(LYFT) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Lyft Fourth Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Sonya Banerjee, Head of Investor Relations. You may begin.

下午好，歡迎來到 Lyft 2022 年第四季度財報電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。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 and fiscal year ended December 31, 2022. Joining me to discuss Lyft's results and key business initiatives are our 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. I'd like to take this opportunity to remind you that during the call, we will be making forward-looking statements.

謝謝。歡迎來到 Lyft 截至 2022 年 12 月 31 日的季度和財政年度的財報電話會議。與我一起討論 Lyft 的業績和關鍵業務計劃的是我們的聯合創始人兼首席執行官 Logan Green；聯合創始人兼總裁 John Zimmer；和首席財務官 Elaine Paul。本次電話會議的錄音將在本次電話會議結束後不久在我們的投資者關係網站 investor.lyft.com 上提供。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。

This includes statements relating to macroeconomic factors, the performance of our business, future financial results and guidance, the impact of our cost reduction initiatives, strategy, long-term growth and overall future prospects. 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.

這包括與宏觀經濟因素、我們的業務績效、未來財務業績和指導、我們的成本削減計劃、戰略、長期增長和整體未來前景的影響有關的陳述。我們也可能就監管事項發表聲明。這些陳述受到已知和未知的風險和不確定性的影響，這些風險和不確定性可能導致實際結果與本次電話會議期間預測或暗示的結果存在重大差異。

In particular, those described in our risk factors included in our Form 10-Q for the third quarter of '22 filed on November 8, 2022, and in our Form 10-K for full year 2022 that will be filed by March 1 to 2023 as well as related to the current uncertainty in the markets and economy. 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.

特別是，我們在 2022 年 11 月 8 日提交的 22 年第三季度 10-Q 表格和將於 3 月 1 日至 2023 年提交的 2022 年全年 10-K 表格中包含的風險因素中描述的那些因素以及與當前市場和經濟的不確定性有關。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文發布之日的假設和信念，Lyft 不承擔任何更新任何前瞻性陳述的義務，法律要求的除外。

Our discussion 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.

我們的討論將包括非 GAAP 財務措施。這些非 GAAP 措施應作為我們 GAAP 結果的補充，而不是替代或孤立於我們的 GAAP 結果。有關我們的非 GAAP 財務業績的信息，包括我們的歷史 GAAP 與非 GAAP 業績的對賬，可以在我們今天向美國證券交易委員會提交的 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 would 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洛根格林。洛根？

Thanks, Sonya, and good afternoon. Today, I'm going to cover the team's Q4 performance, important updates to our non-GAAP financial measures as well as our Q1 expectations. But first, I want to reflect on the progress we made in 2022. I'm appreciative of the team's execution in a challenging year. We took important steps to strengthen our business and deliver significant value to our customers. We connected more than 1 million drivers with nearly 40 million riders. We supported 100 of millions of rideshare rides and more than 50 million bike and scooter rides, which was a new record for us.

謝謝，索尼婭，下午好。今天，我將介紹團隊的第四季度業績、我們非 GAAP 財務指標的重要更新以及我們對第一季度的預期。但首先，我想回顧一下我們在 2022 年取得的進展。我很欣賞團隊在充滿挑戰的一年中的執行力。我們採取了重要步驟來加強我們的業務並為我們的客戶提供重要價值。我們將超過 100 萬名司機與近 4000 萬名乘客聯繫起來。我們支持了 100 萬次拼車出行以及超過 5000 萬次自行車和踏板車出行，這對我們來說是一個新記錄。

Millions of people use Lyft to take trips to get to work, vote, attend events and connect with friends and family. The team worked incredibly hard and delivered significant value.

數以百萬計的人使用 Lyft 出行上班、投票、參加活動以及與朋友和家人聯繫。該團隊非常努力地工作並交付了巨大的價值。

We also introduced high-impact product improvements. Upfront information is a major advancement to the driver experience. And our work in other areas, including with Lyft Maps, is competitively differentiating and delivers valuable marketplace efficiencies. We've also expanded our market reach by relaunching our Lyft Pink membership program with new benefits and a lower price point. Additionally, by integrating services for car owners into the Lyft app, like roadside assistance, parking and maintenance, we can deliver even more value to the roughly 75% of Lyft riders who have a car.

我們還引入了具有重大影響的產品改進。前期信息是駕駛員體驗的重大進步。我們在其他領域的工作，包括與 Lyft Maps 的合作，在競爭中脫穎而出，並提供了寶貴的市場效率。我們還通過重新啟動 Lyft Pink 會員計劃擴大了我們的市場範圍，該計劃提供了新的好處和更低的價位。此外，通過將車主服務集成到 Lyft 應用程序中，例如路邊援助、停車和維護，我們可以為大約 75% 的 Lyft 車手提供更多價值。

With innovations like these, we can capture more of consumers' transportation spend. Before I move on to our financial results, I want to highlight 2 items from the press release. First, we've updated our definitions of contribution and adjusted EBITDA to include reserve adjustments for prior periods. And in Q4, we took action to strengthen our insurance reserves by $375 million, which, given the definition change, affected our reported results. Elaine will discuss this in more detail. Now let me talk about Q4. We saw important tailwinds in rideshare, including strong demand and more drivers organically using Lyft. Revenue was the highest in our company's history, and our results beat our outlook on every metric, excluding the action we took to strengthen our insurance reserves.

通過這些創新，我們可以獲取更多消費者的交通支出。在繼續討論我們的財務業績之前，我想強調新聞稿中的兩個項目。首先，我們更新了我們對貢獻和調整後 EBITDA 的定義，以包括前期的準備金調整。在第四季度，我們採取行動將我們的保險準備金增加了 3.75 億美元，考慮到定義的變化，這影響了我們報告的結果。 Elaine 將更詳細地討論這個問題。現在讓我談談Q4。我們看到了拼車的重要順風，包括強勁的需求和更多的司機有機地使用 Lyft。收入是我們公司歷史上最高的，我們的結果在每個指標上都超過了我們的預期，不包括我們為加強保險準備金而採取的行動。

Rideshare demand was strong. We had 20.4 million active riders, which was the highest level in nearly 3 years, and revenue per active rider reached a new record. In particular, the airport use case reached another new high at just over 10.4% of rideshare rides, with the absolute number up 25% versus Q4 of 2021. Additionally, on the enterprise side, managed bookings grew by more than 60% year-over-year and set a new record with continued strong adoption of our B2B offerings, particularly in the health care and retail verticals.

拼車需求強勁。我們有 2040 萬活躍騎手，這是近 3 年來的最高水平，每個活躍騎手的收入創下新紀錄。特別是，機場用例再創新高，佔拼車次數的比例略高於 10.4%，與 2021 年第四季度相比，絕對數量增長了 25%。此外，在企業方面，託管預訂同比增長超過 60%年，並通過繼續大力採用我們的 B2B 產品創造了新的記錄，特別是在醫療保健和零售垂直領域。

In Q4, we are the most active drivers on our network in nearly 3 years, reflecting healthy organic tailwinds. Bookings per active driver were more than 50% higher than they were in Q4 of 2019 and near our all-time high. Drivers spent more time driving than they did in Q3 of 2022 or in Q4 of 2021. And across the U.S., our average rideshare ETA has improved. Even with these tailwinds, our marketplace was running hot in Q4. Demand outstrip supply and prime time went into effect more often than we would have liked. As a result, our conversion rates, meaning the share of ride intents that convert to rides taken came down quarter-over-quarter.

在第四季度，我們是近 3 年來網絡上最活躍的驅動力，反映出健康的有機順風。每個活躍司機的預訂量比 2019 年第四季度高出 50% 以上，接近我們的歷史最高水平。與 2022 年第三季度或 2021 年第四季度相比，司機開車的時間更多。在美國，我們的平均拼車 ETA 有所改善。即使有這些順風，我們的市場在第四季度仍然很火爆。供不應求，黃金時段比我們希望的更頻繁地生效。因此，我們的轉化率，即轉化為乘坐的乘車意圖的份額環比下降。

This dynamic contributed to revenue and adjusted EBITDA exceeding the high end of our outlook, excluding the increased insurance reserves. But we know high prime time can hurt conversion and is not healthy over time. Going forward, we're prioritizing competitive service levels to maximize long-term growth and retention.

這種動態導致收入和調整後的 EBITDA 超過我們預期的高端，不包括增加的保險準備金。但我們知道，高黃金時段會損害轉化率，而且隨著時間的推移並不健康。展望未來，我們將優先考慮具有競爭力的服務水平，以最大限度地提高長期增長和保留率。

Next, I'm going to address our Q1 guidance. There are 3 factors putting pressure on both revenue and adjusted EBITDA relative to Q4. First, seasonality. As we've shared before, our business faces pressures in the first quarter of the year, both in terms of rideshare as well as bikes and scooters related to colder weather. Second, prime time is coming down dramatically quarter-over-quarter because of increased driver supply. This reduction in prime time is good for our service levels, but will reduce our Q1 revenue and adjusted EBITDA.

接下來，我將介紹我們的第一季度指南。相對於第四季度，有 3 個因素對收入和調整後的 EBITDA 造成壓力。第一，季節性。正如我們之前分享的那樣，我們的業務在今年第一季度面臨壓力，無論是在拼車方面，還是在與寒冷天氣相關的自行車和踏板車方面。其次，由於司機供應增加，黃金時段環比急劇下降。黃金時間的減少有利於我們的服務水平，但會減少我們第一季度的收入和調整後的 EBITDA。

Third, base price. In January, we slightly reduced base pricing to remain competitive with the industry. Given the combination of these factors, we anticipate Q1 revenues of roughly $975 million. Relative to Q4, this is a decline of approximately $200 million. About 1/3 of the sequential decline is due to seasonality, while the remainder is due to less prime time and lower base prices.

第三，底價。 1 月份，我們略微降低了基本定價，以保持在行業中的競爭力。綜合考慮這些因素，我們預計第一季度的收入約為 9.75 億美元。相對於第四季度，這減少了大約 2 億美元。大約 1/3 的環比下降是由於季節性，而其餘部分是由於黃金時段減少和基本價格下降。

We expect this will result in Q1 adjusted EBITDA between $5 million and $15 million. This is obviously not the level of growth or profitability we are aiming for or capable of. And we are laser-focused on driving additional growth and managing costs. Relative to 3 months ago, the competitive dynamics changed and the better marketplace balance we see today creates significant opportunities for long-term growth. To take advantage of this opportunity and grow the market, we must prioritize competitive service levels. This will impact our 2024 adjusted EBITDA and free cash flow targets.

我們預計這將導致第一季度調整後的 EBITDA 在 500 萬美元至 1500 萬美元之間。這顯然不是我們的目標或能力的增長或盈利水平。我們專注於推動額外增長和管理成本。與 3 個月前相比，競爭動態發生了變化，我們今天看到的更好的市場平衡為長期增長創造了重要機會。為了利用這個機會並發展市場，我們必須優先考慮具有競爭力的服務水平。這將影響我們 2024 年調整後的 EBITDA 和自由現金流目標。

We are assessing the impacts of these changes and are actively reviewing adjustments to the business, including cost-cutting measures. We will share additional long-term margin targets in the near future.

我們正在評估這些變化的影響，並積極審查對業務的調整，包括削減成本的措施。我們將在不久的將來分享更多的長期利潤率目標。

Stepping back, the fundamentals of the business are strong. We're seeing healthy rider demand and our driver supply position has significantly improved. We believe these conditions, paired with cost cuts, will ultimately enable us to build a larger, healthier business.

退後一步，業務的基本面是強大的。我們看到了健康的乘客需求，我們的司機供應狀況也得到了顯著改善。我們相信，這些條件加上成本削減，最終將使我們能夠建立更大、更健康的業務。

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伊萊恩，分享我們財務的細節。

Thank you, Logan, and good afternoon, everybody. To begin, 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.

謝謝你，洛根，大家下午好。首先，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，不包括基於股票的薪酬和我們的收益發布中詳述的其他選定項目。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，也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。

Excluding the action we took to strengthen our insurance reserves, our Q4 financial results beat our guidance. This reflects a combination of strong ride share demand, improving supply and good early progress on our cost reduction efforts. In Q4, we reported record revenue of $1.175 billion, up 12% sequentially and 21% year-over-year. This was the highest quarterly revenue in Lyft's history and has exceeded the top end of guidance of $1.165 billion. As Logan mentioned, our Q4 results reflect our marketplace dynamics including elevated prime time.

不包括我們為加強保險準備金而採取的行動，我們第四季度的財務業績超出了我們的預期。這反映了強勁的拼車需求、改善的供應以及我們在降低成本方面取得的良好早期進展的結合。第四季度，我們報告收入達到創紀錄的 11.75 億美元，環比增長 12%，同比增長 21%。這是 Lyft 歷史上最高的季度收入，超過了 11.65 億美元的指導上限。正如洛根所提到的，我們第四季度的業績反映了我們的市場動態，包括黃金時段的增加。

For full year 2022, our revenue reached a new high of $4.95 billion, up 28% versus full year 2021. We had 20.4 million active riders in Q4. Active riders grew slightly quarter-over-quarter and 9% versus Q4 of 2021. Within active riders, a sequential increase in rideshare riders more than offset reduced use of our bikes and scooters in the colder weather. And revenue per active rider reached a new high of $57.72, up 11% sequentially and year-over-year, reflecting more prime time and longer rides. As Logan mentioned, we are now including insurance reserve adjustments for prior periods in our definition of contribution and adjusted EBITDA.

2022 年全年，我們的收入達到 49.5 億美元的新高，比 2021 年全年增長 28%。第四季度我們有 2040 萬活躍騎手。活躍騎手環比略有增長，與 2021 年第四季度相比增長了 9%。在活躍騎手中，拼車騎手的環比增長足以抵消我們在寒冷天氣下使用自行車和踏板車的減少。每個活躍騎手的收入達到 57.72 美元的新高，環比和同比增長 11%，反映出更多的黃金時間和更長的騎行時間。正如洛根所提到的，我們現在在我們對貢獻和調整後的 EBITDA 的定義中包括了前期的保險準備金調整。

Let me talk about why we are making this change and the impact. In December, the SEC updated its guidance related to non-GAAP measures, which applies to all public companies. Subsequent to this change and following consultation with the SEC, we have aligned our disclosures. To be clear, we are not required to restate our historical financials. We've already disclosed when we've had reserve adjustments for prior periods and the amounts. These disclosures are not changing. What is changing is we are now including these figures in our non-GAAP financial measures. We will also speak to past periods on a comparable basis.

讓我談談我們為什麼要進行此更改及其影響。 12 月，SEC 更新了與非 GAAP 指標相關的指南，該指南適用於所有上市公司。在這一變化之後並在與 SEC 協商後，我們調整了我們的披露。需要明確的是，我們不需要重述我們的歷史財務數據。我們已經披露了我們對前期和金額進行儲備調整的時間。這些披露沒有改變。正在發生變化的是，我們現在將這些數據納入了我們的非 GAAP 財務指標。我們還將在可比的基礎上談論過去的時期。

In Q4, we strengthened our insurance reserves by $375 million. This is at the high end of management's estimate of our potential exposure to past claims in light of past volatility. We believe this action will have the benefit of reducing the risk of insurance-related volatility going forward. We reported Q4 contribution of $414.7 million, including $225 million of the reserve increase just discussed. Excluding this item and relative to our guidance, Q4 contribution was $639.7 million, and contribution margin as a percentage of revenue was 54.4%, which is 290 basis points better than our outlook, Outperformance versus guidance was driven by rideshare.

第四季度，我們將保險準備金增加了 3.75 億美元。鑑於過去的波動性，這是管理層對我們對過去索賠的潛在風險敞口的估計的高端。我們相信此舉將有利於降低未來與保險相關的波動風險。我們報告第 4 季度的貢獻為 4.147 億美元，其中包括剛剛討論的儲備金增加的 2.25 億美元。排除該項目並相對於我們的指導，第四季度的貢獻為 6.397 億美元，邊際貢獻佔收入的百分比為 54.4%，比我們的預期高 290 個基點，優於指導的表現是由 rideshare 驅動的。

Let's move to non-GAAP operating expenses below cost of revenue in Q4. Each line reflects savings from the cost reduction initiatives we began implementing in November in addition to leverage from a higher top line. Operations and support expense was $95.1 million. As a percentage of revenue, operations and support was 8.1%, down roughly 250 basis points from Q3 and 260 basis points from Q4 '21. Sequentially, in addition to the impact of cost savings initiatives, the decline in operations and support expense reflects seasonally less bike and scooter support. These modes typically have peak usage and support in Q3, which declines in Q4 and further in Q1 along with winter weather.

讓我們轉到第四季度低於收入成本的非 GAAP 運營費用。每條線都反映了我們從 11 月開始實施的成本削減計劃以及來自更高收入線的槓桿作用所帶來的節省。運營和支持費用為 9510 萬美元。佔收入、運營和支持的百分比為 8.1%，較第三季度下降約 250 個基點，較 21 年第四季度下降 260 個基點。因此，除了成本節約舉措的影響外，運營和支持費用的下降還反映了自行車和踏板車支持的季節性減少。這些模式通常在第三季度達到高峰使用和支持，在第四季度下降，並在第一季度隨著冬季天氣進一步下降。

R&D expense was $103.5 million. As a percentage of revenue, R&D was 8.8%, down roughly 140 basis points sequentially and 150 basis points year-over-year. Sales and marketing was $114.4 million. As a percentage of revenue, sales and marketing was 9.7%, down 150 basis points from Q3 and 190 basis points from Q4 of '21. Within sales and marketing, incentives were 2% of revenue. We reported G&A expense of $379 million. This includes $150 million of the $375 million insurance reserve increase that I discussed earlier, and it's related to certain insurance costs that are generally not required under TNC regulations. Excluding the impact of this action and relative to our outlook, G&A was $229 million in Q4, which is 19.5% of revenue, down 110 basis points from Q3 and 280 basis points from Q4 of '21.

研發費用為 1.035 億美元。研發佔收入的百分比為 8.8%，環比下降約 140 個基點，同比下降 150 個基點。銷售和營銷為 1.144 億美元。作為收入的百分比，銷售和營銷為 9.7%，比 21 年第三季度下降 150 個基點，比 21 年第四季度下降 190 個基點。在銷售和營銷方面，激勵措施佔收入的 2%。我們報告的 G&A 費用為 3.79 億美元。這包括我之前討論的 3.75 億美元保險準備金增加中的 1.5 億美元，它與 TNC 法規通常不需要的某些保險費用有關。排除這一行動的影響以及相對於我們的展望，第四季度的 G&A 為 2.29 億美元，佔收入的 19.5%，比第三季度下降 110 個基點，比 21 年第四季度下降 280 個基點。

Let me provide an update on our cost reduction initiatives. In November, we spoke to this work in detail and shared our expectation that it would result in roughly $350 million of annualized savings when fully in place. We achieved $50 million of these savings between Q2 and Q3 of 2022 related to OpEx.

讓我提供有關我們降低成本計劃的最新情況。 11 月，我們詳細討論了這項工作，並分享了我們的期望，即在完全到位後每年將節省大約 3.5 億美元。我們在 2022 年第二季度和第三季度之間實現了與運營支出相關的 5000 萬美元節省。

In Q4, these initiatives resulted in incremental OpEx savings of roughly $20 million sequentially, reflective of a partial quarter impact of the reduction in force. In Q1, we expect to realize an additional $40 million in savings versus Q4 '22. In Q4, we reported an adjusted EBITDA loss of $248.3 million, including the $375 million insurance reserve adjustment. Excluding this impact, we generated positive adjusted EBITDA of $126.7 million, which beat the top end of guidance of $100 million. We ended Q4 '22 with unrestricted cash, cash equivalents and short-term investments of $1.8 billion, in line with the level at the end of Q3 '22.

在第四季度，這些舉措使運營支出連續節省了大約 2000 萬美元，反映了裁員對部分季度的影響。在第一季度，與 22 年第四季度相比，我們預計將額外節省 4000 萬美元。在第四季度，我們報告調整後的 EBITDA 損失為 2.483 億美元，其中包括 3.75 億美元的保險準備金調整。排除這一影響，我們產生了 1.267 億美元的正調整 EBITDA，超過了 1 億美元的指導上限。我們以不受限制的現金、現金等價物和短期投資 18 億美元結束了 22 年第四季度，與 22 年第三季度末的水平一致。

Before I move to our outlook, it's important to note that macroeconomic factors are impossible to predict with any certainty. Future conditions can change rapidly and affect our results.

在我談到我們的前景之前，重要的是要注意宏觀經濟因素是不可能準確預測的。未來的情況可能會迅速變化並影響我們的結果。

Now let me talk about Q1. As Logan mentioned, there are 3 key factors affecting our outlook relative to Q4. First, seasonality. We tend to see a different mix of rideshare rides. For example, shorter rides and fewer airport trips. And cold weather means bike and scooter usage is always lowest in Q1. Second, rapidly improving supply conditions are resulting in less prime time. This is ultimately good for our service levels that will reduce our revenue and adjusted EBITDA in Q1. And third, base price. We slightly reduced base pricing to remain competitive with the industry.

現在讓我談談Q1。正如洛根所提到的，有 3 個關鍵因素影響我們對第四季度的展望。第一，季節性。我們傾向於看到不同的拼車組合。例如，更短的車程和更少的機場行程。寒冷的天氣意味著第一季度自行車和踏板車的使用率始終最低。其次，快速改善的供應條件導致黃金時段減少。這最終有利於我們的服務水平，這將減少我們在第一季度的收入和調整後的 EBITDA。第三，底價。我們略微降低了基本定價以保持與行業的競爭力。

Given these factors, we expect Q1 revenue of approximately $975 million, which is down 17% sequentially. We anticipate roughly 6 percentage points of the decline will be driven by seasonality with the remainder related to decreased prime time and pricing. Our Q1 revenue guidance implies year-over-year growth of 11%, driven by growth in rideshare rides.

鑑於這些因素，我們預計第一季度收入約為 9.75 億美元，環比下降 17%。我們預計大約 6 個百分點的下降將由季節性因素驅動，其餘部分與黃金時段和定價下降有關。我們的第一季度收入指引意味著同比增長 11%，這主要受共享出行增長的推動。

In terms of profitability, we expect contribution margin of roughly 47%, reflecting lower prime time in prices. We, therefore, expect adjusted EBITDA will be between $5 million and $15 million. The sequential revenue decline of $200 million translates into a sequential adjusted EBITDA decline of roughly $157 million at the midpoint of our guidance range. The decline in prime time and base prices flows directly to the bottom line, with the remainder driven by the seasonal component. This impact is partly offset by $40 million in incremental OpEx savings in Q1 from the cost reduction initiatives we began implementing last quarter.

就盈利能力而言，我們預計邊際貢獻率約為 47%，反映出價格較低的黃金時段。因此，我們預計調整後的 EBITDA 將在 500 萬美元至 1500 萬美元之間。在我們的指導範圍的中點，2 億美元的連續收入下降轉化為調整後的 EBITDA 連續下降約 1.57 億美元。黃金時段和基本價格的下降直接影響到利潤，其餘部分則由季節性因素驅動。這一影響被我們上個季度開始實施的成本削減計劃在第一季度增加的 4000 萬美元運營支出節省部分抵消了。

As Logan mentioned, and I want to reiterate, our profitability in Q1 is a consequence of the dynamics we are facing, and we are taking immediate action to improve our future financial results. We are looking very closely at our fixed and variable costs to ensure we are operating a durable and profitable model. We are looking for opportunities to significantly cut costs and drive efficiencies. As one example, let me speak to stock-based compensation expense. Our current plans are to reduce this expense to approximately $400 million in fiscal year 2024 through measures such as our previously announced headcount reduction and shifting more of our employee-based international locations.

正如 Logan 提到的，我想重申，我們在第一季度的盈利能力是我們所面臨的動態的結果，我們正在立即採取行動來改善我們未來的財務業績。我們正在密切關注我們的固定成本和可變成本，以確保我們運營的是一種持久且有利可圖的模式。我們正在尋找大幅削減成本和提高效率的機會。作為一個例子，讓我談談基於股票的補償費用。我們目前的計劃是通過我們之前宣布的裁員和轉移更多基於員工的國際地點等措施，在 2024 財年將這筆費用減少到約 4 億美元。

We expect stock-based compensation will vary, but generally come down quarter-to-quarter as we progress towards this target. To conclude, we are facing near-term financial headwinds driven by current market conditions. However, with more demand and better supply and a healthier marketplace overall, we can build a much larger business. This, in combination with the cost actions we are taking, will position us to deliver strong shareholder returns.

我們預計基於股票的薪酬會有所不同，但隨著我們朝著這一目標邁進，通常會逐季下降。總而言之，我們正面臨由當前市場狀況驅動的近期財務逆風。然而，有了更多的需求和更好的供應以及更健康的整體市場，我們可以建立更大的業務。這與我們正在採取的成本行動相結合，將使我們能夠提供豐厚的股東回報。

With that, let me turn it over to John.

有了這個，讓我把它交給約翰。

Thanks, Elaine. We have 3 key business initiatives this year, each of which aligns with our strategy to deliver competitive service levels and capture more demand. First, strengthen our marketplace technology to drive improvements in price and ETA. Second, deliver more value to a growing population of Lyft loyal riders. And third, create more opportunities for consistent and transparent driver earnings. I'm going to speak to some of the work we've done to execute on these initiatives already.

謝謝，伊萊恩。我們今年有 3 項關鍵業務計劃，每一項都符合我們提供有競爭力的服務水平和捕捉更多需求的戰略。首先，加強我們的市場技術以推動價格和 ETA 的改進。其次，為越來越多的 Lyft 忠實乘客提供更多價值。第三，為穩定和透明的司機收入創造更多機會。我將談談我們已經為執行這些計劃所做的一些工作。

Lyft Maps continues to be a great example of how we're differentiating and strengthening our marketplace technology. Today, over 60% of our rideshare rides are powered by our in-house mapping and navigation, which is up from less than 1% a year ago. With this foundational work in place, we can accelerate the pace of innovation across our network. It's the reason why we were the first to market to integrate our driver app with CarPlay and with Android Auto, which has been incredibly well received by the driver community. I got to drive on New Year's, and I can see why almost 2/3 of drivers who try Lyft Maps through Apple's CarPlay stick with it as their primary navigation experience. It's a big win for the driver to have turn-by-turn directions on the in-car display and also creates nice route visibility for the rider.

Lyft Maps 仍然是我們如何區分和加強我們的市場技術的一個很好的例子。如今，我們超過 60% 的拼車出行由我們的內部地圖和導航提供支持，而一年前這一比例還不到 1%。有了這項基礎工作，我們就可以加快整個網絡的創新步伐。這就是為什麼我們是第一個將我們的司機應用程序與 CarPlay 和 Android Auto 集成的市場的原因，這受到了司機社區的熱烈歡迎。我必須在新年開車，我明白為什麼近 2/3 通過 Apple CarPlay 嘗試 Lyft Maps 的司機堅持將其作為他們的主要導航體驗。對於駕駛員來說，在車載顯示屏上顯示轉彎方向是一個巨大的勝利，同時也為騎手創造了良好的路線可見性。

Next, I'm going to touch on our partnerships, which give riders more reasons to use Lyft and directly impacts their loyalty and frequency. Our Chase partnership is important. In Q4, we expanded our relationship with Chase, giving their millions of card members access to Lyft Pink and to accelerated points or cash back when they use Lyft through 2024. With this partnership, we can introduce millions of people to Pink, increase our touch points with business travelers and capture more high-value rides. We've also expanded our travel loyalty integrations with the addition of Alaska Airlines.

接下來，我將談談我們的合作夥伴關係，這為乘客提供了更多使用 Lyft 的理由，並直接影響他們的忠誠度和使用頻率。我們與大通銀行的合作夥伴關係很重要。在第四季度，我們擴大了與大通銀行的關係，讓他們的數百萬持卡人可以使用 Lyft Pink，並在 2024 年之前使用 Lyft 時獲得加速積分或現金返還。通過這種合作關係，我們可以向數百萬人介紹 Pink，增加我們的接觸與商旅人士一起積分，獲取更多高價值遊樂設施。我們還通過添加阿拉斯加航空公司擴展了我們的旅行忠誠度集成。

We're thrilled to offer Lyft riders an easy way to earn miles when they link their Alaska loyalty accounts. Based on our experience with similar relationships, riders with linked accounts take, on average, up to 20% more rideshare rides with Lyft than those with nonlinked accounts. For drivers, we're doubling down on initiatives that increase preference. As Logan mentioned, upfront info is now available on 100% of rideshare rides on our network. This is one of the biggest changes we've ever made to the driver experience, and it has been incredibly well received, resulting in a meaningful increase in the time driver spend using Lyft. In addition, last fall, we began rolling out our Stay Nearby filter, which gives drivers the ability to stay in a particular region and the feedback has been incredibly positive.

我們很高興為 Lyft 乘客提供一種在關聯他們的阿拉斯加忠誠度賬戶時賺取里程的簡單方法。根據我們在類似關係方面的經驗，擁有關聯賬戶的乘客使用 Lyft 的拼車次數平均比擁有非關聯賬戶的乘客多 20%。對於司機，我們正在加倍努力提高偏好的舉措。正如 Logan 所提到的，我們網絡上 100% 的拼車服務現在都可以獲得前期信息。這是我們對司機體驗所做的最大改變之一，並且受到了難以置信的好評，從而顯著增加了司機使用 Lyft 的時間。此外，去年秋天，我們開始推出 Stay Nearby 過濾器，讓司機能夠留在特定區域，反饋非常積極。

Innovations like these can have a significant impact on driver satisfaction and engagement. We are also working to make owning an EV and driving it on Lyft more affordable and convenient. Lyft drivers can now access charging discounts at EV go-stations with gold and platinum drivers getting as much as 45% off in certain markets. We've also made it much easier to install a Level 2 in-home charger by partnering with Wallbox to offer a Lyft-specific discount on the hardware along with pre-negotiated rates on installation. Given the high utilization Lyft drivers have of their vehicle, driving an electric vehicle can help increase their take-home earnings.

此類創新會對駕駛員的滿意度和參與度產生重大影響。我們還在努力讓擁有電動汽車並在 Lyft 上駕駛它變得更加實惠和方便。 Lyft 司機現在可以在電動汽車加油站享受充電折扣，黃金和白金司機在某些市場可享受高達 45% 的折扣。我們還通過與 Wallbox 合作提供 Lyft 特定的硬件折扣以及預先協商的安裝費率，從而使安裝 2 級家用充電器變得更加容易。鑑於 Lyft 司機對車輛的高利用率，駕駛電動汽車有助於增加他們的實得收入。

We'll continue building on this work to support drivers as they shift to electric vehicles. The team's various innovations and partnerships enhance the value of the Lyft network, position us to deliver better service levels and ultimately capture a larger portion of consumers' transportation spend. I'm grateful to the entire team for their continued hard work and look forward to the road ahead in 2023.

我們將繼續在這項工作的基礎上支持司機轉向電動汽車。該團隊的各種創新和合作夥伴關係提高了 Lyft 網絡的價值，使我們能夠提供更好的服務水平並最終獲得消費者交通支出的更大份額。我感謝整個團隊的持續努力，並期待 2023 年的未來。

Operator, we're now ready to take questions.

接線員，我們現在準備好接受提問了。

(Operator Instructions) Your first question comes 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。

I was hoping you could just talk a little bit more about how the competitive environment has changed in the past 3 months. And just when you talk about 1Q dynamics and current market conditions, isn't this more of a return to normalcy in a healthier marketplace? Trying to understand the impact on prime time and base prices and, perhaps, I guess, a return to normalcy and that helped your marketplace maybe was not anticipated in our 2024 targets, if you could just flesh that out more. And then on the 1Q EBITDA, the $5 million to $15 million, is there anything contemplated there in terms of reserves that we should be thinking about or is that a clean number?

我希望你能多談談過去 3 個月競爭環境發生了怎樣的變化。就在您談論 1Q 動態和當前市場狀況時，這是否更像是在更健康的市場中回歸常態？試圖了解對黃金時段和基本價格的影響，也許，我想，恢復正常並幫助您的市場可能沒有在我們的 2024 年目標中預料到，如果您能進一步充實它。然後在 1Q EBITDA 上，500 萬到 1500 萬美元，在我們應該考慮的準備金方面是否有任何考慮，或者這是一個乾淨的數字？

Sure. Thanks for the question. I'll pass the second part of the reserves Q1 EBITDA to Elaine after. But yes, as you mentioned, the marketplace is much healthier, much more in balance than it's been for several years, and this is a very good thing. The primary thing that has changed, and I will say it happened more rapidly than expected, is the supply side. So the supply side has come back in a very meaningful way as we talked about already on the call, some metrics on the supply side in nearly 3 years. So this is very good for our riders. This is a good thing.

當然。謝謝你的問題。之後我會將儲備金 Q1 EBITDA 的第二部分傳遞給 Elaine。但是，是的，正如你提到的，市場比過去幾年更健康、更平衡，這是一件非常好的事情。發生變化的主要事情是供應方面，我會說它發生的速度比預期的要快。因此，正如我們已經在電話會議上談到的那樣，供應方已經以一種非常有意義的方式回歸，近 3 年來供應方的一些指標。所以這對我們的車手來說非常好。這是一件好事。

What is happening with the guidance, obviously, seasonality, which is expected in our business, both rideshare and bikes, but also price with that extreme improvement in supply, you have a lot less prime time. And so, therefore, price comes down. And then the last point I want to make is that there is a difference in timing with insurance renewals. And it's important to us to not wait for any of that to rationalize and to be smart about ensuring competitive service levels. Elaine, do you want to take the second portion?

很明顯，指南中發生的事情是季節性的，這在我們的業務中是預期的，包括拼車和自行車，而且隨著供應的極端改善而定價，你的黃金時間要少得多。因此，價格下降了。然後我想說的最後一點是，保險續籤的時間有所不同。對我們來說，重要的是不要等待其中的任何一個合理化，並且要聰明地確保有競爭力的服務水平。伊萊恩，你想吃第二份嗎？

Yes. In terms of your question about adverse, we believe that having taken the reserve that we took in Q4, we are very well reserved and that, that reserve is appropriate. We are not anticipating any incremental adverse development at this stage, and we do not have any forecasted in Q1. We feel like the reserve we have is ample.

是的。關於你關於不利的問題，我們認為，在採取了我們在第四季度採取的儲備後，我們保留得很好，而且儲備是適當的。我們預計現階段不會出現任何不利發展，我們在第一季度也沒有任何預測。我們覺得我們的儲備充足。

Your next question comes from the line of Stephen Ju with Credit Suisse.

你的下一個問題來自瑞士信貸的 Stephen Ju。

I guess similar question to Doug's in terms of the first quarter guidance. I guess the sequential decline that's implied here seems to be much larger than last year and even the step down in volume due to the pandemic. So are there sort of any other, I guess, accentuated seasonality factors that we should be thinking about? And can you help reconcile -- I don't know, you're talking about sort of extreme improvement in price. And so I would be hoping that you would see an extreme improvement in demand also because I think you're calling out sort of a healthy demand environment. So I guess what is happening from a ride frequency perspective from an active rider perspective?

我想在第一季度指導方面與道格的問題類似。我想這裡暗示的環比下降似乎比去年大得多，甚至是由於大流行而導致的銷量下降。那麼，我想，是否還有其他任何我們應該考慮的強調的季節性因素？你能幫助調和——我不知道，你說的是價格的極端改善。所以我希望你會看到需求的極大改善，因為我認為你正在呼喚一種健康的需求環境。所以我想從活躍騎手的角度來看，從騎行頻率的角度來看發生了什麼？

Yes. This is Logan. So in terms of seasonality, I think we've seen fairly typical seasonality effects and that accounted for roughly 1/3 of the decrease. So that was baked in and not unexpected. I think the part that we talked about -- that John just talked about, the reduction in prime time was much larger than anticipated. And I think that's a great thing for the business. We've been coming off of an extremely tight labor market, still tracking the unemployment numbers. It's not showing up in the public numbers that there's any softening. But we have seen a real softening in Q1. And so that shift I think, is very healthy, but has and had a significant quarter-over-quarter impact.

是的。這是洛根。因此，就季節性而言，我認為我們已經看到了相當典型的季節性影響，大約佔減少的 1/3。所以那是烤熟的，並不出人意料。我認為我們談到的部分——約翰剛才談到的，黃金時段的減少比預期的要多得多。我認為這對企業來說是一件好事。我們已經擺脫了極其緊張的勞動力市場，仍在追踪失業數據。它沒有出現在公共數字中，表明有任何軟化。但我們在第一季度看到了真正的疲軟。因此，我認為這種轉變非常健康，但已經產生了重大的季度環比影響。

And then the other kind of key piece on insurance is we had previously increased base prices in Q4, right? This is not prime time, this is just the base fare. And in January, the competition reduced their prices as they eliminated the fuel surcharge. So we rolled back our base price increase to ensure that we had competitive pricing in the market. But the bottom line is that puts margin pressure on Q1, as you can see in the guidance.

然後關於保險的另一種關鍵部分是我們之前在第四季度提高了基本價格，對嗎？這不是黃金時段，這只是基本票價。 1 月份，競爭對手取消了燃油附加費，從而降低了價格。因此，我們取消了基本價格上漲，以確保我們在市場上擁有具有競爭力的價格。但最重要的是，正如您在指南中看到的那樣，這給第一季度帶來了利潤壓力。

And then you asked a bit about, I think, active riders. We are happy to see, quarter-over-quarter, that tick up. And the increase on active riders on the rideshare side was large enough to account for what is typically a sharp decrease on the bike and scooter side because you have obviously snow and cold weather.

然後你問了一些關於活躍騎手的問題。我們很高興看到季度環比增長。拼車方面活躍騎手的增加足以解釋自行車和踏板車方面通常會急劇下降的情況，因為你顯然有雪和寒冷的天氣。

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

你的下一個問題來自 Mark Mahaney 與 Evercore 的對話。

Okay. I'm going to get away from the quarter and just talk about big picture issues like or ask about big picture just like regulations. So 2 things in particular, New York City and then Prop 22 in California, what's the latest thoughts on handling those risks?

好的。我將離開這個季度，只談論大局問題，或者像法規一樣詢問大局。因此，特別是紐約市和加利福尼亞州的 22 號提案這兩個問題，關於處理這些風險的最新想法是什麼？

So I think you asked about California and New York, is that right?

所以我想你問的是加利福尼亞和紐約，對嗎？

That's right.

這是正確的。

So in California, the Attorney General, along with the Protect App-based Drivers & Services coalition, of which we're part of, both that group, and AG appealed the superior court ruling against Prop 22, which you probably know, Oral Arguments were in December. They basically have until mid-March to issue a decision. Regardless of which way the ruling goes, the next step is likely an appeal by either side to the California Supreme Court. That could then take a few months to -- even over a year depending on when -- whether the Supreme Court accepts that review. Although you didn't ask about it, in Washington State, there was a historic milestone last year where a new law was signed that did protect the independent contractor plus model. It's the model preferred by drivers. And notably a labor organization and elected officials, along with the companies, listened to drivers and worked together to pass the bill.

因此，在加利福尼亞州，總檢察長連同我們所屬的保護基於應用程序的司機和服務聯盟，以及 AG 對高等法院對第 22 號提案的裁決提出上訴，您可能知道，口頭辯論在十二月。他們基本上要到三月中旬才能做出決定。無論裁決結果如何，下一步很可能是任何一方向加州最高法院提出上訴。這可能需要幾個月的時間——甚至超過一年，具體取決於何時——最高法院是否接受該審查。雖然你沒有問過，但在華盛頓州，去年有一個歷史性的里程碑，簽署了一項確實保護獨立承包商加模型的新法律。這是司機喜歡的模型。值得注意的是，一個勞工組織和民選官員以及公司聽取了司機的意見，並共同努力通過了該法案。

In New York, a classification build does not seem to be a priority for either the legislature or governor this session, which ends in June. So we're focused on building relationships and engaging the driver community to lay some groundwork for potential movement on that in 2024.

在紐約，分類構建似乎不是立法機關或州長本屆會議的優先事項，該會議將於 6 月結束。因此，我們專注於建立關係並讓司機社區參與進來，為 2024 年的潛在行動奠定基礎。

Your next question comes from the line of Nikhil Devnani with Bernstein.

你的下一個問題來自 Nikhil Devnani 與 Bernstein 的對話。

So in the press release, you talked about reinforcing the competitive position. Do you expect to be stepping up promotional intensity across the business here for drivers or riders? And how should we think about, I guess, the structural level of growth spend for Lyft going forward? And how do you think about balancing your ambitions on growth and needing to spend for growth with the objectives that you have on free cash flow and EBITDA?

所以在新聞稿中，你談到了加強競爭地位。您是否希望在這里為司機或乘客加強整個業務的促銷力度？我想我們應該如何考慮 Lyft 未來增長支出的結構水平？您如何考慮平衡您對增長的雄心和需要為增長支出與您對自由現金流和 EBITDA 的目標？

The balance is important. I think the largest point, just to emphasize, is what Logan said and kind of what we talked about, the changes of impact over the last quarter. Number one, very positively for the first time in approximately 3 years, the supply side has come basically into balance with demand, and it really feels like the pandemic is behind us. That was the biggest limiter over these past few years to growth. So there's pent-up demand, particularly at peak times, such that we don't need to necessarily coupon to get that demand.

平衡很重要。我認為最重要的一點是洛根所說的以及我們所談論的內容，即上個季度影響的變化。第一，大約3年來第一次非常積極，供需基本平衡，真的感覺大流行已經過去了。這是過去幾年增長的最大限制因素。因此存在被壓抑的需求，特別是在高峰時段，因此我們不一定需要優惠券來獲得該需求。

Our focus on growth will be on Pink, which is our membership program, which focuses on our most loyal users. And we're happy with the progress we've made there. We've actually doubled our Pink members in Q4 and recently launched our partnership with Chase. So we think partnerships are a smart and efficient way to lean into growth now that the marketplace is in balance. Chase is the top card issuer in the country. And now all Chase Sapphire Reserve card holders received 2 years of free Lyft Pink. And that scaling of Lyft Pink is an important priority. And so the individuals who have signed up for Pink are seeing about $29 a month value from the program that they're paying just about $9.99 for. So I'd say that's the most important area of growth in the years ahead, and we're excited about that.

我們的增長重點將放在 Pink，這是我們的會員計劃，專注於我們最忠實的用戶。我們對我們在那裡取得的進展感到滿意。事實上，我們在第四季度的 Pink 會員人數翻了一番，最近還與 Chase 建立了合作夥伴關係。因此，我們認為，在市場平衡的情況下，合作夥伴關係是實現增長的一種明智而有效的方式。大通銀行是美國最大的發卡機構。現在，所有 Chase Sapphire Reserve 持卡人都可獲得 2 年的免費 Lyft Pink。 Lyft Pink 的擴展是一個重要的優先事項。因此，註冊 Pink 的個人每月從該計劃中獲得約 29 美元的價值，而他們只需支付約 9.99 美元。所以我想說這是未來幾年最重要的增長領域，我們對此感到興奮。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

你的下一個問題來自高盛的 Eric Sheridan。

Maybe I'll ask a multi-parter just on relative market share and where you have most exposure. You've talked a fair bit about the West Coast. And obviously, there's been elements of a slower return to work in the West Coast of the U.S., and now we're seeing layoffs and maybe some reduced benefits inside companies on the West Coast. Can you talk a little bit about the recovery trajectory you're seeing in some of your key cities on the West Coast and how some of the cost-saving measures might be acting as a bit of a headwind as you think about how the arc of the recovery trajects into Q1 in the first half of the year?

也許我會就相對市場份額和你最有曝光率的地方問一個多方合作夥伴。你已經談了很多關於西海岸的事。顯然，美國西海岸的複工速度較慢，現在我們看到西海岸的公司內部裁員，福利可能有所減少。您能否談談您在西海岸的一些主要城市看到的複蘇軌跡，以及一些節省成本的措施如何在您考慮弧線如何時起到一些逆風作用？上半年復蘇軌跡進入Q1？

Yes, absolutely. So in Q4, the West Coast broadly was 60% recovered versus Q4 '19. So it is still way behind. In comparison, the East Coast was much stronger. If you look at a city like New York, it's more than 100% recovered even on a rides basis. So we've seen, in general, all of the kind of typical use cases start to return. One kind of notable call out is that travel has been incredibly strong across the board. We think for the West Coast, one of the things holding it back had been supply levels.

是的，一點沒錯。因此，在第四季度，與 19 年第四季度相比，西海岸總體上恢復了 60%。所以還是落後很多。相比之下，東海岸要強大得多。如果你看看像紐約這樣的城市，即使按乘車計算，它的恢復率也超過 100%。所以我們已經看到，一般來說，所有類型的典型用例都開始回歸。一種值得注意的呼籲是，旅行在各個方面都非常強勁。我們認為對於西海岸來說，阻礙它發展的因素之一是供應水平。

So we do expect that as we see this broader national easing of pressure on the supply side of the market that, that's going to really benefit service levels on the West Coast. And then we think it's probably just going to take a little bit more time for the West Coast to get back to normal.

因此，我們確實預計，當我們看到全國范圍內市場供應方面的壓力有所緩解時，這將真正有利於西海岸的服務水平。然後我們認為西海岸可能需要更多時間才能恢復正常。

And then since you asked a little bit about kind of company spend and how that affects us. I just want to comment on our enterprise business, we call this business. We have a few different segments, enterprise, universities and health care. On enterprise, we're continuing to see that actually pick up. We're seeing the return of large events and conferences, and Lyft -- what we call business, Lyft business managed bookings grew by more than 60% year-over-year. We have some new offerings like Lyft Pass and Concierge. And then we're going to keep leaning in. We think that's a really nice margin opportunity and growth opportunity.

然後因為你問了一些關於公司支出的類型以及這對我們有何影響。我只想評論一下我們的企業業務，我們稱之為業務。我們有幾個不同的細分市場，企業、大學和醫療保健。在企業方面，我們繼續看到實際回升。我們看到大型活動和會議的回歸，以及 Lyft——我們稱之為業務，Lyft 業務管理的預訂同比增長超過 60%。我們有一些新產品，例如 Lyft Pass 和 Concierge。然後我們將繼續向前傾斜。我們認為這是一個非常好的利潤機會和增長機會。

We also, as I mentioned, have health care in our enterprise business. We're seeing great traction. Health care bookings in Q4 were 92% higher than the level of Q4 2019. And so that business is scaling nicely. And there's actually more markets being authorized from a regulatory perspective to use our services, which expands the addressable market for health care. And then last, I mentioned universities. We have over 200 partnerships with universities and colleges that give students access to all our products, and we're seeing the back-to-school fully in October. And that Q4 was our university partnership's biggest quarter of the year with bookings up nearly 50% year-over-year.

正如我提到的，我們的企業業務也有醫療保健。我們看到了巨大的吸引力。第四季度的醫療保健預訂量比 2019 年第四季度的水平高出 92%。因此，該業務擴展良好。實際上，從監管角度來看，有更多市場被授權使用我們的服務，這擴大了醫療保健的潛在市場。最後，我提到了大學。我們與大學和學院建立了 200 多個合作夥伴關係，讓學生可以使用我們的所有產品，我們將在 10 月全面開學。第四季度是我們大學合作夥伴關係最大的一個季度，預訂量同比增長近 50%。

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

你的下一個問題來自摩根士丹利的布賴恩諾瓦克。

I have a couple, just sort of a historical look back. I was just wondering, so we can sort of better understand the competitive dynamics, can you help us better understand a little bit how quickly trips or bookings growth in the core rideshare business? How did that progress throughout the course of '22? Or even a full year number, just so we can sort of compare that to the overall industry trips or bookings.

我有一對，只是一種歷史回顧。我只是想知道，這樣我們才能更好地了解競爭動態，您能幫助我們更好地了解核心拼車業務的旅行或預訂增長有多快嗎？在整個 22 年的過程中，這是如何取得進展的？甚至是全年數字，這樣我們就可以將其與整體行業旅行或預訂進行比較。

And the second one, I know in the past, you've talked about sort of growing in line with the industry, et cetera. Just I know you're making some price adjustments now. Logan, how do you think about other sort of big picture adjustments you might have to make to the platform just to ensure that you can grow at those previous rates that you spoke about, call it, 6, 9 months ago?

第二個，我過去知道，你談到過與行業同步增長，等等。我只知道你們現在正在調整價格。洛根，你如何看待你可能需要對平台進行的其他類型的全局調整，以確保你能夠以你所說的那些以前的速度增長，稱之為 6、9 個月前？

So on the first question, we saw mid-20s growth for the year on the kind of overall bookings. Can you repeat the second part of your question? Or Logan did you get that?

所以在第一個問題上，我們看到今年整體預訂量增長了 20 多歲。你能重複你問題的第二部分嗎？或者洛根你明白了嗎？

Yes, I think you were asking what are the other investments we're making in the platform. The foundational investment is on service levels. We have a very loyal group of riders and drivers, who prefer Lyft. And we need to make sure that we show up for them with competitive price and ETA for our riders and competitive pay for our drivers. That's kind of first and foremost. The second big area of investment that John mentioned is Lyft Pink.

是的，我想你是在問我們在該平台上進行的其他投資是什麼。基礎投資是服務水平。我們有一群非常忠誠的乘客和司機，他們更喜歡 Lyft。我們需要確保我們以有競爭力的價格和 ETA 為我們的車手和我們的司機提供有競爭力的薪酬。這是首要的。約翰提到的第二大投資領域是 Lyft Pink。

So we're very happy with the growth that we've seen in that program doubling just in Q4 alone, the great Chase partnership and the increasing suite of benefits that we've put behind Lyft Pink, I think, make it hands down the best transportation membership program out there. And we're going to keep pushing to make sure that it remains in that position.

因此，我們對該計劃的增長感到非常高興，僅在第四季度就翻了一番，與大通銀行的良好合作夥伴關係以及我們為 Lyft Pink 提供的越來越多的福利，我認為，讓它成為現實那裡最好的交通會員計劃。我們將繼續努力以確保它保持在那個位置。

Your next question comes from the line of Alex Potter with Piper Sandler.

你的下一個問題來自 Alex Potter 和 Piper Sandler 的台詞。

So you mentioned this is -- following up there on Lyft Pink. You were mentioning earlier that it's a great value. You're paying $9.99, but you get $29 in value. How do you assess the economic impact then to Lyft at the -- in the early stages of a membership's, I guess, life cycle, presumably, the economics aren't quite as favorable for you. How do you sort of calculate how long it takes to earn back what you're presumably giving away at the outset?

所以你提到這是——在 Lyft Pink 上跟進。你之前提到它很有價值。您支付了 9.99 美元，但您獲得了 29 美元的價值。你如何評估對 Lyft 的經濟影響——我想，在會員生命週期的早期階段，經濟學可能對你不太有利。你如何計算需要多長時間才能收回你一開始可能放棄的東西？

So just to be clear, the $29 doesn't mean that we're -- the individual is paying $9.99, and we're -- we have cost of $29. It means that the value they get from the program on things that we may have a large margin on is $29. It's -- we are running the program profitably. We look at 2 main metrics for Lyft Pink. One is incrementality, when a person has Lyft Pink versus who doesn't, they ride more with Lyft and every ride more they take with us is incremental profit for us. And we look at retention on a month-over-month basis, and we're seeing industry level retention for these types of membership program. So again, we are running the program profitably and still users are able to get that type of value.

所以要明確一點，29 美元並不意味著我們——個人支付 9.99 美元，而我們——我們的成本是 29 美元。這意味著他們從這個項目中獲得的價值是 29 美元，而我們可能有很大的利潤空間。這是 - 我們正在有利可圖地運行該程序。我們查看 Lyft Pink 的 2 個主要指標。一個是增量，當一個人擁有 Lyft Pink 與沒有人相比，他們乘坐 Lyft 的次數更多，而他們每次乘坐我們的次數越多，對我們來說都是增量利潤。我們逐月查看保留率，我們看到了這些類型的會員計劃的行業級別保留率。因此，我們再次以有利可圖的方式運行該程序，並且用戶仍然能夠獲得那種類型的價值。

Okay. Great. And then one last one here just on stock-based comp. You mentioned the 2024 target, which is helpful. I'm curious to hear how you're getting to that. Are you focusing on attrition? Are you just talking about SBC being a lower percentage of people's comp in general? What's your strategy for driving that lower?

好的。偉大的。然後這裡的最後一個只是基於股票的補償。你提到了 2024 年的目標，這很有幫助。我很想知道你是如何做到這一點的。你在關注損耗嗎？您是在談論 SBC 總體上在人們的補償中所佔的比例較低嗎？您將其壓低的策略是什麼？

Yes. There's 2 main things. One is that we did the reduction in force last year, late last year. So that's accounted for in that new target. And also, there's been a shift on some of our talent to international markets where your second point is more the case that individuals are primarily making cash and not equity.

是的。主要有兩點。一是我們在去年年底進行了裁員。所以這在新目標中得到了解釋。而且，我們的一些人才已經轉移到國際市場，你的第二點更多的是個人主要賺取現金而不是股權。

Your next question comes from the line of John Colantuoni with Jefferies.

你的下一個問題來自 Jefferies 的 John Colantuoni。

I just wanted to start with, the first quarter guidance assumes that you're going to need to see a ramp in incremental margin to get towards the $1 billion in '24 EBITDA. Can you just talk about how you can balance your competitive positioning and EBITDA margin over time, and if there's anything about the first quarter that's causing sort of transitory headwinds to profitability? And I also wanted to ask quickly, going back to sort of regulation. I believe the -- in New York City, there's a proposed rideshare wage increase that was recently announced. Maybe you could just talk about how you're thinking about that and if you believe you can sort of just price that through.

我只是想開始，第一季度的指導假設你需要看到增量利潤率的上升才能達到 24 年 EBITDA 的 10 億美元。你能談談如何隨著時間的推移平衡你的競爭定位和 EBITDA 利潤率，以及第一季度是否有任何事情對盈利能力造成暫時的不利影響？我也想盡快問一下，回到某種監管。我相信 - 在紐約市，最近宣布了一項擬議的拼車工資增長。也許你可以談談你是如何考慮的，如果你相信你可以通過定價來解決這個問題。

Yes. So I think the most kind of important piece to understand is what we talked about before, which is the timing of our insurance renewal and the significance that, that has had on our Q1 margin. I think if you look back at our earlier margins Q2, Q3 last year, that's probably more instructive of a typical place for them to operate. But the marketplace dynamics have changed. The competitive environment is different. And so we're stepping back and reassessing at this moment.

是的。所以我認為最重要的是要了解我們之前談到的內容，即我們續保的時間以及它對我們第一季度利潤率的影響。我認為，如果你回顧一下我們去年第二季度、第三季度的早期利潤率，這可能對他們運營的典型地點更具指導意義。但市場動態已經改變。競爭環境不同。所以我們現在退後一步重新評估。

On New York, you asked about kind of the potential for pricing change. We're not party in that litigation that's ongoing. If there's any pricing change, it would be at the industry level, and so it would be passed through.

在紐約，您詢問了定價變化的可能性。我們沒有參與正在進行的訴訟。如果有任何價格變化，那將是在行業層面，因此它會被傳遞。

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

你的下一個問題來自 Steven Fox 與 Fox Advisors 的對話。

I just had one. It's obviously been a very dynamic environment that you're dealing with over the last couple of years. Based on what you know today, including the recent change in base pricing, how do we think about your expectations for what kind of driver supply you would like to bring on? What kind of ridership growth you think is reasonable to assume? What is a normal pace of pricing decline going forward? How does the marketplace look to you from those aspects, say, over the next 12 months?

我只有一個。在過去的幾年裡，你所處的環境顯然是一個非常動態的環境。根據你今天所知道的，包括最近基本定價的變化，我們如何看待你對你想要帶來什麼樣的司機供應的期望？您認為什麼樣的客流量增長是合理的？未來價格下降的正常速度是多少？在接下來的 12 個月中，從這些方面來看，市場對您有何看法？

Yes. Broadly, we expect demand growth has been healthy. I think we saw in the back half of last year and continue to see healthy demand. And the kind of most notable change is the real acceleration in driver supply. So I think it's hard for us to project out much further, but I think a lot of the kind of pandemic-related swings are now behind us, and we're going to be more of a healthy, steady-state growth where it looks like supply growth will be able to track with demand growth going forward.

是的。總的來說，我們預計需求增長是健康的。我認為我們在去年下半年看到並繼續看到健康的需求。最顯著的變化是驅動程序供應的真正加速。所以我認為我們很難進一步預測，但我認為許多與流行病相關的波動現在已經過去，我們將在看起來更健康、穩定的狀態下增長就像供應增長將能夠隨著需求增長而前進一樣。

Yes. Just to emphasize that point, it's like Logan said, like much more stable growth for us. And as you mentioned, like the swings that we saw over the past few years, are much more costly and difficult to manage through. And so happy to see more of that stability on the horizon.

是的。只是為了強調這一點，就像洛根所說的那樣，對我們來說就像更穩定的增長。正如你所提到的，就像我們在過去幾年看到的波動一樣，成本要高得多，也更難管理。很高興看到地平線上出現更多這種穩定。

I guess just to follow up real quick on that. I guess you don't want to put hard numbers on it, which I understand. But do we look back at what the pre-COVID business model looks like? Or are there distinct changes now when we think about pricing? Or I know the technology is advanced, et cetera. Is there anything you would say, all right, this is a major change in how you look at the business versus COVID because of XYZ?

我想只是為了快速跟進。我猜你不想在上面加上硬數字，我明白這一點。但我們是否回顧過 COVID 之前的商業模式是什麼樣子的？或者當我們考慮定價時，現在有明顯的變化嗎？或者我知道技術很先進，等等。您有什麼要說的嗎，好吧，由於 XYZ，這是您看待業務與 COVID 的方式的重大變化？

I think the major change structurally was just the highest valuable cost insurance went up. And again, that's going up for everyone in the industry. That's the most material change. Other than that, I'd say our tools have gotten better because we've had to manage those extreme swings primarily from like a year plus ago. So we built all these tools for oversupply, undersupply that we're continuing to refine and use on a market-by-market basis. But in general, the only major structural difference is the higher insurance.

我認為結構上的重大變化只是最高價值的保險成本上升了。再一次，這個行業的每個人都在上升。這是最實質性的變化。除此之外，我想說我們的工具變得更好了，因為我們不得不主要從一年多前開始管理這些極端波動。因此，我們構建了所有這些供過於求、供不應求的工具，我們將繼續在逐個市場的基礎上完善和使用這些工具。但總的來說，唯一的主要結構差異是更高的保險。

Your next question comes from the line of Lloyd Walmsley with UBS.

你的下一個問題來自瑞銀集團的 Lloyd Walmsley。

Yes, I had a question about the gain on sale and disposal of assets. I think it was about $61 million in '22. Am I right to assume that's all coming from the sale of Flex cars at kind of above carrying value? And does that flow through the new definition or the old definition of EBITDA? And how does this kind of fall in used car prices? How does it change the opportunity to continue to kind of monetize that fleet going forward?

是的，我有一個關於資產出售和處置收益的問題。我認為它在 22 年大約是 6100 萬美元。我是否可以正確地假設這一切都來自以高於賬面價值的價格銷售 Flex 汽車？這會影響 EBITDA 的新定義還是舊定義？以及二手車價格的這種下跌是如何造成的？它如何改變繼續通過該機隊獲利的機會？

Yes. Largely, that does reflect the remarketing of vehicles. And in this quarter-on-quarter, we project a modest decline related to that. And we continue to see that as an opportunity in our business as we all fleet vehicles to continue to put them for sale in the aftermarket.

是的。在很大程度上，這確實反映了車輛的再營銷。在這個季度環比中，我們預計與此相關的會出現適度下降。我們繼續將其視為我們業務中的一個機會，因為我們所有車隊的車輛都將繼續在售後市場進行銷售。

Okay. And does that -- I mean, is that -- is the core operating side of that business something you guys are still seeing as an attractive business to provide supply? Or is it a function of, hey, we don't -- as supply comes back, we don't need that as much, and so we can kind of offload some of the vehicles?

好的。那是——我的意思是，那是——你們仍然認為該業務的核心運營方面是提供供應的有吸引力的業務嗎？還是它的作用是，嘿，我們不需要——隨著供應的恢復，我們不需要那麼多，所以我們可以卸載一些車輛？

I'd say it's still attractive because the individuals that use Express Drive drive many hours. And so it's a great high-quality lever for that type of supply.

我想說它仍然很有吸引力，因為使用 Express Drive 的人會開車很多小時。因此，對於這種類型的供應來說，它是一個很好的高質量槓桿。

And the fleet remarketing is a steady-state part of the business. There's very kind of subtle timing adjustments that we make, but that will be an evergreen aspect of the business.

車隊再營銷是業務的穩定部分。我們做了非常微妙的時間調整，但這將是業務的常青方面。

Your next question comes from the line of Deepak Mathivanan with Wolfe Research.

您的下一個問題來自 Deepak Mathivanan 與 Wolfe Research 的合作。

And really sorry if these are asked before. I was just jumping in on a couple of calls. But just trying to understand what is prompting this base price change. I know you mentioned competition removing fuel surcharge. Are you seeing kind of demand sensitivity and market share lost due to this? And then how does this translate into driver running? It sounds like you're absorbing something in your P&L. But how confident are you that this is kind of a onetime adjustment and not a steady erosion in unit economics that happens going forward?

如果之前有人問過這些，真的很抱歉。我只是插了幾個電話。但只是想了解是什麼促使這種基本價格變化。我知道你提到取消燃油附加費的競爭。您是否看到某種需求敏感性和市場份額因此而丟失？然後這如何轉化為驅動程序運行？聽起來您在損益表中吸收了一些東西。但是，您對這是一種一次性調整而不是未來發生的單位經濟性的持續侵蝕有多大信心？

Sure. So on base price, just to kind of repeat what we've gone through. In Q4, insurance prices went up significantly. We made a base price increase at that moment. In the beginning of January, we saw our competition remove their fuel surcharge, which was a price, base price decrease. We know from years of operating in the market that riders are sensitive to price and ETA. Those are the kind of the basics of service levels. So it's critical for us to maintain a competitive position, and we did so, right?

當然。所以在基本價格上，只是為了重複我們經歷過的事情。第四季度，保險價格大幅上漲。我們當時提高了基本價格。 1 月初，我們看到我們的競爭對手取消了他們的燃油附加費，這是一種價格，基本價格下降。我們從多年的市場運營中了解到，車手對價格和 ETA 很敏感。這些是服務水平的基礎。因此，保持競爭地位對我們來說至關重要，我們做到了，對嗎？

First and foremost, we are always prioritizing competitive service levels. That is critical for us. And we also know that we have different timing for insurance renewal, right? The majority of ours was renewed October 1. And so that is having a unique impact on Q1. What was the...

首先，我們始終優先考慮具有競爭力的服務水平。這對我們來說至關重要。而且我們也知道我們有不同的續保時間，對嗎？我們的大部分產品都在 10 月 1 日更新。因此這對第一季度產生了獨特的影響。什麼是...

You guys think about how base price impacts driver earnings, is that part of your question?

你們考慮基本價格如何影響司機收入，這是你問題的一部分嗎？

Yes, curious how should we think about the driver earnings in this context and whether this is something that is a onetime adjustment or has the potential to happen multiple times through the year.

是的，很好奇在這種情況下我們應該如何考慮司機的收入，以及這是一次性調整還是有可能在一年中多次發生。

Yes. So the -- the rider pricing is not directly connected to driver pricing. So the base price decrease is for riders. So there's no direct impact on drivers with that change, except for more sort of top line, more demand flowing through the system. So bottom line, it's always healthy for the business and healthy for drivers for us to stay competitive in the market. Any other questions? Or did we get yours?

是的。所以 - 車手定價與司機定價沒有直接關係。因此，基本價格下降是針對騎手的。因此，這種變化對司機沒有直接影響，除了更多的頂線，更多的需求流經系統。所以歸根結底，對於我們在市場上保持競爭力的業務和司機來說，這總是健康的。還有其他問題嗎？或者我們得到了你的？

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

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

Two questions. On Pink, what was the big driver of the doubling of subs in the fourth quarter? And any way to kind of quantify sub spend as a percent of revenue or bookings or the Pink sub spend versus non-Pink subs? And the second question on driver supply, what was the big driver of the increasing supply? Was it just macro? And kind of when did it happen? Like you start to see it happen in 4Q or early part of 1Q? Any help there would be great.

兩個問題。關於 Pink，第四季度替補人數翻倍的主要推動力是什麼？有什麼方法可以量化子支出佔收入或預訂的百分比，或者粉紅子支出與非粉紅子支出的比較？第二個關於司機供應的問題，供應增加的主要推動力是什麼？只是宏嗎？它是什麼時候發生的？就像你開始看到它發生在 4Q 或 1Q 的早期？任何幫助都會很棒。

So on Pink, only towards, I'd say, in early second half of last year, did we kind of really relaunched that with the lower $9.99 price, which was obviously material in getting more interest versus the $19.99 program. We adjusted the benefits as well to make that make financial sense. And as I said, with an earlier question, we run that program profitably.

所以在 Pink 上，我想說的是，在去年下半年初，我們是否真的以較低的 9.99 美元價格重新推出了它，這顯然比 19.99 美元的計劃更能引起人們的興趣。我們還調整了收益，以使其具有財務意義。正如我所說，對於一個較早的問題，我們運行該程序是有利可圖的。

Some of the main things that we did as we went into kind of Q4 is that we put more in-app messaging, just simply about the program as we got really confident in the retention levels that we were seeing that again are at industry levels for that type of membership program. At that point, we -- and when we saw that we could do it profitably while driving $29 on average of value to the rider, we wanted to talk more about it with our users simply. So we added more in app messaging where it made sense, and it worked. So that was the primary thing.

我們在進入第四季度時所做的一些主要事情是我們添加了更多的應用程序內消息，只是關於程序，因為我們對我們再次看到的行業水平的保留水平非常有信心那種類型的會員計劃。那時，我們——當我們看到我們可以在為騎手帶來 29 美元的平均價值的同時盈利時，我們想簡單地與我們的用戶更多地談論它。因此，我們在有意義且有效的應用程序消息傳遞中添加了更多內容。所以這是首要的事情。

You also asked about how we -- or if we can share kind of as a percent of maybe bookings or something revenue, we do track that, and that is one of our internal targets for year-end that we are focused on. We are not sharing that externally at this time. And then I think your last question was around supply and kind of why is that happening. And I would say it is broadly macro.

您還詢問了我們如何 - 或者我們是否可以分享某種形式的預訂或收入的百分比，我們確實跟踪了這一點，這是我們關注的年終內部目標之一。我們目前不對外分享。然後我認為你的最後一個問題是關於供應的，以及為什麼會這樣。我會說它是廣泛的宏觀。

For us, supply was impacted dramatically by the pandemic and important for drivers is consistency of earnings. And now that we're out of the pandemic and the rideshare industry has moved past that, there's consistent earnings. And so at a macro level, it's come back, it started coming back towards the end of the year. But really, I'd say is Q1.

對我們來說，供應受到大流行的巨大影響，對司機來說重要的是收入的一致性。現在我們已經擺脫了大流行病，拼車行業已經過去了，收益穩定。所以在宏觀層面上，它又回來了，它在年底開始回歸。但實際上，我想說的是第一季度。

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

你的下一個問題來自德意志銀行的 Benjamin Black。

So just circling back on the 1Q guide, can you help us understand what's embedded from an incentive level or contra standpoint since travel levels are still strong? And then I just want to follow up on the 2024 EBITDA guide. I mean I guess the question is, why are you reevaluating it this early? It seems like the issues that you're mentioning are really near-term challenges. So what's exactly changed over the last 3 months that you're rethinking the longer-term outlook?

因此，回到 1Q 指南，您能否幫助我們了解由於旅行水平仍然強勁，從激勵水平或對立角度來看嵌入了什麼？然後我只想跟進 2024 年 EBITDA 指南。我的意思是我想問題是，你為什麼這麼早重新評估它？看來你提到的問題確實是近期的挑戰。那麼，在過去 3 個月中，您重新考慮長期前景的具體變化是什麼？

Yes. Let me take that first and then pass it to Elaine for your question about contra. And so as Logan mentioned, there was a change in base price that we made. But then as competition removed their fuel surcharge, we needed to ensure we had competitive service levels. We just want to ensure we prioritize that. That's critical in this really good opportunity that exists right now where the market is finally back in balance. We want to ensure we make it really easy for people to choose Lyft. And so that is the priority.

是的。讓我先接受它，然後將它傳遞給 Elaine，以解決您關於 contra 的問題。正如 Logan 提到的那樣，我們對基本價格進行了更改。但隨著競爭取消他們的燃油附加費，我們需要確保我們擁有具有競爭力的服務水平。我們只是想確保我們優先考慮它。這對於現在市場終於恢復平衡的這個非常好的機會至關重要。我們希望確保讓人們真正輕鬆地選擇 Lyft。所以這是當務之急。

Obviously, we want to do that profitably. And we want to -- just because there is quite a bit of changes over the past few months, we want to share our go forward with a little bit more information and confidence. And then Elaine, do you want to take the contra?

顯然，我們希望這樣做有利可圖。我們希望 - 僅僅因為過去幾個月發生了很多變化，我們希望通過更多信息和信心分享我們的前進。然後伊萊恩，你想參加反對派嗎？

Yes. In terms of contra, just to set a little context, in absolute terms in Q4, incentives in contra revenue were $337 million, which was up 17% versus Q3, flat year-on-year and still below the prior peak. But as we look to Q1, with the tailwinds we're seeing to supply, we expect contra revenue incentives will be down quarter-on-quarter, both in absolute terms and on a per ride basis. And this reflects the benefit from the organic supply tailwinds. However, the extent of our investment will always depend on the real-time market conditions and supply-demand balance.

是的。就對沖而言，只是為了設置一點背景，按絕對值計算，第四季度的對沖收入為 3.37 億美元，比第三季度增長 17%，同比持平，但仍低於之前的峰值。但當我們展望第一季度時，隨著我們看到的順風供應，我們預計反向收入激勵將環比下降，無論是絕對值還是每次乘車。這反映了有機供應順風帶來的好處。然而，我們的投資程度將始終取決於實時市場狀況和供需平衡。

That is all the time we have for questions today. I will now turn the call back to Logan Green for closing remarks.

這就是我們今天提問的全部時間。我現在將把電話轉回給 Logan Green 以作結束語。

All right. Thank you, everybody, for joining the call today, and we look forward to connecting again soon.

好的。謝謝大家今天加入電話會議，我們期待很快再次聯繫。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。