue was 13% in Q2, roughly flat with Q1 and up 140 basis points versus Q2 of '21. In absolute terms, sales and marketing expense was $128.3 million. The $13.5 million increase in sales and marketing versus Q1 was below guidance of an increase of $19 million to $26 million.

第二季度銷售和營銷佔收入的百分比為 13%，與第一季度大致持平，與 21 年第二季度相比上升了 140 個基點。按絕對值計算，銷售和營銷費用為 1.283 億美元。與第一季度相比，銷售和營銷增加了 1350 萬美元，低於 1900 萬美元至 2600 萬美元的增長預期。

Relative to Q1, this incremental spending reflects precommitted brand marketing and driver referral bonuses. Within sales and marketing, incentives were 3% of revenue.

相對於第一季度，這一增量支出反映了預先承諾的品牌營銷和司機推薦獎金。在銷售和市場營銷中，激勵措施佔收入的 3%。

G&A expense as a percentage of revenue was 20.6% in Q2, up 160 basis points from Q1 and up 60 basis points versus Q2 '21. In absolute terms, G&A expense was $203.7 million and includes a $12 million accounting benefit driven primarily by tax reserve releases that were identified during the quarter.

第二季度 G&A 費用佔收入的百分比為 20.6%，比第一季度上升 160 個基點，比 21 年第二季度上升 60 個基點。按絕對值計算，G&A 費用為 2.037 億美元，其中包括主要由本季度確定的稅收儲備釋放推動的 1200 萬美元會計收益。

Relative to guidance, G&A was incrementally higher than anticipated driven primarily by policy. In terms of the bottom line, our Q2 adjusted EBITDA profit of $79.1 million was the highest in our company's history. It also exceeded the top end of our $10 million to $20 million outlook by $59.1 million. This outperformance reflects actions we took to control costs and drive profits during the quarter in addition to business outperformance and accounting tailwinds. In total, Q2 adjusted EBITDA included $29 million of accounting tailwinds.

相對於指引，G&A 逐漸高於主要受政策驅動的預期。就利潤而言，我們第二季度調整後的 EBITDA 利潤為 7910 萬美元，是我們公司歷史上最高的。它還超過了我們 1000 萬至 2000 萬美元前景的上限 5910 萬美元。這一優異表現反映了我們在本季度為控製成本和推動利潤所採取的行動，以及業務優異表現和會計順風。總體而言，第二季度調整後的 EBITDA 包括 2900 萬美元的會計順風。

We ended Q2 of '22 with unrestricted cash, cash equivalents and short-term investments of $1.8 billion. The sequential change in unrestricted cash was driven primarily by an insurance collateral requirement, which moved funds from unrestricted into restricted cash as well as our acquisition of PBSC.

我們以 18 億美元的無限制現金、現金等價物和短期投資結束了 22 年第二季度。非受限現金的連續變化主要是由保險抵押要求推動的，該要求將資金從非受限現金轉移到受限現金以及我們對 PBSC 的收購。

Before I move to our outlook, it's important to note that geopolitical dynamics and macroeconomic factors are impossible to predict with any certainty. Future conditions can change rapidly and affect our results. We are taking a prudent approach to managing our business.

在我開始展望我們的前景之前，重要的是要注意地緣政治動態和宏觀經濟因素不可能有任何確定性的預測。未來的情況可能會迅速變化並影響我們的結果。我們正在採取審慎的方法來管理我們的業務。

First, like many companies, we are keeping a close eye on consumer behavior. Even in a recessionary environment, transportation is a historically durable category of consumer spending. And the depth of our network means that we can deliver a wide range of price points to riders, from bikes to Wait & Save, Shared rides to Priority Pickup. In addition, more people may turn to rideshare for supplemental earnings opportunities, serving as a tailwind to organic driver supply growth.

首先，與許多公司一樣，我們密切關註消費者行為。即使在經濟衰退的環境中，交通運輸也是一個歷來持久的消費者支出類別。我們網絡的深度意味著我們可以為騎手提供廣泛的價格點，從自行車到 Wait & Save，從共享遊樂設施到優先接送。此外，更多的人可能會轉向拼車尋求額外的盈利機會，從而推動有機驅動供應增長。

Second, as I mentioned earlier, insurance costs were being affected by inflationary pressures. In Q3, we expect this will impact our contribution margin. We've been actively working to mitigate the impact and we aren't done. We believe that over time, we can offset higher insurance costs through both pricing and also product and engineering efforts that deliver better per ride unit economics and that continue advancing the safety of our network.

其次，正如我之前提到的，保險成本受到通脹壓力的影響。在第三季度，我們預計這將影響我們的邊際貢獻。我們一直在積極努力減輕影響，但我們還沒有完成。我們相信，隨著時間的推移，我們可以通過定價以及產品和工程努力來抵消更高的保險成本，從而提供更好的單次乘車單位經濟性並繼續提高我們網絡的安全性。

Internally, we continue to drive forward initiatives to reduce the frequency and severity of accidents, thereby also bringing down the cost of insurance. This includes further leveraging our risk models to assess behavioral and environmental risk factors. Our in-house mapping technology, Lyft Maps, can help enable safer, cost-optimized routes that drive additional insurance savings.

在內部，我們繼續推動減少事故頻率和嚴重程度的舉措，從而降低保險成本。這包括進一步利用我們的風險模型來評估行為和環境風險因素。我們的內部地圖技術 Lyft Maps 可以幫助實現更安全、成本優化的路線，從而節省額外的保險費用。

In terms of controlling our corporate overhead, we have materially pulled back on hiring, cut T&E budgets. And we'll continue scrutinizing every cost line item to ensure we are demonstrating strong discipline. Over a few quarters, we expect higher insurance costs will be mitigated by improving leverage. They will provide some near-term headwinds.

在控制我們的企業管理費用方面，我們大幅縮減了招聘，削減了 T&E 預算。我們將繼續審查每個成本項目，以確保我們表現出嚴格的紀律。在幾個季度中，我們預計更高的保險成本將通過提高槓桿率得到緩解。他們將提供一些近期的不利因素。

Now let me share our outlook. We expect Q3 revenues of between $1.040 billion and $1.060 billion, which implies growth of between 5% and 7% versus Q2 and growth of 20% and 23% versus Q3 last year. Rideshare rides grew almost 4% month-over-month in July, and we expect an acceleration in September with back-to-school. We also expect an incremental tailwind from bikes and scooters in Q3.

現在讓我分享我們的觀點。我們預計第三季度收入在 10.40 億美元至 10.60 億美元之間，這意味著與去年第二季度相比增長 5% 至 7%，與去年第三季度相比增長 20% 和 23%。 7 月份拼車乘車量環比增長近 4%，我們預計 9 月份開學率會加速。我們還預計第三季度自行車和踏板車會帶來更多的順風。

Given H1 actuals and our Q3 outlook, we now expect full year 2022 revenue growth will be slower than the 36% achieved in 2021. In terms of profitability, we expect Q3 contribution margin to be roughly 55%. This implies contribution of $572 million to $583 million. We expect operating expenses below cost of revenue will decrease slightly in Q3 versus Q2 as a percentage of revenue.

鑑於上半年的實際情況和我們對第三季度的展望，我們現在預計 2022 年全年收入增長將低於 2021 年實現的 36%。就盈利能力而言，我們預計第三季度的貢獻率約為 55%。這意味著貢獻 5.72 億美元至 5.83 億美元。我們預計第三季度低於收入成本的運營費用將比第二季度略有下降，佔收入的百分比。

As a result of the above, we expect Q3 adjusted EBITDA of $55 million to $65 million. This implies an adjusted EBITDA margin of roughly 5% to 6%. Excluding the accounting tailwinds in Q2 of $15.5 million in contribution and $29 million in adjusted EBITDA, for every $1 of incremental revenue in Q3, the high end of our outlook implies $0.12 will flow to contribution and $0.22 will flow to adjusted EBITDA. We recognize the importance of expanding the leverage in our business and growing our profits, and we are committed to driving both forward.

由於上述原因，我們預計第三季度調整後的 EBITDA 為 5500 萬美元至 6500 萬美元。這意味著調整後的 EBITDA 利潤率約為 5% 至 6%。不包括第二季度 1550 萬美元的貢獻和 2900 萬美元的調整後 EBITDA 的會計順風，對於第三季度每增加 1 美元的收入，我們展望的高端意味著 0.12 美元將流向貢獻，0.22 美元將流向調整後的 EBITDA。我們認識到擴大業務槓桿和增加利潤的重要性，我們致力於推動兩者向前發展。

With that, let me turn it over to John.

有了這個，讓我把它交給約翰。

Thanks, Elaine. I'm going to focus my comments on the marketplace work we are doing to deliver incremental growth and profits. First, let me start with ride affordability since this is critical to support ride frequency and loyalty, which are key drivers of our business.

謝謝，伊萊恩。我將把我的評論集中在我們為實現增量增長和利潤所做的市場工作上。首先，讓我從乘車負擔能力開始，因為這對於支持乘車頻率和忠誠度至關重要，這是我們業務的關鍵驅動力。

Our network gives riders access to a wide range of transportation options and price points. In terms of rideshare, Shared rides are top priority as the most affordable option. Shared rides were still a relatively small percentage of our total rideshare volumes in Q2, but it's clear that the new, reimagined experience is delivering meaningful value.

我們的網絡為乘客提供了廣泛的交通選擇和價格點。在拼車方面，拼車是最實惠的選擇。在第二季度，拼車在我們的拼車總量中仍然只佔相對較小的比例，但很明顯，全新的、重新構想的體驗正在帶來有意義的價值。

In Philadelphia, Shared rides grew 20% quarter-over-quarter in Q2, far outpacing standard rideshare growth. And pre-booking a Shared ride has become very popular, accounting for the vast majority of all shared rides in Q2. By booking a Shared ride in advance, riders receive the best possible price. In exchange, we get more time to find the best possible match. As a result, we can make the experience better for the rider and driver, improve our marketplace efficiency and unit economics.

在費城，共享乘車在第二季度環比增長 20%，遠遠超過標準乘車增長。預訂拼車服務變得非常流行，佔第二季度所有拼車服務的絕大部分。通過提前預訂拼車，乘客可以獲得最優惠的價格。作為交換，我們有更多的時間來尋找最佳匹配。因此，我們可以為騎手和司機提供更好的體驗，提高我們的市場效率和單位經濟效益。

As a specific example, in Philadelphia, our match efficiency and match rates are nearing pre-COVID levels on just 20% of pre-COVID shared ride volumes. We're moving quickly to introduce Shared rides in more markets to scale this opportunity. In July, we doubled the number of markets where Shared rides are offered from 7 to 14. And we'll continue scaling Shared rides as we move through the year.

作為一個具體的例子，在費城，我們的匹配效率和匹配率僅在 COVID 之前的共享乘車量的 20% 上接近 COVID 之前的水平。我們正在迅速採取行動，在更多市場推出拼車服務，以擴大這一機會。 7 月，我們將提供拼車服務的市場數量翻了一番，從 7 個增加到 14 個。隨著這一年的發展，我們將繼續擴大拼車服務的規模。

Additionally, our bikes and scooters offer affordable and sustainable options for shorter trips. Last year, more than 2.4 million people tried Lyft operated bikes and scooters for the first time. And in the first half of this year, first-time bike and scooter riders were up 7% versus the same period last year. In addition, in New York City, city bike rides more than doubled versus Q1 '22. And in Chicago and Denver, our scooter systems reached new daily highs during Q2.

此外，我們的自行車和踏板車為短途旅行提供經濟實惠且可持續的選擇。去年，超過 240 萬人首次嘗試了 Lyft 運營的自行車和踏板車。今年上半年，首次騎自行車和滑板車的人比去年同期增長了 7%。此外，在紐約市，與 22 年第一季度相比，城市自行車騎行量增加了一倍多。在芝加哥和丹佛，我們的滑板車系統在第二季度創下了單日新高。

Next, let me talk about the rideshare driver experience. We are working to give drivers even greater transparency when it comes to choosing when to drive and which rides to accept. By doing so, we expect we can increase organic driver acquisition and loyalty and continue improving our marketplace balance.

接下來，讓我談談拼車司機的體驗。在選擇何時開車和接受哪些遊樂設施時，我們正在努力為司機提供更大的透明度。通過這樣做，我們希望我們可以增加有機驅動程序的獲取和忠誠度，並繼續改善我們的市場平衡。

These high-impact projects have the potential to drive meaningful top line and bottom line growth now and in the future. Upfront pay is one example. With upfront pay, drivers have more visibility into the rider's pickup location, the route details and their expected earnings when they're deciding whether to accept the ride request.

這些高影響力項目有可能在現在和未來推動有意義的收入和利潤增長。預付費用就是一個例子。有了預付費用，司機在決定是否接受乘車請求時，可以更清楚地了解乘客的上車地點、路線詳情以及他們的預期收入。

We've seen that upfront pay can increase the number of drivers using Lyft and the amount of time they spend driving while also increasing ride completion rates. We'll continue working to deploy upfront pay in more markets throughout the year.

我們已經看到，預付費用可以增加使用 Lyft 的司機數量和他們駕駛的時間，同時還可以提高乘車完成率。我們將在全年繼續努力在更多市場部署預付費用。

Last, I want to highlight the significant additional opportunity we see to make our marketplace more and more efficient. This work is an important lever within our control that we will use to achieve our 2024 adjusted EBITDA target. One example is our work to more fully roll out Lyft Maps, our in-house mapping technology that is based on open source software.

最後，我想強調一下我們看到的讓我們的市場越來越高效的重要額外機會。這項工作是我們控制範圍內的一個重要槓桿，我們將使用它來實現 2024 年調整後的 EBITDA 目標。一個例子是我們更全面地推出 Lyft Maps，這是我們基於開源軟件的內部地圖技術。

This work allows us to drive material cost savings per ride in terms of better routing and actual third-party mapping costs. To that end, in Q2, we launched Lyft Maps within our rider app, and it's now providing the underlying map for more than 60% of rider sessions.

這項工作使我們能夠在更好的路線和實際的第三方地圖成本方面節省每次騎行的材料成本。為此，在第二季度，我們在乘客應用程序中推出了 Lyft Maps，現在它為超過 60% 的乘客會話提供了基礎地圖。

With this rollout, we've grown the percentage of rides powered entirely by Lyft to 18%, up from around 3% of rides at the beginning of the year. Based on initial data, we expect Lyft Maps can begin to deliver meaningful cost savings starting this quarter.

通過此次推出，我們已將完全由 Lyft 提供動力的遊樂設施的比例從年初的 3% 左右增加到 18%。根據初始數據，我們預計 Lyft Maps 可以從本季度開始顯著節省成本。

Another example is the work we are doing to further improve the efficiency of our driver engagement spend. We are doing this by advancing our machine learning technology and enhancing our prediction tools. This work has the potential to deliver millions of dollars in incremental adjusted EBITDA profit by the end of the year.

另一個例子是我們正在做的工作，以進一步提高我們的司機參與支出的效率。我們正在通過推進我們的機器學習技術和增強我們的預測工具來做到這一點。這項工作有可能在年底前帶來數百萬美元的增量調整後 EBITDA 利潤。

The bottom line is that there are several exciting opportunities within our control to drive positive leverage in our business. As we navigate the next few quarters, it's clear consumer transportation and the technology we're building is a strong long-term business with a massive addressable market.

最重要的是，在我們的控制範圍內有幾個令人興奮的機會可以推動我們業務的積極影響。在接下來的幾個季度中，很明顯，消費者運輸和我們正在構建的技術是一項強大的長期業務，擁有巨大的潛在市場。

We continue to believe that Lyft has the opportunity to deliver one of the most significant shifts to society since the advent of the car by enabling and unlocking transportation as a service. Autonomous vehicles will provide an additional step change in long-term growth and Lyft will be at the forefront of that transformation.

我們仍然相信，Lyft 有機會通過啟用和解鎖交通即服務，為社會帶來自汽車問世以來最重大的轉變之一。自動駕駛汽車將為長期增長帶來額外的變化，而 Lyft 將處於這一轉變的最前沿。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Your first question is from the line of Doug Anmuth with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

You talked about how drivers are at their highest levels in 2 years. Can you just talk about how you're positioned now with drivers versus 3 months ago, what that's meant to service levels and what that suggests for contra revenues or incentives in the back half of the year?

你談到了司機是如何達到兩年來的最高水平的。您能否談談與 3 個月前相比，您現在對司機的定位如何，這對服務水平意味著什麼，以及這對下半年的收入或激勵措施有何影響？

And then just given the 2Q revenues, which were pretty solid, what -- can you just talk more about what drives the change in the '22 outlook overall on just not expecting acceleration any longer.

然後考慮到非常穩定的第二季度收入，你能不能多談談是什麼推動了 22 年整體前景的變化，只是不再期待加速。

Doug, it's John. I'll take the driver question and then pass it to Elaine on revenue. So yes, coming out of the last earnings call, there were a lot of questions about the supply side of our marketplace. We're super happy on what we saw on the driver side. It's in the best place it's been in a very long time. And we're seeing continued positive trajectory.

道格，是約翰。我會回答司機的問題，然後將其傳遞給 Elaine 以討論收入問題。所以，是的，在上一次財報電話會議上，有很多關於我們市場供應方面的問題。我們對在駕駛員方面看到的感到非常高興。這是很長一段時間以來最好的地方。我們看到了持續的積極軌跡。

We mentioned earlier on this call, total active drivers were the highest they've been in 2 years and more than half of new driver acquisition in Q2 was organic. Driver earnings also obviously super important to watch. In the U.S., we're north of $37 per utilized hour, which is up 18% year-over-year, including tips on bonuses.

我們之前在本次電話會議中提到，活躍司機總數是兩年來的最高水平，第二季度超過一半的新司機收購是有機的。司機收入顯然也非常值得關注。在美國，我們每使用小時超過 37 美元，同比增長 18%，包括獎金小費。

And you asked about contra revenue incentives. On a per rideshare ride basis, we're actually down 17% versus last year, which is an even sharper decline than we had expected. In Q3, we expect contra revenue incentives per rideshare ride will decline another 20% quarter-over-quarter.

您詢問了對沖收入激勵措施。在每次拼車的基礎上，我們實際上比去年下降了 17%，這比我們預期的下降幅度更大。在第三季度，我們預計每次拼車的收入獎勵將環比再下降 20%。

One reminder is that these incentives are primarily funded by Primetime, which is reflected in the price riders pay.

一個提醒是，這些激勵措施主要由黃金時段資助，這反映在乘客支付的價格中。

You asked about service levels. They continue to improve because of what I just mentioned. So what we're excited about is that Q2 average rideshare ETAs were 1 to 2 minutes away from pre-COVID levels. And so hopefully, that addresses your questions on service levels and drivers.

您詢問了服務水平。由於我剛才提到的，他們繼續改進。因此，我們感到興奮的是，第二季度的平均拼車 ETA 距離 COVID 之前的水平只有 1 到 2 分鐘。希望這能解決您關於服務水平和驅動程序的問題。

Yes. In terms of your question on our full year outlook and our revenues, modest macro headwinds have tempered our view on the pace of the recovery since what we expected since the start of the year. The trends we saw in Q2 and from July are informing that view. And even while we've continued to grow rides, the pace at certain points have been more tempered than we thought at the start of the year.

是的。關於您對我們全年展望和收入的問題，自今年年初以來，適度的宏觀逆風削弱了我們對複蘇步伐的看法。我們在第二季度和 7 月看到的趨勢表明了這一觀點。即使我們繼續增加遊樂設施，某些時候的步伐也比我們在年初想像的要緩和。

As a result, as we disclosed, we brought down revenue growth to 5% to 7% quarter-over-quarter in Q3, and this has informed our full year outlook And we've also revised our expectation for full year '22 revenue growth. Regardless, we expect to deliver $55 million to $65 million in adjusted EBITDA in Q3 and $1 billion of adjusted EBITDA in 2024.

因此，正如我們披露的那樣，我們將第三季度的收入環比增長率下調至 5% 至 7%，這為我們的全年展望提供了依據，我們還修改了對 22 年全年收入增長的預期.無論如何，我們預計第三季度調整後 EBITDA 將達到 5500 萬至 6500 萬美元，2024 年調整後 EBITDA 將達到 10 億美元。

Going back to your question on contra and our outlook on contra revenue incentives. Contra, as John mentioned, was down 17% year-over-year, a sharper decline than we were anticipating as of May. We expected a 15% decline year-over-year. And going forward, on a per rideshare basis, we expect contra to decline 20% year-over-year and to come down in absolute terms versus Q2.

回到您關於對沖的問題以及我們對對沖收入激勵措施的展望。正如約翰所說，Contra 同比下降 17%，比我們在 5 月份預期的下降幅度更大。我們預計同比下降 15%。展望未來，按每個拼車計算，我們預計對比將同比下降 20%，並且與第二季度相比絕對值下降。

Just -- can I just clarify there? The down 20% -- it's the 17% year-over-year going to down 20% year-over-year? Or it's down another 20% sequentially? I just want to clarify that point.

只是——我可以澄清一下嗎？下降 20% - 是 17% 同比下降 20%？還是連續下降了 20%？我只是想澄清這一點。

Doug, it's Sonya. Just clarifying, it's down 20% quarter-on-quarter on a per rideshare ride basis. Does that clarify your question?

道格，是索尼婭。只是澄清一下，在每次拼車的基礎上，它環比下降了 20%。這是否澄清了你的問題？

Quarter-on-quarter, yes.

季度環比，是的。

Quarter-on-quarter.

季度環比。

Your next question is from the line of Stephen Ju with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Stephen Ju。

So John, the steps you just talked about to, say, offer the driver the ability to favor certain jobs over others, I mean without question, positive for them, right? But they may be neutral to maybe negative for the consumer experience. So how do the interests between the 2 sides of the marketplace get balanced?

所以約翰，你剛才談到的步驟，比如說，讓司機能夠偏愛某些工作而不是其他工作，我的意思是毫無疑問，對他們是積極的，對吧？但對於消費者體驗，它們可能是中性的，也可能是負面的。那麼市場兩方之間的利益如何平衡呢？

And Elaine, I think you touched on this in your prepared remarks. But can you remind us where you stand in terms of all the potential liabilities from the older insurance claims? Because our recollection is that about -- I don't know, I think this was about a year plus ago that Lyft had paid to transfer some of the risk to a third party with the understanding that we'll not see these provisions from adverse events show up going forward. But -- and when you say that you have resolved like 90% of the claims, I mean is that from a dollar or cases standpoint?

伊萊恩，我想你在準備好的發言中提到了這一點。但是你能提醒我們你在舊保險索賠的所有潛在責任方面的立場嗎？因為我們的回憶是——我不知道，我認為這是大約一年多以前，Lyft 已經支付了將部分風險轉移給第三方的費用，但我們理解我們不會從不利的角度看待這些規定事件出現在未來。但是——當你說你已經解決了 90% 的索賠時，我的意思是從美元或案件的角度來看？

Stephen, this is John. So on your first part, upfront pay, so you're right. It's a careful balance. Obviously, we want to provide drivers with as much information as possible while also providing a really strong and good rider experience.

斯蒂芬，這是約翰。所以在你的第一部分，預付款，所以你是對的。這是一個謹慎的平衡。顯然，我們希望為駕駛員提供盡可能多的信息，同時提供真正強大和良好的騎手體驗。

And that's why it's rolled out. We started testing it. I think we were the first to test it in the rideshare industry. And we're continuing to roll out more elements of it as we go to ensure that we're protecting the rider experience.

這就是它推出的原因。我們開始測試它。我認為我們是第一個在拼車行業對其進行測試的人。我們將繼續推出更多元素，以確保我們保護騎手體驗。

And what you need -- what you realize as you do that is -- and I think overall, this is a really good thing, is that you properly align incentives across the marketplace so that if you were previously pricing a short ride in a way that got less drivers to accept it and you were pricing a long ride in a way that got a lot of drivers to accept it, you might rebalance that between the short and long rides. Overall, net -- 0 net result but I think better aligns incentives across the board.

你需要什麼——當你這樣做時你意識到——我認為總的來說，這是一件非常好的事情，是你正確地調整整個市場的激勵措施，這樣如果你以前以某種方式為短途旅行定價這讓更少的司機接受它，而你以一種讓很多司機接受它的方式為長途旅行定價，你可能會在短途和長途旅行之間重新平衡。總體而言，淨 - 0 淨結果，但我認為更好地統一激勵措施。

And so the time we take to roll it out in each market and for each segment of drivers is because we continue to dial that in. Long term, I think, just because we've aligned incentives better with drivers, I think overall, there is efficiency or operating leverage from doing this because this is actually way better than kind of long or medium-term incentives, it's right in the moment. And so we believe it will perform better for our overall unit economics.

因此，我們花時間在每個市場和每個司機細分市場推出它是因為我們繼續撥入。從長遠來看，我認為，只是因為我們更好地將激勵措施與司機保持一致，我認為總體而言，那裡這樣做是效率還是運營槓桿，因為這實際上比長期或中期激勵措施要好得多，現在就對了。因此，我們相信它將對我們的整體單位經濟表現更好。

Thanks for the questions on adverse. And just to clarify, what I mentioned in my remarks was that at this point, 90% of the claims outstanding that are handled by our legacy claims administrator, which date back to 2018, 90% of the total claims are resolved, 10% are outstanding, so it was number of claims.

感謝您對不利的問題。為了澄清一下，我在發言中提到的是，在這一點上，90% 的未決索賠由我們的遺留索賠管理員處理，這些索賠可以追溯到 2018 年，90% 的索賠得到解決，10% 得到解決傑出的，所以它是索賠的數量。

With respect to adverse, we do think that this adverse development reflects insurance industry trends. The commercial auto industry has been experiencing higher costs and increasing insurance losses. And like many other services, auto repair and health care have become more expensive, reflecting the broad impact of inflation on both wages and materials.

關於不利因素，我們確實認為這種不利發展反映了保險行業的趨勢。商用汽車行業一直在經歷更高的成本和不斷增加的保險損失。與許多其他服務一樣，汽車維修和醫療保健也變得更加昂貴，反映出通貨膨脹對工資和材料的廣泛影響。

Virtually all of our adverse development is attributable to historical auto losses that date back to 2018. This predates our risk transfer partnerships with insurance carriers, with rideshare specific experience, adjusting claims. The legacy book of liabilities primarily causing these adverse predates this risk transfer and will continue to shrink in size as the claims are closed out.

幾乎我們所有的不利發展都歸因於可追溯到 2018 年的歷史汽車損失。這早於我們與保險公司的風險轉移合作夥伴關係，具有拼車的特定經驗，調整索賠。主要導致這些不利因素的遺留負債賬簿早於這種風險轉移，並且隨著索賠的結束，規模將繼續縮小。

Your next question is from the line of Mark Mahaney with Evercore.

您的下一個問題來自與 Evercore 的 Mark Mahaney。

A near-term question and a long-term one. The fuel -- I forgot what it's called, fuel charges, whatever. As gas prices are coming down, is there an opportunity here to no longer need to rely on those for drivers?

一個短期問題和一個長期問題。燃料——我忘了它叫什麼，燃料費等等。隨著汽油價格的下降，這裡是否有機會不再需要依賴那些司機？

And then secondly, this $1 billion in EBITDA goal and $700 million free cash flow by 2024. I was going to ask just some -- a few of the assumptions behind that. I know John talked about some nice efficiencies with Lyft Maps. But Elaine, is there anything else you would call out? Just high level, what kind of assumptions are required to get there?

其次，到 2024 年實現 10 億美元的 EBITDA 目標和 7 億美元的自由現金流。我只想問一些——其中一些假設。我知道 John 談到了 Lyft Maps 的一些不錯的效率。但是伊萊恩，你還有什麼要說的嗎？只是高水平，需要什麼樣的假設才能到達那裡？

On gas prices, we're not announcing anything for our drivers on this call. But we'll continue to look at -- obviously, we're seeing gas prices come down. And as we mentioned on the call, we saw driver earnings at a really nice level, over $37. So overall, I can't announce but definitely think driver earnings continue to be in a good place.

關於汽油價格，我們不會在這次電話會議上為我們的司機宣布任何事情。但我們將繼續關注——顯然，我們看到汽油價格下降。正如我們在電話會議上提到的，我們看到司機的收入非常好，超過 37 美元。所以總的來說，我不能宣布，但絕對認為司機的收入繼續保持良好狀態。

And then on the $1 billion target for 2024, there's 4 key levers to get there. The first is overall rideshare market growth. Second is pricing. And along with that, changes in ride mix and modes and the sort of revenue management behind that. Third is the impact on our work to drive efficiency in the marketplace. And finally is overall operating leverage.

然後在 2024 年 10 億美元的目標上，有 4 個關鍵槓桿可以實現這一目標。首先是拼車市場的整體增長。二是定價。除此之外，乘車組合和模式的變化以及其背後的收入管理類型。第三是對我們提高市場效率的工作的影響。最後是整體經營槓桿。

So one key assumption that is important to call out is it only assumes rideshare volumes grow at the same rate as the rest of the market. We're confident in the plan and the assumptions behind it. And again, we have multiple paths to achieve that $1 billion target.

因此，需要指出的一個重要假設是，它只假設拼車交易量的增長速度與市場其他部分的增長速度相同。我們對該計劃及其背後的假設充滿信心。同樣，我們有多種途徑可以實現 10 億美元的目標。

Your next question is from the line of Steven Fox with Fox Advisors.

您的下一個問題來自 Fox Advisors 的 Steven Fox。

A couple of questions from me. So I was just curious on the airport rides trend since it's reached record levels. How do we think about that going forward from here given future travel trends and how you're managing the mix of business? And then I had a follow-up.

我有幾個問題。所以我只是對機場遊樂設施的趨勢感到好奇，因為它達到了創紀錄的水平。鑑於未來的旅行趨勢以及您如何管理業務組合，我們如何看待從這裡向前發展？然後我進行了跟進。

Obviously, it's hard to perfectly predict the macroeconomic conditions, but we've made strong investments with the team in the airport trip. We have a phenomenal partnership with Delta and other airlines because we see it as such a great example.

顯然，很難完美地預測宏觀經濟狀況，但我們在機場旅行中與團隊進行了大量投資。我們與達美航空和其他航空公司建立了非凡的合作夥伴關係，因為我們認為這是一個很好的例子。

And as Logan mentioned, on the path to the $1 billion in adjusted EBITDA, he mentioned mode mix. And so when you look at an airport ride, it's obviously longer and can have great margin and be great for the driver.

正如洛根所說，在調整後的 EBITDA 達到 10 億美元的道路上，他提到了模式組合。因此，當您查看機場行程時，它顯然更長，並且可以有很大的餘量並且對司機來說很好。

So again, I'm not going to predict exact direction of that. I think it is both the fact that, that has hit an all-time high as both attributable to the fact that people are out traveling again as well as the work we've done internally to make that true.

再說一次，我不打算預測它的確切方向。我認為這既是因為人們再次外出旅行的事實，也是因為我們在內部為實現這一目標所做的工作，這兩個事實都創下了歷史新高。

Yes. This is Logan. I'll just call it, clearly, there's a lot of pent-up demand for travel. So we're seeing a big surge now, but I think that's likely to continue.

是的。這是洛根。我就這麼說吧，很明顯，有很多被壓抑的旅行需求。所以我們現在看到了大幅增長，但我認為這種情況可能會持續下去。

The other piece is just to call out that the airport experience has really improved in a lot of ways over the last number of years. Looking back several years, it wasn't clear that the airports even wanted ridesharing to operate there. And now we're a meaningful portion of their revenue. They're allocating better curb space, in many cases, better queuing lots. And we've done a ton of product work to improve the experience.

另一部分只是指出，在過去的幾年裡，機場體驗在很多方面確實得到了改善。回顧幾年，機場甚至不希望拼車在那裡運營還不清楚。現在我們是他們收入的重要組成部分。他們分配了更好的路邊空間，在許多情況下，更好的排隊。我們已經完成了大量的產品工作來改善體驗。

So for example, priority pickup, which is a great product we launched last year that gives riders the fastest Lyft pickup experience, we've now scaled up to over 34 airports. That was -- we had to do a lot of work to bring the priority pickup experience to airports, but it's there now in a lot of major airports and working really nicely.

例如，優先取件，這是我們去年推出的一個很棒的產品，它為乘客提供了最快的 Lyft 取件體驗，我們現在已經擴展到超過 34 個機場。那是 - 我們必須做很多工作才能將優先接機體驗帶到機場，但它現在在許多主要機場都存在並且工作得非常好。

So a lot of the kind of infrastructure under the hood that we've done and we've done in conjunction with airports, I think, has helped the experience and put us in a good place to capture this kind of resurgence of travel.

因此，我認為，我們已經完成以及與機場合作完成的許多底層基礎設施有助於體驗，並使我們處於捕捉這種旅行複甦的好地方。

That's helpful. And then just -- is there any further update on the PBSC acquisition and whether that's considered in the $1 billion EBITDA target?

這很有幫助。然後只是 - 關於 PBSC 的收購是否有任何進一步的更新，以及是否在 10 億美元的 EBITDA 目標中考慮了這一點？

That is considered in the target. Things are going well there. We're quite excited. It creates opportunities for revenue synergies between what we were doing at bikeshare and what they've been doing. As we were doing R&D on bikeshare like building an e-bike, we now -- they already have customers around the world to kind of make up for any cost we have in R&D by basically having a captured sales audience to sell it to instantly.

這是在目標中考慮的。那裡的事情進展順利。我們很興奮。它為我們在共享單車所做的事情和他們一直在做的事情之間創造了收入協同效應的機會。當我們在自行車共享上進行研發時，就像製造電動自行車一樣，我們現在 - 他們已經在世界各地擁有客戶，可以通過基本上擁有捕獲的銷售受眾來彌補我們在研發方面的任何成本。立即將其出售。

It diversifies our overall customer mix in that business and our geographic concentration of the existing model that was just U.S. focused. PBSC bikeshare equipment has been sold in 45 markets in 15 countries. And so quite excited about what that can mean for that part of our business.

它使我們在該業務中的整體客戶組合以及我們僅專注於美國的現有模型的地理集中度多樣化。 PBSC 共享單車設備已在 15 個國家的 45 個市場銷售。對這對我們業務的這一部分意味著什麼感到非常興奮。

Your next question is from the line of Brent Thill with Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

This is John on for Brent Thill. A question on some of the progress you made on cost savings on the OpEx side this quarter. I mean some of it were discretionary and so on. But wondering how much of that will be sustainable in the near to medium term, especially on the sales and marketing side? And related to that, what -- if you could talk more about your headcount plans, that would be great.

這是布倫特希爾的約翰。關於本季度您在運營支出方面的成本節約方面取得的一些進展的問題。我的意思是其中一些是自由裁量的等等。但想知道其中有多少在中短期內是可持續的，尤其是在銷售和營銷方面？與此相關的是，如果您可以更多地談論您的員工人數計劃，那就太好了。

Yes. Thanks for that question. As indicated in our Q3 guidance, one additional -- we expect to see additional leverage and overall OpEx. We are -- as we said, in Q2, we made strides in cutting marketing, T&E and significantly slowing headcount growth. And we're not giving specific guidance around our hiring plans. But we're exercising extremely disciplined cost management with a clear focus on the bottom line.

是的。謝謝你的問題。正如我們在第三季度的指導中所指出的，還有一個——我們預計會看到額外的槓桿作用和整體運營支出。我們 - 正如我們所說，在第二季度，我們在削減營銷、T&E 和顯著放緩員工人數增長方面取得了長足進步。而且我們沒有就我們的招聘計劃提供具體指導。但我們正在執行極其嚴格的成本管理，明確關注底線。

Your next question is from the line of John Blackledge with Cowen.

您的下一個問題來自 John Blackledge 與 Cowen 的對話。

Two questions. First on the driver supply. Do you think the tougher macro is helping with driver supply and the organic driver acquisition that you saw?

兩個問題。首先是驅動器供應。您認為更嚴格的宏觀政策是否有助於驅動程序供應和您看到的有機驅動程序收購？

And then second on Shared rides. Do you expect the shared rides to return to the kind of pre-pandemic 20% of rides volume? Or will it settle in at a lower percentage of volume in the next couple of years? And will pricing for the shared rides return to kind of pre-COVID levels? Or will it be elevated in the coming years?

然後是共享遊樂設施。您是否預計共享遊樂設施會恢復到大流行前 20% 的遊樂設施數量？還是會在未來幾年內以較低的交易量百分比穩定下來？共享遊樂設施的定價會恢復到 COVID 之前的水平嗎？還是會在未來幾年提升？

Yes. We do expect to see some recessionary tailwinds on the driver side. I think as people are looking for earnings opportunities, driving for Lyft has always been a great opportunity. It is always on, always there. And like we were talking about earlier, now clocking in at $37 per hour -- per utilized hour, earnings opportunity. It is extremely competitive. It is typically above that of what driving delivery or other sort of gig opportunities pay.

是的。我們確實希望在駕駛員方面看到一些衰退的順風。我認為當人們在尋找賺錢機會時，為 Lyft 開車一直是一個很好的機會。它始終開啟，始終存在。就像我們之前所說的那樣，現在以每小時 37 美元的速度打卡——每使用小時，收入機會。這是極具競爭力的。它通常高於推動交付或其他類型的演出機會所支付的費用。

So I think it will maintain a sort of unique place in the market, of a premium gig opportunity. And we launched the business back in 2012, which was really on the -- in a more recessionary environment, coming out of the great recession of the '08, '09 time frame. And I think we are set up well to sort of thrive in any condition. But there's -- we will lean into the moment.

所以我認為它將在市場上保持一種獨特的地位，一個優質的演出機會。我們早在 2012 年就推出了這項業務，這確實是在一個更加衰退的環境中，從 08 年和 09 年時間框架的大衰退中走出來。而且我認為我們的設置很好，可以在任何情況下茁壯成長。但是有 - 我們將專注於這一刻。

On shared rides, as you mentioned, we -- prior to COVID, we had 20% of rides as Shared rides. It was actually 30% in the markets that it existed in. And so we're -- it's still quite early. And as we mentioned on the prepared remarks, Philadelphia, one of the first markets, if not the first market we brought it back to, grew 20% quarter-over-quarter for Shared rides, outpacing standard rideshare growth.

正如您所提到的，在共享遊樂設施中，在 COVID 之前，我們有 20% 的遊樂設施是共享遊樂設施。它實際上存在於市場中的 30%。所以我們現在 - 它還為時過早。正如我們在準備好的評論中提到的那樣，費城是最早的市場之一，即使不是我們帶回的第一個市場，共享乘車的季度環比增長了 20%，超過了標準乘車共享的增長。

And we're continuing to dial it in carefully. We have basically a new product for Shared rides, which can allow us to offer multiple price points within Shared rides. So if you want one instantaneously kind of within 1 minute or 2, which was the old product, you can get that and pay for it.

我們將繼續仔細撥入。我們基本上有一個共享遊樂設施的新產品，它可以讓我們在共享遊樂設施中提供多個價格點。因此，如果您想要在 1 分鐘或 2 分鐘內立即獲得一種舊產品，您可以得到它並為此付費。

And to your point, maybe you pay a little bit more than you did historically for that instantaneous shared ride. But if you're willing to wait 5 minutes, 10 minutes or 20 minutes, we have much more time to find you a match, and therefore, to give you -- to pass on and/or maintain that match efficiency.

就您而言，也許您為即時共享乘車支付的費用比歷史上多一點。但是，如果您願意等待 5 分鐘、10 分鐘或 20 分鐘，我們就有更多的時間來為您找到比賽，因此，可以給您 - 傳遞和/或保持比賽效率。

What is really heartening and really exciting for us to see, as we mentioned on the call earlier, is that our match rates are nearing -- in Philly, nearing pre-COVID levels on just 20% of shared ride volumes.

正如我們在之前的電話會議中提到的那樣，我們看到的真正令人振奮和真正令人興奮的是，我們的匹配率正在接近——在費城，僅佔共享乘車量的 20% 就接近 COVID 之前的水平。

And so the whole reason we rebuilt the infrastructure behind shared rides is so that it would have better unit economics and be a better experience for our riders and drivers. And I think there's quite a bit of upside there. As also mentioned in July, we doubled the number of markets from 7 to 14, and we have much more to go.

因此，我們重建共享遊樂設施背後的基礎設施的全部原因是，它具有更好的單位經濟性，並為我們的騎手和司機提供更好的體驗。而且我認為那裡有很多好處。正如 7 月份所提到的，我們將市場數量從 7 個增加到 14 個，而且我們還有很多工作要做。

Your next question is from the line of Benjamin Black with Deutsche Bank.

您的下一個問題來自德意志銀行的 Benjamin Black。

Great. Thanks for the question. Could you talk about market share dynamics? I think in the past, you mentioned maintaining share despite the slow recovery patterns we've seen in the West Coast. Is that still the case? Any comments on market share would be really helpful.

偉大的。謝謝你的問題。您能談談市場份額動態嗎？我認為在過去，儘管我們在西海岸看到了緩慢的複蘇模式，但您提到了保持份額。還是這樣嗎？任何關於市場份額的評論都會非常有幫助。

And the second question is on contribution margin. So excluding the accounting benefit you mentioned, what exactly drove the strength here? And why are you expecting contribution margins to actually contract sequentially in the 3Q?

第二個問題是關於邊際貢獻的。因此，不包括您提到的會計收益，究竟是什麼推動了這裡的實力？為什麼您預計第三季度的邊際貢獻實際上會連續收縮？

Yes. First, on market share. On a national basis, market share is consistent with where it was pre-COVID. And this is true even with the West Coast lagging and Shared rides not fully back, which are 2 areas where we historically over indexed.

是的。首先，關於市場份額。在全國范圍內，市場份額與 COVID 之前的情況一致。即使西海岸落後且共享遊樂設施沒有完全恢復也是如此，這是我們歷史上過度索引的兩個領域。

Now in June, we ran a pricing pilot in a select number of markets that did have a negative impact on share. The pilot has since ended, and we expect that share in those markets will revert over time. But even with that, I want to underline that we are still at share levels consistent with pre-COVID. And on contribution margin?

現在在 6 月，我們在一些對份額產生負面影響的特定市場進行了定價試點。該試點已經結束，我們預計這些市場的份額將隨著時間的推移而恢復。但即便如此，我想強調的是，我們仍處於與 COVID 之前一致的份額水平。以及邊際貢獻？

Yes. In Q2, with respect to our contribution margin and what drove our beat, it was proactive management decisions and business outperformance in addition to the onetime accounting items.

是的。在第二季度，關於我們的邊際貢獻和推動我們業績的因素，除了一次性會計項目外，還有積極的管理決策和業務表現。

150 bps of the beat with stronger revenue per ride due to longer rides and pricing and 160 bps of the beat were onetime accounting items, including a bikeshare adjustment of $16 million. And just to note, that includes $3 million depreciation benefit. Remember and a reminder, our cost of revenue includes depreciation expense. And so to bridge that to adjusted EBITDA is a depreciation expense add back.

150 個基點的節拍（由於更長的行程和定價導致每次騎行收入更高）和節拍的 160 個基點是一次性會計項目，包括 1600 萬美元的公共自行車調整。需要注意的是，這包括 300 萬美元的折舊收益。請記住並提醒，我們的收入成本包括折舊費用。因此，將其與調整後的 EBITDA 聯繫起來是折舊費用加回。

In terms of looking forward and Q3 and the contribution margins, as we noted, when we want to normalize the comparison to a normalized Q2 adjusting for those accounting items. And the key driver of our Q3 contribution margin guidance of 55% is insurance inflation.

正如我們所指出的，就展望和第三季度以及邊際貢獻而言，當我們希望將比較標準化為針對這些會計項目進行調整的標準化第二季度時。我們第三季度 55% 的邊際貢獻指引的關鍵驅動因素是保險通脹。

Insurance inflation is expected to result in about 260 basis points of pressure on Q3 contribution margin. We are working to mitigate the impact of insurance inflation on our business, and we have multiple levers to do so.

預計保險通脹將對第三季度的邊際貢獻造成約 260 個基點的壓力。我們正在努力減輕保險通脹對我們業務的影響，我們有多種手段可以做到這一點。

One is pricing. Another is the marketplace efficiency work that can improve unit economics. And the third is product initiatives that we -- that continue to improve safety. Reducing the frequency and severity of incidents, which we can impact through our product initiatives can bring down our insurance costs.

一是定價。另一個是可以提高單位經濟性的市場效率工作。第三個是我們不斷提高安全性的產品計劃。降低事件的頻率和嚴重程度，我們可以通過我們的產品計劃來影響這些事件，從而降低我們的保險成本。

So to repeat, we believe that insurance inflation is an industry issue, that it's not unique to Lyft. And these trends are evident across the commercial auto industry. We have a number of tools that are at disposal to combat it. And we're working actively to offset the impact.

再說一遍，我們認為保險通脹是一個行業問題，並非 Lyft 獨有。這些趨勢在整個商用汽車行業都很明顯。我們有許多工具可以用來對付它。我們正在積極努力抵消影響。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Just the first one is to go back to some of the comments you made about some macro weakness impacting the revenue growth and outlook for the year. Can you just sort of give us a little more detail on what you're seeing from a macro perspective? Is it a certain type of routes or runs that are dropping off? Have you done work around your -- the income of your customers? What have you sort of studied, that you've seen sort of get a little bit weaker on the macro side is the first one.

我有 2 個。第一個是回到您對影響今年收入增長和前景的一些宏觀弱點所做的一些評論。您能否從宏觀角度向我們提供更多詳細信息？是某種類型的路線或跑步正在下降嗎？您是否圍繞您的客戶的收入進行了工作？你研究過什麼，你看到宏觀方面有點弱的是第一個。

And the second one, just wanted to drill a little more into that $1 billion target again. I think you mentioned, to Mark's answer, it assumes that the -- it assumes you grow in line with the overall market between now and '24. Is that sort of based on public comments made by your competitors? Is it based on consensus of all of us? What are you expecting the market to grow over that period?

第二個，只是想再次深入了解 10 億美元的目標。我想你提到，對於馬克的回答，它假設 - 它假設你從現在到 24 年之間的整體市場增長。這是基於競爭對手的公開評論嗎？它是基於我們所有人的共識嗎？您預計該市場在此期間會增長多少？

Yes. To go back to the questions around what kind of macro headwinds we're seeing, it's really to repeat a bit what I said earlier on the call that we've tempered our view on the pace of the recovery. So we're pleased we saw a 4% uptick in rides in July. We're seeing that stabilize through the summer, which is what we would expect. And we do anticipate an uptick in September.

是的。回到關於我們看到什麼樣的宏觀逆風的問題，我真的要重複一下我早些時候在電話會議上所說的，我們已經緩和了對複蘇步伐的看法。因此，我們很高興看到 7 月份的乘車量增長了 4%。我們看到整個夏天都會穩定下來，這是我們所期望的。我們確實預計 9 月份會出現上漲。

What's impacting our full year view is at certain points, particularly since May, the pace of recovery has been more tempered than what we thought at the start of the year. So that's what's bringing down our Q3 revenue growth, and that's what's bringing down our full year expectations of revenue growth. And then moving to...

影響我們全年觀點的因素是在某些時候，特別是自 5 月以來，復甦的步伐比我們在年初的預期要緩和。這就是降低我們第三季度收入增長的原因，也是降低我們全年收入增長預期的原因。然後搬到...

You asked about kind of the adjusted EBITDA 2024 guide to $1 billion and the comment that we expect to grow at levels of the industry?

您詢問了調整後的 EBITDA 2024 指南達到 10 億美元，以及我們預計將在行業水平上增長的評論？

Yes.

是的。

Yes. So we expect kind of low to mid-20% growth in the industry and for ourselves.

是的。因此，我們預計該行業和我們自己的增長將在 20% 到中低水平。

Your next question is from Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Maybe one big picture and one on the financials. On the big picture side, would you see where the demand curve is coming back relative to 2019? And I know we've talked a lot about Shared rides on the call. What do you think of as different layers of product innovation or market segmentation that you still want to go after to possibly continue to expand the addressable market and think about ways in which you can bring more people on to the platform? That would be question one.

也許一張大圖和一張關於財務的圖。從大局來看，你會看到需求曲線相對於 2019 年的回歸嗎？我知道我們在電話會議上談了很多關於拼車的事情。您如何看待不同層次的產品創新或市場細分，您仍然希望繼續擴大潛在市場並考慮將更多人帶到平台上的方式？那將是問題一。

And then we've got a lot of questions from investors about stock-based comp and how to think about internal compensation of employees given what's happened in the stock market over the last 6 to 9 months. How are you guys thinking about absolute levels of stock-based compensation and mixes of cash versus stock compensation for employees looking out over the next couple of years?

然後我們從投資者那裡收到了很多關於股票薪酬的問題，以及考慮到過去 6 到 9 個月股市發生的情況，如何考慮員工的內部薪酬。你們如何看待未來幾年員工的股票薪酬的絕對水平以及現金與股票薪酬的混合？

Great. So when we think about the long-term growth drivers and where we're focused, we look at 3 key areas. And the first is demographics. So every year, 4 million people in the U.S. become old enough to start using ridesharing on their own. And there's a lot of data externally, and we have a lot of internal data that shows the youngest people in the population tend to prefer digital-first experiences and they love service models. There's greater flexibility and more convenience. We see this in music. We see this in entertainment.

偉大的。因此，當我們考慮長期增長動力以及我們關注的重點時，我們會關註三個關鍵領域。首先是人口統計。因此，每年有 400 萬人在美國長大，可以開始自己使用拼車服務。外部有很多數據，我們有很多內部數據顯示，人口中最年輕的人往往更喜歡數字優先體驗，他們喜歡服務模式。有更大的靈活性和更多的便利。我們在音樂中看到了這一點。我們在娛樂中看到了這一點。

So we think that preference has been there for a decade, and it's not going away anytime soon. So we're going to continue leaning into that. And when Lyft first launched, it really took off with folks in their 20s, 30s, 40s. All of those folks are a decade older now, that shift continues. So we lean into the demographics and building products and really marketing to that audience.

所以我們認為這種偏好已經存在了十年，而且不會很快消失。因此，我們將繼續關注這一點。當 Lyft 首次推出時，它真的在 20 多歲、30 多歲、40 多歲的人們中起飛。所有這些人現在都老了十歲，這種轉變仍在繼續。因此，我們傾向於人口統計和構建產品，並真正向該受眾群體進行營銷。

Second is on marketplace efficiency. And this is really one of our top priorities now. It always is. Our core job is to match supply and demand. And I'm sure everybody has had that experience where maybe you're in a smaller town and you open up the app and you can't get a ride. Or maybe you're opening up the app at a certain time of day when it's extremely busy and the prices spike too high.

其次是市場效率。這確實是我們現在的首要任務之一。它總是如此。我們的核心工作是匹配供需。而且我敢肯定，每個人都有過這樣的經歷，也許你在一個小城鎮，你打開應用程序，你就不能搭車了。或者，您可能在一天中的某個時間打開應用程序，當時它非常繁忙且價格飆升得太高。

In many cases, those are -- that sort of unmet demand can be met. Those are solvable problems. And when we look at the market opportunity, there is a driver out there who would be happy to provide the ride. But maybe we didn't communicate the opportunity to the right driver or maybe it's a forecasting or prediction issue. But it's something that we can address. And there's a ton of innovation and improvements that we have in the pipeline to address that. So there's a lot there, and it's a key focus where we're leaning into fundamentally match supply and demand better.

在許多情況下，這些是可以滿足的那種未滿足的需求。這些都是可以解決的問題。當我們看到市場機會時，會有一位司機很樂意提供乘車服務。但也許我們沒有將機會傳達給正確的司機，或者這可能是一個預測或預測問題。但這是我們可以解決的問題。我們有大量的創新和改進來解決這個問題。所以那裡有很多，這是我們傾向於從根本上更好地匹配供需的關鍵焦點。

And the third trend where we invest a lot of energy and we see continued tailwinds is a little bit what I was talking about earlier with kind of the infrastructure improvements broadly. So I talked earlier about airports and how the infrastructure and experience at airports has meaningfully improved over the last number of years.

第三個趨勢是我們投入大量能源，我們看到持續的順風，這有點像我之前所說的廣泛的基礎設施改進。因此，我之前談到了機場，以及機場的基礎設施和體驗在過去幾年中是如何顯著改善的。

Another example that I think is really relevant is if you think of vehicle replacement. So a few years ago, if your car was in the shop, your insurance company may have offered you a rental vehicle, a loaner sort of a voucher at one of the major rental companies. And now if your car is in the shop, there's a really great chance that you'll be offered your choice. And you can choose to get a ridesharing voucher.

我認為真正相關的另一個例子是，如果您考慮更換車輛。所以幾年前，如果你的車在店裡，你的保險公司可能會為你提供一輛出租汽車，一種主要租賃公司的代金券。現在，如果您的汽車在商店裡，那麼您將很有可能獲得選擇。您可以選擇獲取拼車優惠券。

And that kind of -- those small integrations with day-to-day life and the kind of infrastructure environment take time to build and happen slower but then create great tailwinds for the industry.

那種——那些與日常生活和基礎設施環境的小集成需要時間來建立和發生，但會為行業創造巨大的順風。

Turning to your question about stock-based comp, we are always evaluating whether we have the right compensation structure. Given macro uncertainty and the potential for slowdowns, we are currently prioritizing preserving cash. We have a big equity component to our compensation structure for eligible team members to align incentives to accompany performance and also to be competitive with our peers. We need to be competitive in terms of attracting and retaining talent.

談到您關於基於股票的薪酬的問題，我們一直在評估我們是否擁有正確的薪酬結構。鑑於宏觀不確定性和放緩的可能性，我們目前優先考慮保留現金。我們的薪酬結構中有一個很大的股權組成部分，用於為符合條件的團隊成員調整激勵措施以配合績效，並與我們的同行競爭。我們需要在吸引和留住人才方面具有競爭力。

In terms of stock-based comp and where it's going, we're not providing any specific guidance at this point. But shifting the conversation to dilution, we know, obviously, that it's a critical focus for investors. We keep a very careful eye on it. And we benchmark our burn rate versus peers annually.

就基於股票的補償及其發展方向而言，我們目前沒有提供任何具體的指導。但是，將談話轉移到稀釋上，我們顯然知道，這是投資者的一個關鍵焦點。我們非常小心地關注它。我們每年將我們的燃燒率與同行進行對比。

In 2021, our gross burn rate was within the 50th to 75th percentile versus peers. And clearly, the level of dilution as a result of many factors, one of which is the share price, of course. But it is a balance between being able to compensate great talent in line with the market and being very focused on balancing that and managing dilution.

2021 年，我們的總消耗率與同行相比在 50% 到 75% 之間。很明顯，稀釋程度是由許多因素造成的，其中之一當然是股價。但這是在能夠根據市場補償優秀人才與非常專注於平衡和管理稀釋之間的平衡。

Your next question is from the line of Itay Michaeli with Citigroup.

您的下一個問題來自花旗集團的 Itay Michaeli。

Just 2 quick ones for me. First, going back to some of the initiatives that you mentioned on the insurance front, I was hoping to maybe talk through the timing [to get] to resolve in terms of how long it would take these initiatives to kind of offset some of the headwinds you anticipate.

對我來說只有 2 個快速的。首先，回到你在保險方面提到的一些舉措，我希望也許可以討論[得到]解決這些舉措需要多長時間才能抵消一些不利因素的時機你預計。

And then the second one on just thinking about revenue growth kind of into the fourth quarter. It looks like your Q2 and Q3 sequential revenue is starting to follow a similar pattern as what you saw in 2019. Is it fair to sort of look at 2019 as a decent barometer into the fourth quarter in terms of the sequential revenue pattern?

然後第二個只是考慮到第四季度的收入增長。看起來您的第二季度和第三季度連續收入開始遵循與 2019 年相似的模式。就連續收入模式而言，將 2019 年視為第四季度的一個不錯的晴雨表是否公平？

Just quickly on Q4, and then I can pass it to Elaine to talk more about insurance. Obviously, we're not guiding on Q4, so I can't comment on that. But yes, we're starting to see some of the trends you mentioned on Q3. We're optimistic about back-to-school and are excited that the driver part of the equation has come back into balance, which gives us a lot better conversion on all the ride intents that come our way.

很快在第四季度，然後我可以將它傳遞給 Elaine 來討論更多關於保險的問題。顯然，我們不是在第四季度提供指導，所以我不能對此發表評論。但是，是的，我們開始看到您在第三季度提到的一些趨勢。我們對返校持樂觀態度，並對方程式中的駕駛員部分恢復平衡感到興奮，這使我們對所有騎行意圖都有更好的轉換。

And turning to your question about insurance and our view on timing and ability to combat that and future quarter impacts. The Q4 impact of insurance will be a reflection of our ride volumes, our ride mix, our third-party insurance renewals, which take effect October 1.

並轉向您關於保險的問題以及我們對時間和能力的看法，以應對該影響和未來季度的影響。保險的第四季度影響將反映我們的乘車量、我們的乘車組合、我們的第三方保險續訂，這些續訂將於 10 月 1 日生效。

We plan to give -- update our outlook when we report in early November. And as I said, we have multiple levers to combat the rising level of insurance costs, pricing, marketplace efficiency work and our product initiatives.

我們計劃在 11 月初報告時更新我們的展望。正如我所說，我們有多種手段來應對不斷上升的保險成本、定價、市場效率工作和我們的產品計劃。

I also want to reiterate that we see insurance inflation as an industry issue, not specific to Lyft. And to recap, we're working hard to mitigate it and we'll provide an update on our Q4 outlook in November.

我還想重申，我們將保險通脹視為一個行業問題，而不是 Lyft 特有的問題。回顧一下，我們正在努力緩解它，我們將在 11 月提供第四季度展望的更新。

Ladies and gentlemen, thank you for your participation. This concludes today's conference call. You may now disconnect.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。