(LYFT) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Lyft First Quarter 2023 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 2023 年第一季度財報電話會議。 （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 first quarter of 2023. On the call today, we have our CEO, David Risher; our CFO, Elaine Paul, and our Co-Founder and Board Chair, Logan Green. In addition, John Zimmer, our Co-Founder, President and Vice Chair; and Kristin Sverchek, our President of Business Affairs, are here for the Q&A session.

謝謝。歡迎來到 Lyft 2023 年第一季度的財報電話會議。今天的電話會議上，我們的首席執行官 David Risher；我們的首席財務官 Elaine Paul 和我們的聯合創始人兼董事會主席 Logan Green。此外，我們的聯合創始人、總裁兼副主席 John Zimmer；我們的商務總裁 Kristin Sverchek 出席了問答環節。

We'll make forward-looking statements on today's call relating to our business strategy and performance, future financial results and guidance. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from those projected or implied during this call. These factors and risks are described in our earnings slide deck and our recent SEC filings.

我們將在今天的電話會議上發表有關我們的業務戰略和業績、未來財務業績和指導的前瞻性陳述。這些陳述受風險和不確定性的影響，這些風險和不確定性可能導致我們的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。這些因素和風險在我們的收益幻燈片和我們最近提交給美國證券交易委員會的文件中有所描述。

All forward-looking statements that we make on today's call are based on our beliefs as of today, and we disclaim any obligation to update any forward-looking statements, except as required by law. Our discussion will include non-GAAP financial measures, which are not a substitute for our GAAP results.

我們在今天的電話會議上所做的所有前瞻性陳述均基於我們截至今天的信念，除法律要求外，我們不承擔任何更新任何前瞻性陳述的義務。我們的討論將包括非 GAAP 財務措施，這些措施不能替代我們的 GAAP 結果。

Reconciliations of our historical GAAP to non-GAAP results may be found in our earnings materials, which are available on our IR website. And with that, I'll pass the call to Logan.

我們的歷史 GAAP 與非 GAAP 結果的調節可以在我們的收益材料中找到，這些材料可以在我們的 IR 網站上找到。有了這個，我會把電話轉給洛根。

Thanks, Sonya. Good afternoon, everyone, and thank you for joining us. The team is going to address a few big developments on today's call. I'm going to kick things off by talking about our leadership transition. I'm excited to pass the baton to David Risher, who is now Lyft second ever CEO. That change was effective on April 17. John will also be transitioning from his role as President early this summer.

謝謝，索尼婭。大家下午好，感謝您加入我們。該團隊將在今天的電話會議上討論一些重大進展。我將通過談論我們的領導層交接來拉開序幕。我很高興將接力棒傳遞給 David Risher，他現在是 Lyft 的第二任首席執行官。這一變化於 4 月 17 日生效。約翰也將在今年夏初從他的總統職位過渡。

David is an incredible proven leader, and he's going to be great for Lyft. His experience on our Board give him a strong appreciation for the incredible opportunities ahead of us and a clear view of the challenges. He brings the right energy, ambition and experience to lead Lyft to the next chapter.

David 是一位令人難以置信的久經考驗的領導者，他對 Lyft 來說將是偉大的。他在我們董事會的經歷使他對我們面前的難以置信的機遇和對挑戰的清晰認識深表讚賞。他帶來了正確的能量、雄心和經驗來帶領 Lyft 進入下一章。

David's customer obsession, purpose-driven mindset and competitive spirit are exactly what Lyft needs. With the transition, this will be the last earnings call that John and I joined. I'm now the Chair of Lyft's board. John will continue to serve as President of Lyft until the end of June, at which time he will continue to serve as Lyft's Vice Chair.

David 對客戶的痴迷、目標驅動的心態和競爭精神正是 Lyft 所需要的。隨著過渡，這將是約翰和我參加的最後一次財報電話會議。我現在是 Lyft 的董事會主席。約翰將繼續擔任 Lyft 總裁直至 6 月底，屆時他將繼續擔任 Lyft 的副主席。

We are excited for David to be leading the company on a day-to-day basis and look forward to continuing to serve as Board members and to supporting the company on the next leg of its journey. Finally, I want to say thank you to the Lyft investor community. John and I are incredibly grateful to have had the opportunity to build this company with your support.

我們很高興 David 能夠領導公司的日常工作，並期待繼續擔任董事會成員並在公司的下一站旅程中為公司提供支持。最後，我想對 Lyft 投資者社區表示感謝。約翰和我非常感謝有機會在您的支持下建立這家公司。

Lyft is our lives to work, and we are confident it's in great hands. Now I'm going to turn the call over to David.

Lyft 是我們一生的工作，我們相信它掌握在偉大的手中。現在我要把電話轉給大衛。

Thanks, Logan. I'm so grateful to you and John for pioneering a new industry, establishing a defining company and building an iconic brand. Lyft has had a profound impact on the lives of millions of riders and drivers have earned billions of dollars. That is an extraordinary legacy. Everyone who's joined us on today's call, if we haven't yet met, you should know that I'm an extremely result-driven leader, and I'm a builder at heart.

謝謝，洛根。我非常感謝你和 John 開創了一個新行業，建立了一家具有代表性的公司並打造了一個標誌性品牌。 Lyft 對數百萬乘客的生活產生了深遠影響，司機賺取了數十億美元。這是一個非凡的遺產。今天參加我們電話會議的每個人，如果我們還沒有見過面，你應該知道我是一個非常注重結果的領導者，而且我內心深處是一個建設者。

At Microsoft, I learned the power of scale and competitive focus. At Amazon, I helped the company be insanely customer focused. And at Worldreader, I learned how to do more with less. That's what I bring to Lyft. So here's my perspective. Lyft addresses 2 basic and very durable needs. We get riders out and about, so they can live their lives together. We are a social species. And we provide drivers a way to work that gives them control over their money and time.

在 Microsoft，我了解了規模和競爭焦點的力量。在亞馬遜，我幫助公司瘋狂地以客戶為中心。在 Worldreader，我學會瞭如何事半功倍。這就是我帶給 Lyft 的東西。所以這是我的觀點。 Lyft 解決了 2 個基本且非常持久的需求。我們讓騎手四處走走，這樣他們就可以一起生活。我們是一個社會物種。我們為司機提供了一種工作方式，讓他們可以控制自己的金錢和時間。

As one driver told me, driving with Lyft means I will never go broke. These needs aren't going to go away, and they are the basics -- basis of what will be a large, durable and profitable business. But today, Lyft is at an inflection point. People are getting back out to work and play, and we have renewed focus on delivering a great rideshare experience.

正如一位司機告訴我的那樣，在 Lyft 開車意味著我永遠不會破產。這些需求不會消失，它們是基礎——成為大型、持久和有利可圖的企業的基礎。但今天，Lyft 正處於一個轉折點。人們重新開始工作和娛樂，我們重新專注於提供出色的拼車體驗。

Near term, we are prioritizing strong execution for riders and drivers, and this pure-play approach will help us build a growing profitable business over the long term. So here's what we've been doing, and here's what you can expect next. First, over the last 10 weeks, we've been pricing rideshare competitively, which is what riders expect and want. This is key and really important to remember, every year, millions of riders choose Lyft over Uber. We don't want to give them a reason to go the other direction.

近期，我們優先考慮為乘客和司機提供強有力的執行力，這種純粹的經營方式將幫助我們建立一個長期增長的盈利業務。所以這就是我們一直在做的事情，這就是您接下來可以期待的事情。首先，在過去的 10 周里，我們一直在為拼車服務定價，這正是乘客所期望和想要的。這是關鍵，而且非常重要，要記住，每年都有數百萬乘客選擇 Lyft 而不是 Uber。我們不想給他們一個轉向另一個方向的理由。

The results have been an acceleration in our year-on-year rideshare growth for the first time in nearly 2 years and a smaller percentage of rides with prime time pricing. In this way, we have strengthened our category position on both a bookings and ride basis. Second, to fund these service improvements, we've cut costs and restructured our organization. We didn't make these decisions to cut cost and headcount lightly, but it is critical to consistently being able to offer good prices and fast pickup times.

結果是近 2 年來我們的乘車份額同比增長首次加速，黃金時段定價的乘車比例也有所下降。通過這種方式，我們加強了我們在預訂和乘車方面的類別地位。其次，為了資助這些服務改進，我們削減了成本並重組了我們的組織。我們做出這些決定並不是為了輕鬆削減成本和裁員，但始終能夠提供優惠的價格和快速的提貨時間至關重要。

Collectively, we expect the changes we announced last week to deliver about $330 million in annual savings when in full effect, and Elaine will review the financial impact of those in greater detail. Even more importantly, we have restructured the organization and nearly halved the number of management layers from 8 to 5, flattening teams and enabling for faster decision-making.

總的來說，我們預計我們上周宣布的變化全面生效後每年將節省約 3.3 億美元，Elaine 將更詳細地審查這些變化的財務影響。更重要的是，我們對組織進行了重組，將管理層的數量從 8 層減少到 5 層，將團隊扁平化並加快了決策速度。

Our new structure gives me direct contact with our rideshare leads, removing layers so we can innovate faster. Third, we need to drive awareness that Lyft is a great choice so that more people open our app and see our improved pricing and service levels. We've been too quiet for too long. So you'll see us use low-cost, high visibility ways to remind folks of who we are and point out real differences between us and Uber.

我們的新結構讓我可以直接接觸我們的拼車領導，消除層級，以便我們可以更快地創新。第三，我們需要提高 Lyft 是一個不錯選擇的意識，以便更多人打開我們的應用程序並看到我們改進的定價和服務水平。我們已經沉默太久了。所以你會看到我們使用低成本、高知名度的方式來提醒人們我們是誰，並指出我們和 Uber 之間的真正區別。

I hope you've gotten a chance to see our collaboration we launched just yesterday with TikTok influencer Delaney Rowe. It's funny, it's smart and it's designed to get people to consider as a new. Finally, it's time to grow again. Riders and drivers both want a healthy competitive rideshare market with Lyft as a strong player. I can't yet share our long-term growth plans, but I can tell you, I'm spending the majority of my time on projects that grow top line and margin.

我希望您有機會看到我們昨天與 TikTok 影響者 Delaney Rowe 發起的合作。它很有趣，很聰明，旨在讓人們將其視為新事物。終於，又到了成長的時候了。乘客和司機都希望 Lyft 成為一個健康競爭的拼車市場。我還不能分享我們的長期增長計劃，但我可以告訴你，我大部分時間都花在了增加收入和利潤的項目上。

In fact, this was the topic of the very first meeting I had as my first day as CEO 3 weeks ago. I am super excited about what I believe is a significant untapped opportunity to innovate and grow North American rideshare. So let me finish by saying this. I am very aware our current levels of growth and profitability are not acceptable. I also know that investors are waiting for long-term -- updated long-term targets. I'm new in the job, I want to wait to provide those targets until I'm sure we can deliver on them.

事實上，這是 3 週前我擔任 CEO 的第一天召開的第一次會議的主題。我對我認為是創新和發展北美拼車服務的重要未開發機會感到非常興奮。所以讓我說完這個。我非常清楚我們目前的增長和盈利水平是不可接受的。我也知道投資者正在等待更新的長期目標。我是新來的，我想等到我確定我們可以實現這些目標時再提供這些目標。

So here's the recap. Here's the game plan. First, at a time when demand is increasing, we are all about execution. We're focusing on the basics of what riders and drivers want and demand and in particular, on competitive pricing that increases our ride volumes. Second, we have clear objectives, and we are executing in a disciplined way. We've structurally removed cost from our business and reorganized to increase the velocity of execution and bring real innovation to the sector.

所以這裡是重述。這是遊戲計劃。首先，在需求增加的時候，我們都是關於執行的。我們專注於乘客和司機想要和要求的基礎知識，特別是有競爭力的價格，以增加我們的乘車量。二是目標明確，執行有紀律。我們從結構上消除了業務成本並進行了重組，以提高執行速度並為該行業帶來真正的創新。

And third, my focus is on building a great business over the long term by focusing on riders and drivers. That's what I learned from my time building Amazon's retail business, and we're off to a very strong start. Look, I am committed to growing Lyft into a large, durable, profitable business that our riders, drivers and shareholders love, and I look forward to keeping you informed on our progress. Elaine, I'll turn it over to you.

第三，我的重點是通過關注乘客和司機來建立長期的偉大業務。這是我在建立亞馬遜零售業務期間學到的東西，我們有了一個非常好的開端。你看，我致力於將 Lyft 發展成為我們的乘客、司機和股東喜愛的大型、持久、有利可圖的企業，我期待著讓你了解我們的進展。伊萊恩，我會把它交給你。

Thanks, David. To start, I want to say a big thank you to Logan and John for building Lyft and for having the vision to pioneer this industry. I'm also excited to welcome David. He's already bringing along energy and vision to the team, and I'm energized about the path forward. Before I review our financial results, I want to remind everyone that unless otherwise indicated, all income statement measures are non-GAAP and exclude select items, which are detailed in our earnings release.

謝謝，大衛。首先，我要非常感謝 Logan 和 John 建立了 Lyft 並擁有開拓這個行業的遠見。我也很高興歡迎大衛。他已經為團隊帶來了活力和遠見，我對前進的道路充滿活力。在我回顧我們的財務業績之前，我想提醒大家，除非另有說明，否則所有損益表指標都是非 GAAP 的，並且不包括我們的收益發布中詳細說明的特定項目。

Turning to Q1. Our focus on pricing competitively produced solid early results. Our year-over-year rideshare ride growth rate accelerated in Q1 for the first time in nearly 2 years. Q1 was a partial quarter of operating with this renewed focus. And with the full quarter impact in Q2, we expect rideshare ride growth to accelerate further. Our Q1 financial results were better than guidance, driven by rideshare strength.

轉向第一季度。我們對具有競爭力的定價的關注產生了堅實的早期成果。我們的乘車共享乘車同比增長率在近 2 年來首次在第一季度加速。第一季度是這一重新關注的運營的部分季度。考慮到第二季度的整個季度影響，我們預計拼車服務的增長將進一步加速。在拼車實力的推動下，我們第一季度的財務業績好於預期。

Q1 revenue was roughly $1 billion, up 14% year-over-year and was $26 million better than our guidance. We had 19.6 million active riders in Q1, up 10% year-over-year, which represents an acceleration from 9% year-over-year growth in Q4. Revenue per active rider was $51.17 in Q1, up 4% year-over-year versus 11% year-over-year growth in Q4 of '22. The decelerating growth rate was primarily driven by our pricing changes.

第一季度收入約為 10 億美元，同比增長 14%，比我們的指導高出 2600 萬美元。第一季度我們有 1960 萬活躍騎手，同比增長 10%，比第四季度 9% 的同比增長有所加快。第一季度每位活躍騎手的收入為 51.17 美元，同比增長 4%，而 22 年第四季度同比增長 11%。增長率下降主要是由於我們的定價變化。

Contribution was $465 million in Q1, down 7% year-over-year. As a percentage of revenue, contribution margin was 47%, in line with guidance and down 11 percentage points from Q1 of 2022. The decrease versus last year is primarily due to higher insurance costs as well as lower per ride unit economics. Operating expenses were $465 million in Q1, down 2% year-over-year. As a result of our cost-cutting efforts to date, operating expenses were 46% of revenue, an improvement of 8 percentage points from Q1 of '22.

第一季度的貢獻為 4.65 億美元，同比下降 7%。作為收入的百分比，邊際收益為 47%，與指導相符，比 2022 年第一季度下降了 11 個百分點。與去年相比下降的主要原因是保險成本較高以及單位乘車經濟性較低。第一季度的運營費用為 4.65 億美元，同比下降 2%。由於我們迄今為止為削減成本所做的努力，營業費用佔收入的 46%，比 22 年第一季度提高了 8 個百分點。

Q1 adjusted EBITDA was $23 million, exceeding the high end of guidance of $15 million. Our adjusted EBITDA margin in Q1 was 2%. We ended Q1 with a strong cash balance. Unrestricted cash, cash equivalents and short-term investments were $1.8 billion, flat with the level at the end of 2022.

第一季度調整後的 EBITDA 為 2300 萬美元，超過了 1500 萬美元的指導上限。我們在第一季度調整後的 EBITDA 利潤率為 2%。我們以強勁的現金餘額結束了第一季度。不受限制的現金、現金等價物和短期投資為 18 億美元，與 2022 年底持平。

Next, I'm going to address the financial impact of our latest cost-savings initiatives. When our headcount and operating cost savings are in full effect, we expect to generate approximately $330 million in annual savings. This was made up of approximately $215 million related to headcount and $115 million of operating cost reductions. We expect to realize roughly $40 million, $50 million and $70 million of savings in each of Q2, Q3 and Q4, respectively.

接下來，我將討論我們最新的成本節約舉措的財務影響。當我們的員工人數和運營成本節省完全發揮作用時，我們預計每年可節省約 3.3 億美元。這包括約 2.15 億美元的員工人數和 1.15 億美元的運營成本削減。我們預計在第二季度、第三季度和第四季度分別實現大約 4000 萬美元、5000 萬美元和 7000 萬美元的節省。

As David explained, in the near term, we expect to use these savings to pay for our continued service improvements. So these savings will not materially flow to adjusted EBITDA. Over time, the lower operating costs will position us well for improved long-term profitability. We are also further bringing down our stock-based comp expense. We've changed our compensation plans. And when combined with the impact of the staff reductions, we expect our stock-based compensation cost will be roughly $550 million in 2023 and $350 million in 2024, down from approximately $750 million in 2022.

正如 David 解釋的那樣，在短期內，我們希望使用這些節省下來的資金來支付我們持續改進服務的費用。因此，這些節省不會實質性地流入調整後的 EBITDA。隨著時間的推移，較低的運營成本將使我們有利於提高長期盈利能力。我們還進一步降低了基於股票的補償費用。我們已經改變了我們的補償計劃。加上裁員的影響，我們預計 2023 年基於股票的薪酬成本約為 5.5 億美元，2024 年約為 3.5 億美元，低於 2022 年的約 7.5 億美元。

Our reduction in force will result in a onetime charge of approximately $41 million to $47 million in Q2, which we are excluding from adjusted EBITDA. Before I share our Q2 outlook, let me provide some framing. Q1 was a partial quarter of adjusting our prices to be competitive with the market. Q2 will be a full quarter with this continued focus, and we expect our rideshare ride growth to accelerate further.

我們的裁員將導致第二季度約 4100 萬至 4700 萬美元的一次性費用，我們將其排除在調整後的 EBITDA 之外。在我分享我們的第二季度展望之前，讓我提供一些框架。第一季度是我們調整價格以與市場競爭的部分季度。第二季度將是一個持續關注的完整季度，我們預計我們的乘車共享乘車增長將進一步加速。

While this will result in lower per ride unit economics in the quarter, we are actively offsetting the impact with our cost savings initiatives. As a result, we expect our Q2 adjusted EBITDA and adjusted EBITDA margin will be roughly flat with Q1. With that, let me share our Q2 guidance. We expect revenues of between $1 billion and $1.02 billion, which is up 1% to 3% year-over-year. This assumes rideshare ride growth accelerates to at least 15% year-over-year in Q2.

雖然這將導致本季度每乘車單位的經濟效益下降，但我們正在積極通過我們的成本節約計劃來抵消影響。因此，我們預計第二季度調整後的 EBITDA 和調整後的 EBITDA 利潤率將與第一季度大致持平。有了這個，讓我分享我們的第二季度指導。我們預計收入在 10 億美元至 10.2 億美元之間，同比增長 1% 至 3%。這是假設第二季度拼車出行增長至少同比增長 15%。

We anticipate contribution margin will be approximately 42%, reflecting the full quarter impact of lower per ride unit economics. We expect operating expenses as a percentage of revenue will be between 42% and 43%, which includes roughly $40 million of restructuring-related savings. Finally, we expect adjusted EBITDA of between $20 million to $30 million and an adjusted EBITDA margin of 2% to 3%. At the midpoint, both would be roughly flat with Q1.

我們預計貢獻利潤率將約為 42%，反映出每乘車單位經濟效益下降對整個季度的影響。我們預計運營費用佔收入的百分比將在 42% 至 43% 之間，其中包括大約 4000 萬美元的重組相關節省。最後，我們預計調整後的 EBITDA 將在 2000 萬至 3000 萬美元之間，調整後的 EBITDA 利潤率為 2% 至 3%。在中點，兩者都與 Q1 大致持平。

Before I open the call up to Q&A, let me share 3 closing thoughts. First, we have a renewed focus on the basics of what riders and drivers expect. This is accelerating our ride growth. Second, we are executing in a disciplined way. We've moved decisively to cut our operating costs and will use the savings to pay for continued service level improvements in the near term. Third, over time, with higher ride volumes and as we mix in higher-margin opportunities, our economics can improve and we can achieve greater operating leverage.

在開始問答環節之前，讓我分享 3 個結束語。首先，我們重新關注乘客和司機期望的基礎知識。這正在加速我們的乘車增長。其次，我們正在以有紀律的方式執行。我們已果斷採取行動削減運營成本，並將使用節省下來的資金來支付短期內持續提高服務水平的費用。第三，隨著時間的推移，隨著乘車量的增加以及我們加入利潤率更高的機會，我們的經濟效益可以得到改善，我們可以實現更大的經營槓桿。

As David mentioned, we expect to provide an update on our long-term financial targets in the coming months. Operator, we're ready for questions.

正如大衛所提到的，我們希望在未來幾個月內提供有關我們長期財務目標的最新信息。接線員，我們準備好提問了。

(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。

One for David and one for Elaine. David, you talked about pricing more competitively and providing great service and both of those being big focus areas going forward. But can you just talk about how you think Lyft can really differentiate in the market over time? And then also provide -- when you talk about pricing more competitively, is that pricing kind of in line with the market and with parity?

一張給大衛，一張給伊萊恩。大衛，你談到了更具競爭力的定價和提供優質的服務，而這兩者都是未來的重點領域。但是你能談談你認為 Lyft 如何隨著時間的推移真正在市場上脫穎而出嗎？然後還提供 - 當您談論更具競爭力的定價時，這種定價是否符合市場和平價？

And then, Elaine, on contribution margin, reflecting the lower levels of revenue per ride. How does that play out across both insurance and pricing? And can we expect it around that low 40s level going forward that you kind of talked about for 2Q?

然後，Elaine 在貢獻邊際上反映出每次乘車的收入水平較低。這在保險和定價方面如何發揮作用？我們可以預期它會在您談到的第二季度的 40 多歲低水平附近嗎？

Doug, it's David. Thanks for the question. So on differentiation, it's a great issue. Right now, our real focus is on execution on the basics. And as you said, it's really on pricing and getting service levels in line with where the market is and where the competition is. And it's just table stakes. Now when you start to zoom out, then you have to start to tell people who you are. And in our case, I think we've been a little quiet on that.

道格，是大衛。謝謝你的問題。所以在差異化方面，這是一個很大的問題。現在，我們真正的重點是在基礎上執行。正如您所說，這實際上取決於定價和使服務水平與市場和競爭相一致。這只是賭注。現在當你開始縮小時，你必須開始告訴人們你是誰。就我們而言，我認為我們對此保持沉默。

So even before significant differentiation, I think just reminding people of who we are is really important. Now we get to differentiation. We do have different models. And again, I don't know if you've seen the TikTok ad, but that gives you a little bit of an indication of one way we can differentiate in the short term. But medium and long term, there's so many ways where I think this category has sort of treated all drivers and all rides more similarly than different.

因此，即使在顯著差異化之前，我認為提醒人們我們是誰也非常重要。現在我們開始差異化。我們確實有不同的模型。再一次，我不知道你是否看過 TikTok 廣告，但這讓你有點了解我們可以在短期內實現差異化的方式。但從中期和長期來看，我認為這個類別在很多方面對所有司機和所有遊樂設施的處理方式相似而不是不同。

And we've got a lot of ideas on how we can create products and services that our riders and drivers both like that are really differentiated against where Uber is. And maybe we can talk later in the conversation about some of the approaches we've taken around Shared rides versus Wait & Save as an example. But that will be for the future. Let me turn it over to Elaine for the second part of the question.

我們有很多關於如何創造我們的乘客和司機都喜歡的產品和服務的想法，這些產品和服務與優步真正不同。也許我們可以在稍後的對話中討論我們圍繞共享乘車與“等待並節省”採取的一些方法作為示例。但這將是為了未來。讓我把問題的第二部分交給伊萊恩。

Doug, with respect to your question on contribution margin and lower revenue per ride versus what's driving things in terms of insurance versus pricing, so year-on-year, the increase in insurance rates that we experienced in Q4, that's impacting the contribution margin year-on-year as is the pricing. From Q4 to Q1 and Q1 to our Q2 guide, the deterioration in contribution margin is driven entirely by our lower revenue per ride driven by pricing and operating competitively.

道格，關於你關於邊際貢獻和較低的每次乘車收入與保險和定價方面的驅動因素的問題，所以與去年同期相比，我們在第四季度經歷的保險費率上升，這影響了年度邊際貢獻- 與定價一樣。從第 4 季度到第 1 季度，從第 1 季度到我們的第 2 季度指南，邊際收益的惡化完全是由於定價和運營競爭力導致的每次乘車收入下降所致。

To be specific, we've lowered prices on average. We're generating less revenue per ride. Our cost per ride have not changed materially subsequent to Q4, and thus, our per unit economics are compressing, which is driving the change in contribution margin. In terms of long-term margins, we are not giving go-forward guidance at this point. But as we alluded to on the call, we'll be providing long-term guidance at a future time this year. Thanks for the question, Doug.

具體來說，我們平均降低了價格。我們每次乘車產生的收入越來越少。我們的單程成本在第四季度之後沒有發生重大變化，因此，我們的單位經濟效益正在壓縮，這推動了邊際收益的變化。就長期利潤率而言，我們目前不提供前瞻性指導。但正如我們在電話中提到的那樣，我們將在今年的未來某個時候提供長期指導。謝謝你的問題，道格。

Your next question is 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。

So David and Elaine, if we could dig in a little bit on your commentary in regards to the accelerating unit growth, does this imply that we have been decelerating, I guess, pretty much linearly since the peak in early 2021, and we are starting to see, I guess, what is an inflection point. And secondarily, I think you guys have been talking about closing the service gap versus Uber.

所以 David 和 Elaine，如果我們可以深入了解一下你們關於加速單位增長的評論，這是否意味著我們一直在減速，我想，自 2021 年初的峰值以來幾乎是線性的，我們正在開始看看，我想，什麼是拐點。其次，我認為你們一直在談論縮小與 Uber 的服務差距。

So as you are doing that, are you finding that consumers are coming back straight away, given the affinity with the Lyft brand? Or are you finding that you have to go back and rewind your business?

所以當你這樣做的時候，你是否發現消費者會因為與 Lyft 品牌的親和力而立即回來？還是您發現您必須返回並倒帶您的業務？

Yes. Good question, Stephen. Thanks for it. So on the first, yes, we're -- I like your characterization of it as an inflection point. I think that's exactly what we're seeing. We've been really on this sort of focused execution strategy for about 10 weeks. You've seen some of the results there. We've talked about the 30% overall share we're enjoying, up from sort of mid- to high 20s.

是的。問得好，斯蒂芬。謝謝。所以首先，是的，我們 - 我喜歡你將其描述為一個拐點。我認為這正是我們所看到的。我們已經真正採用這種集中執行策略大約 10 週了。你已經在那裡看到了一些結果。我們已經談到了我們正在享受的 30% 的整體份額，從 20 多歲到 20 多歲。

I can give you a little bit more color there. In some of our markets, we're actually seeing even stronger growth. Portland, Oregon being an interesting example where we're running just about neck and neck at Phoenix, Arizona being another example, bringing pretty close to neck and neck and there are others. So what does that tell us? That tells us that when we execute well, share can move fast and riders vote with their apps.

我可以給你多一點顏色。在我們的一些市場，我們實際上看到了更強勁的增長。俄勒岡州波特蘭市是一個有趣的例子，我們在亞利桑那州鳳凰城幾乎並駕齊驅，這是另一個例子，非常接近並駕齊驅，還有其他一些。那麼這告訴我們什麼？這告訴我們，當我們執行得當時，份額可以快速移動，乘客可以通過他們的應用程序投票。

So that's what we're seeing in the short term. And maybe I'll just stop there, and we can talk about it in more detail after.

這就是我們在短期內看到的。也許我會就此打住，之後我們可以更詳細地討論它。

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 can follow up on some of the topics that were touched upon already. In terms of driving incremental rider growth, what are you sort of investing behind to continue to build rider scale, where maybe there's an ability to have a differentiated market share dynamic among newer riders or riders coming back to the product versus a pre-pandemic period as opposed to possible market share dynamics among existing riders? I'm curious your sort of framework around that.

也許我可以跟進一些已經觸及的主題。在推動騎手增量增長方面，您在哪些方面進行了投資以繼續擴大騎手規模，與大流行前時期相比，新騎手或返回產品的騎手可能有差異化的市場份額動態而不是現有騎手之間可能的市場份額動態？我很好奇你的那種框架。

And then I know we're going to wait for a period on longer-term guidance. But I did want to understand a little bit better philosophically how you think about the pricing lever versus the margin lever in terms of striking the right balance in the business over the medium to long term? And how you think about sort of striking that balance against the broader goals?

然後我知道我們將等待一段時間的長期指導。但我確實想從哲學上更好地理解你如何看待定價槓桿與保證金槓桿，以在中長期內實現業務的正確平衡？您如何考慮在更廣泛的目標之間取得這種平衡？

Yes, great question. And my apologizes, I didn't catch the name at the beginning. .

是的，很好的問題。抱歉，我一開始沒聽清這個名字。 .

It's Eric Sheridan from Goldman Sachs.

我是高盛的 Eric Sheridan。

Eric. Okay. Got you. Nice to talk to you, Eric. So let me start with the end of the question and work backwards. Long term, pricing -- look, we're pricing in line with the market. That's our strategy, and that's where we'll stay. So I don't think pricing is a super interesting area of focus once you're in line. So then the question becomes, how do you compete in other ways? And part of it, of course, is we do have a brand that people like. It's really quite an iconic brand.

埃里克。好的。明白了很高興和你交談，埃里克。因此，讓我從問題的結尾開始，然後倒退。長期來看，定價——看，我們的定價與市場一致。這是我們的策略，也是我們將堅持的地方。所以我不認為定價是一個非常有趣的焦點領域，一旦你排隊。那麼問題就變成了，你如何以其他方式競爭？當然，其中一部分是我們確實擁有人們喜歡的品牌。這真的是一個標誌性的品牌。

And this is maybe easy to dismiss, but it's quite important. Riders make a choice every single time they open their app. Some of it is based on price. But once you take that away, it turns out to other things. Some of it is just brand impression, how much they like you versus the other guys. And then some of it is differentiated service. So on that side, we're building out some really interesting products.

這可能很容易被忽視，但它非常重要。騎手每次打開他們的應用程序時都會做出選擇。其中一些是基於價格。但是一旦你把它拿走，它就會變成其他東西。其中一些只是品牌印象，與其他人相比，他們有多喜歡你。然後其中一些是差異化服務。所以在這方面，我們正在構建一些非常有趣的產品。

And I can maybe allude to a couple just very, very high level. One, of course, as we entered the summer travel season, you'll see us make some noise there. In fact, I think we've got an event planned next week to make some announcements on how we're going to make life easier, particularly for riders as they enter the summer travel season. And then another sort of secular thing that's happening is bosses are trying to get employees to come back to work. We're doing the same here at Lyft where we're making that actually a requirement of the job.

我也許可以提到一對非常非常高的水平。一，當然，當我們進入夏季旅遊旺季時，你會看到我們在那裡發出一些聲音。事實上，我認為我們計劃在下週舉辦一場活動，宣布我們將如何讓生活更輕鬆，特別是對於進入夏季旅行季節的車手。另一種正在發生的世俗事情是，老闆們正試圖讓員工重返工作崗位。我們正在 Lyft 做同樣的事情，我們將其作為工作的實際要求。

And so that's a really interesting opportunity because it gives us a way to introduce ourselves in a different way to take a nonproductive commute ride into a productive commute ride. So there are some real areas of growth. I think we're just beginning, as I say, to scratch the surface on. And if you're looking for sort of a framework, it's kind of priced in line with the market, differentiate on brand for sure.

所以這是一個非常有趣的機會，因為它為我們提供了一種以不同方式介紹自己的方式，將非生產性的通勤之旅轉變為高效的通勤之旅。所以有一些真正的增長領域。正如我所說，我認為我們才剛剛開始觸及表面。而且，如果您正在尋找某種框架，它的定價會與市場保持一致，肯定會在品牌上有所區別。

And again, you can see some evidence of that just what we're doing now, and that will grow over time and then really start to build some service levels -- or excuse me, some products that meet head on people where they are in 2023, which might be a little different from where they were in 2019.

再一次，你可以看到一些證據證明我們現在正在做的事情，並且會隨著時間的推移而增長，然後真正開始建立一些服務水平——或者對不起，一些產品可以直接滿足人們所在的地方2023 年，這可能與 2019 年略有不同。

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

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

I had a couple, please. Just on that Q2 revenue outlook, could you please unpack some of the underlying pieces there? And maybe provide some color around trip growth or bookings growth? Just trying to understand how much of this low single-digit revenue outlook is really a function of pricing and incentives maybe which are some near-term drags on revenue that you can lap at some point down the road.

我有一對，請。就第二季度的收入前景而言，你能否解開其中的一些基礎部分？也許可以提供一些有關旅行增長或預訂增長的顏色？只是想了解這種低個位數的收入前景中有多少實際上是定價和激勵的函數，這些可能是對收入的一些近期拖累，你可以在未來的某個時間點解決。

And then maybe, David, on the back of the recent cost cuts, could you talk about some of the trade-offs you might be making going forward or had to make between kind of driving incremental efficiency and maybe giving out some longer-term growth opportunities like Lux or Shared rides?

然後，大衛，在最近的成本削減的背後，你能否談談你可能正在前進或必須在提高效率和可能給出一些長期增長之間做出的一些權衡Lux 或拼車等機會？

Yes, let's do this, Nikhil, thanks for the question. Let me -- Elaine is going to sort of tackle the first part, and I will tackle the second.

是的，讓我們開始吧，Nikhil，謝謝你提出這個問題。讓我——Elaine 來處理第一部分，我來處理第二部分。

Nikhil, thanks for the question. In terms of what is behind our Q2 revenue guide, let me give you some more color there. We're assuming significant acceleration of the rides growth in Q2 to at least 15% year-on-year. The significant acceleration of our growth, and we anticipate that, that's faster than the overall market growth. In terms of bookings, we're assuming in our Q2 guidance, assumes that gross bookings grow at a faster rate quarter-on-quarter and year-on-year than revenue.

尼克爾，謝謝你的提問。關於我們第二季度收入指南背後的內容，讓我給你更多的顏色。我們假設第二季度的遊樂設施增長將顯著加速，同比至少增長 15%。我們增長的顯著加速，我們預計，這比整體市場增長更快。在預訂方面，我們在第二季度的指導中假設，假設總預訂量的環比和同比增長速度快於收入。

And as a result, that means that our take rate is moderating quarter-on-quarter and year-on-year. So hopefully, that gives you some color behind our single-digit revenue growth. Thanks for the question.

因此，這意味著我們的採納率環比和同比都在放緩。因此，希望這能為您帶來個位數收入增長背後的一些色彩。謝謝你的問題。

Yes. And then on sort of the cost cutting and kind of where does that lead, I guess, was sort of that question. Let me start with two things. The first is why did we cut costs? We cut costs so that we could be more competitive for riders and drivers and pass along great prices and great earnings. So that was the rationale.

是的。然後是關於削減成本的問題，我想這會導致什麼問題。讓我從兩件事開始。首先是我們為什麼要削減成本？我們削減成本，這樣我們就可以對乘客和司機更具競爭力，並傳遞高價格和高收入。這就是理由。

The second piece was accelerating decision-making. So it's maybe a little counterintuitive, but sometimes less is more. And in this case, we think we can move faster now that we've rightsized the organization, which I think sort of gets to the other point. I didn't so much think of it as a trade-off. And I certainly did not -- let me say it just affirmatively, I am very focused on the long-term health of this business. Very focused on the long-term health of this business.

第二部分是加速決策。所以這可能有點違反直覺，但有時少即是多。在這種情況下，我們認為我們已經對組織進行了合理化調整，我們可以更快地行動，我認為這有點達到了另一點。我並沒有把它看作是一種權衡。我當然沒有——讓我肯定地說，我非常關注這項業務的長期健康發展。非常關注這項業務的長期健康發展。

So I'm really not so interested in making short-term trade-offs that jeopardize the long-term health and growth of the business. That doesn't make any sense to me at all. Now if you look very specifically, you kind of alluded to a couple of things like, for example, Wait & Save. And I wouldn't actually bring this up even a little proactively because I think it's an interesting case study.

因此，我真的對進行危及業務長期健康和增長的短期權衡不那麼感興趣。這對我來說根本沒有任何意義。現在，如果你看得非常具體，你會提到一些事情，例如，Wait & Save。而且我實際上不會主動提出這個問題，因為我認為這是一個有趣的案例研究。

So Wait & Save is our mechanism for giving rider something they really like, the segment of our riders, which is a way to save money. And it's something we've lead into. We're quite excited about it. It's a different approach from what Uber is taking. We can talk about that if that's of interest. But I bring that up as an example of we're very, very focused on what our riders and our drivers want, and that's really the primary lens I used to make the cuts.

所以 Wait & Save 是我們為騎手提供他們真正喜歡的東西的機制，我們的騎手部分，這是一種省錢的方式。這是我們已經進入的領域。我們對此感到非常興奮。這與 Uber 採取的方法不同。如果有興趣，我們可以談談。但我舉了一個例子，說明我們非常、非常專注於我們的車手和司機想要什麼，而這確實是我用來進行剪輯的主要鏡頭。

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

您的下一個問題來自 Evercore ISI 的 Mark Mahaney。

This is [Ian Peterson] on for Mark. One quick question here. It'd be great if you could provide an update on how Lyft Pink is tracking? I know membership growth are doubled in Q4. If you could just provide us an update there? And any progress in some of your new key segments, including enterprise universities and health care?

這是 [Ian Peterson] 替 Mark 做的。這裡有一個簡單的問題。如果您能提供有關 Lyft Pink 如何跟踪的最新信息，那就太好了？我知道第四季度的會員增長翻了一番。如果你能在那裡向我們提供更新？您在一些新的關鍵領域有什麼進展，包括企業大學和醫療保健？

Sure. I'll speak a little generally here. I'm not actually sure whether we have much to report kind of on a more detailed basis, but we can find out. On Lyft Pink, what's really interesting is, if you look at those members, they take more than double the rides on average. And so what that tells me is that if you were Lyft loyal, for whatever reason, you're really important to us. You're really important to us. So we're going to double down on that.

當然。我在這裡講一下。我實際上不確定我們是否有更多更詳細的報告，但我們可以找到答案。在 Lyft Pink 上，真正有趣的是，如果你觀察這些會員，他們的平均乘車次數是他們的兩倍多。所以這告訴我，如果你是 Lyft 的忠實用戶，無論出於何種原因，你對我們來說都非常重要。你對我們真的很重要。所以我們要加倍努力。

Now I think of it and this might be slightly differently from the way we've talked about it in the past, so I'll acknowledge that. I'll think of this as how can we make sure we build a strong fervent base of people who are linked -- excuse me, Lyft loyal. And unless I say people, I mean riders, but also mean drivers. And I think that's going to be a real area of focus of this -- ours over time because, look, the economics are such that rider and driver acquisition is one thing, but retention is a very different thing.

現在我想到了，這可能與我們過去談論它的方式略有不同，所以我承認這一點。我認為這是我們如何才能確保我們建立了一個強大的、相互聯繫的狂熱基礎——對不起，Lyft 的忠實用戶。除非我說人，否則我指的是騎手，但也指司機。而且我認為這將成為我們真正關注的領域——隨著時間的推移，我們的關注點是因為，看，經濟學使得騎手和司機的獲取是一回事，但保留是另一回事。

So anyway, that's a little bit theoretical, I realize I'm speaking. I'm liking a lot what I see, but I think we've got a lot more work to do there, and I love the fact that we've got such loyal riders.

所以無論如何，這有點理論性，我知道我在說。我很喜歡我所看到的，但我認為我們還有很多工作要做，而且我喜歡我們擁有如此忠誠的車手這一事實。

I don' t know, Elaine, do you want to go into any detail on the other segments or maybe not for today. Because I can tell you that on our B2B side, we've had really strong momentum with health care. And as I've kind of alluded to, we see some real opportunities to drive enterprise usage on our network. And there, I think I just have to say stay tuned for more on that, but that's what where we go.

我不知道，Elaine，你是否想深入了解其他部分的任何細節，或者今天可能不想。因為我可以告訴你，在我們的 B2B 方面，我們在醫療保健方面的勢頭非常強勁。正如我已經提到的那樣，我們看到了一些真正的機會來推動我們網絡上的企業使用。在那裡，我想我不得不說敬請期待更多，但這就是我們要去的地方。

Your next question is 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。

David, perhaps this is a bit of a follow-up. But you spoke about in your blog this narrower focus, you discontinued Shared and Lux. What gives you the confidence that this narrower focus, or narrower rideshare offering can fuel growth? And also, is there any way that you can help us size the revenue contribution of Shared or Lux? And then from a marketplace balance perspective, how do you feel positioned today? And where do you feel the need to grow incentives on either side of the marketplace, either being on the consumer side or on the driver side?

大衛，也許這是一個跟進。但是你在你的博客中談到了這個更窄的焦點，你停止了 Shared 和 Lux。是什麼讓您相信這種更窄的焦點或更窄的拼車服務可以推動增長？此外，您有什麼方法可以幫助我們確定 Shared 或 Lux 的收入貢獻嗎？然後從市場平衡的角度來看，您今天的定位如何？您覺得有必要在市場的任何一方增加激勵措施，無論是在消費者方面還是在駕駛員方面？

Yes. Again, thanks for the question, Benjamin. And we'll see if we can divide and conquer a little bit on this one. I actually want to bring up Shared rides, you just mentioned it, and I want to say a little more about that because I know that's a change of what you've heard in the past. We introduced Shared rides across pre-COVID. One of the things we found, though, is it was -- let's say, it was a little complicated because, certainly, as we moved into COVID, people were not at all interested in that product offering.

是的。再次感謝本傑明的提問。我們看看是否可以在這個問題上分而治之。我實際上想提出共享遊樂設施，您剛剛提到了它，我想就此多說一點，因為我知道這與您過去所聽到的有所不同。我們在 COVID 之前引入了拼車服務。不過，我們發現的一件事是——可以說，它有點複雜，因為當然，當我們進入 COVID 時，人們對該產品根本不感興趣。

But what they were interested in was saving money. So we came out with a new product called Wait & Save. And here's what I can tell you about that, which is Wait & Save is already more popular than Shared rides ever was. And I think we can explain that again by looking at it through the lens of our riders and our drivers. From a rider's perspective, it means you can save money without going out of your way, and people really don't like that feeling.

但他們感興趣的是省錢。所以我們推出了一款名為 Wait & Save 的新產品。關於這一點，我可以告訴你的是，Wait & Save 已經比拼車更受歡迎了。我認為我們可以通過騎手和司機的視角來再次解釋這一點。從騎手的角度來看，這意味著您可以省錢而不用出路，人們真的不喜歡這種感覺。

I'm headed to 1 place and all of a sudden, I'm going in a different direction. They really don't like that feeling. And from drivers, drivers also don't love the added -- the loss of control, let's say, because I thought I was going in one direction and then all of a sudden, I'm picking somebody else up. And by the way, pick up and drop offs are the least fun part of the drivers like. They'd much rather have you in the car and have a good conversation with you or not, but at least to kind of stay on track.

我正要去一個地方，突然之間，我朝著不同的方向前進。他們真的不喜歡那種感覺。從司機那裡，司機也不喜歡增加的東西——比方說，失去控制，因為我以為我正朝一個方向前進，然後突然之間，我在接另一個人。順便說一句，接送是司機最不喜歡的部分。他們寧願讓你坐在車裡，也更願意和你好好談談，但至少要保持在正軌上。

So we like our strategy there a lot, and we're really impressed with how fast customers have picked it up. So again, I'm using it as a sort of maybe example of kind of the bigger point of how we're evaluating the types of opportunities we look at going forward, both to differentiate from the competition as it turns out, but also to give our customers, our riders and our drivers what they really want.

所以我們非常喜歡我們在那裡的策略，我們對客戶接受它的速度之快印象深刻。因此，我再次將它用作一個可能的例子，說明我們如何評估我們展望未來的機會類型，既要在競爭中脫穎而出，又要為我們的客戶、乘客和司機提供他們真正想要的東西。

(Operator Instructions) Your next question is from the line of Rohit Kulkarni with ROTH MKM.

（操作員說明）您的下一個問題來自 Rohit Kulkarni 和 ROTH MKM。

A couple of them, maybe talk about driver incentives and how that feeds into your entire algorithm of profitability versus growth over the near term as there's been a history of kind of how driver incentives have sometimes been very short-term oriented and drivers tend to be quite fickle?

他們中的一些人，也許會談論司機激勵措施，以及它如何影響你的整個盈利能力與近期增長的算法，因為有一種歷史表明，司機激勵措施有時是非常短期的，而司機往往是很善變？

So would love to hear how you're thinking over the next, call it, critical period of summer to incentivize drivers to drive more on Lyft? And then just on bikes and scooters, maybe the latest thinking beyond the restructuring on how bikes and scooters fits into the portfolio, if you think strategically, you need to make any changes because sometimes it may lead to more seasonality than what some of the investors and to compare you with Uber and tends to have somewhat of a different sort of optics when it comes to...

因此，很想听聽您是如何考慮下一個夏季關鍵時期來激勵司機更多地使用 Lyft 的？然後就自行車和踏板車而言，也許是關於自行車和踏板車如何融入投資組合的重組之外的最新想法，如果你從戰略上考慮，你需要做出任何改變，因為有時它可能會導致比一些投資者更多的季節性並將您與優步進行比較，並且在涉及到...時往往會有不同的光學方式。

Sorry, we can't hear you at the end.

抱歉，最後我們聽不到你的聲音。

Rohit, you faded out there a little at the end, but I think we got the essence of your question. Yes, let's do this. Let me say one quick thing about drivers. Elaine is going to go more into the incentive side, which is also the question we were hearing last and then we'll kind of end up with the bikes and scooters.

Rohit，你最後有點淡出，但我認為我們已經了解了你問題的本質。是的，讓我們這樣做。讓我簡單說一下關於司機的事。 Elaine 將更多地涉及激勵方面，這也是我們最後聽到的問題，然後我們將以自行車和踏板車結束。

On the driver side, I think a really important data point is that more drivers are choosing Lyft than ever before. So -- or at least in recent memory, I can say more clearly. So in Q1, we have the most drivers in about 3 years, which is really pretty exciting for us, and we see this growth has accelerated in Q1 for the first time in the year on the driver supply side.

在司機方面，我認為一個非常重要的數據點是選擇 Lyft 的司機比以往任何時候都多。所以——或者至少在最近的記憶中，我可以說得更清楚。所以在第一季度，我們擁有大約 3 年來最多的司機，這對我們來說真的很令人興奮，我們看到司機供應方面今年第一季度的增長首次加速。

So we -- and obviously, it's very important for our business and for our riders as well. And so Elaine can give you a little color on the incentive side of things.

所以我們 - 顯然，這對我們的業務和我們的車手都非常重要。所以 Elaine 可以在激勵方面給你一些顏色。

Yes. So on the incentive side, we are being helped by tailwinds to organic supply. To give you some color, in Q1 in absolute terms, incentives and contra revenue were $304 million. On a per ride basis, incentives were down 13% quarter-on-quarter. This is consistent with what we were anticipating. It's also consistent with what we said in February that we'd be down quarter-on-quarter in absolute terms and on a per ride basis.

是的。因此，在激勵方面，有機供應的順風幫助了我們。為了給你一些顏色，在第一季度，獎勵和對沖收入的絕對值是 3.04 億美元。按每次乘車計算，獎勵環比下降 13%。這與我們的預期一致。這也與我們在 2 月份所說的一致，即我們將在絕對值和每次乘車的基礎上環比下降。

And then looking forward to Q2, we currently anticipate that contra revenue incentives will be roughly flat with the level in Q1 and also down quarter-on-quarter on a per ride basis. So -- of course, the extent of our investment is dependent on what we see with real-time market conditions, but that's our outlook.

然後展望第二季度，我們目前預計對沖收入激勵措施將與第一季度的水平大致持平，並且在每次乘車的基礎上環比下降。所以——當然，我們的投資範圍取決於我們對實時市場狀況的看法，但這是我們的展望。

And one other point of color to add, we're seeing that our driver investments are more efficient. The cost per incremental driver hour was the lowest that it's been in 2 years in Q1. And again, that's helped by tailwinds we see to organic supply.

還有一點要補充，我們看到我們的司機投資更有效率。第一季度每增加司機小時的成本是 2 年來最低的。再一次，這得益於我們看到有機供應的順風。

I'm going to say one more super quick thing on that one and then move to your bikes question. And this is a little bit more philosophical you guys. Of course, driver incentives will always play a role. They do. They help balance supply and demand in the short term. I will tell you backing up just a touch. The drivers really like the work. They like the flexibility it gives them and the control it gives them over their time and they like the flexibility and frankly control that them over their earnings.

我要再說一件非常快速的事情，然後轉到你的自行車問題。伙計們，這有點更有哲理。當然，司機激勵措施將始終發揮作用。他們是這樣。它們有助於在短期內平衡供需。我會告訴你備份只是一個觸摸。司機們真的很喜歡這份工作。他們喜歡它給他們的靈活性和對他們時間的控制，他們喜歡靈活性並坦率地控制他們的收入。

One of the drivers said to me not so long ago, I love driving for Lyft because I know I'll never go broke, I can just drive more. And we been saying that is because while again, incentives are important in the sense. Strategically, they don't make for the best driver experience because they reduce visibility and earnings. And so we'll use them strategically and there's nothing wrong with that. But it's not -- let's say, strategically, it's the tail of the dog. It's not really the dog. It's obviously create a great experience for drivers.

一位司機不久前對我說，我喜歡為 Lyft 開車，因為我知道我永遠不會破產，我可以開更多的車。我們一直在說那是因為從某種意義上說，激勵再次很重要。從戰略上講，它們不會帶來最佳的駕駛體驗，因為它們會降低知名度和收入。因此，我們將戰略性地使用它們，這沒有任何問題。但它不是 - 讓我們說，從戰略上講，它是狗的尾巴。這真的不是狗。這顯然為司機創造了很好的體驗。

Now on your question about bike and scooters and kind of other businesses. A couple of things I want to get to first. So we've -- our focus is, I think, a real strength of ours. I mean we're effectively a pure play on rideshare. So that's important for us to execute on as well. So what have we done? We've wound down the car services like what we call garage and the consumer rental business that we're -- we experimented with it for a while.

現在關於自行車和踏板車以及其他業務的問題。我想先說幾件事。所以我們 - 我認為我們的重點是我們的真正實力。我的意思是我們實際上是純粹的拼車遊戲。所以這對我們執行也很重要。那麼我們做了什麼？我們已經結束了汽車服務，比如我們所說的車庫和我們的消費者租賃業務——我們試驗了一段時間。

We're spinning off loop, which is the infrastructure that we built in-house, but not a material change economically, but it's material in terms of our focus. And now we get to bikes and scooters. The bike operation, and this is the sort of secular comment I'm about to make. E-bikes are a big deal. When people ride E-bikes they like them a lot.

我們正在分拆循環，這是我們內部構建的基礎設施，但在經濟上不是實質性的變化，但就我們的重點而言它是實質性的。現在我們來看看自行車和踏板車。自行車操作，這就是我要發表的那種世俗評論。電動自行車是一件大事。當人們騎電動自行車時，他們非常喜歡。

But for us, I think we haven't done the job we need to do to make sure that every time person rides the bike, they get welcomed into the Lyft ecosystem, and frankly, welcome into the rideshare side of things. So we'll do some thinking on how to do that better. We've also got some work on the economics of the bike side of our operation. So tune up, it's a capital-intensive business relatively, of course.

但對我們來說，我認為我們還沒有完成我們需要做的工作來確保每次人們騎自行車時，他們都會受到 Lyft 生態系統的歡迎，坦率地說，歡迎他們加入拼車方面。所以我們會考慮如何做得更好。我們還在我們運營的自行車方面進行了一些經濟方面的工作。所以調整起來，當然是相對資本密集型的業務。

So we've got some work to do there to kind of optimize. But I like the interplay we have, and I think we can do even better.

因此，我們需要做一些工作來進行優化。但我喜歡我們之間的互動，我認為我們可以做得更好。

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。

You've talked a lot about just making new decisions around product offerings. And I think the company has a pretty good history of introducing products with decent levels of success. So I'm trying to understand what you're seeing that needs to change in terms of maybe how you introduce products into the rideshare space? What mistakes were made in the past? And what kind of selectivity is going into it now with -- under the new structure?

你已經談了很多關於圍繞產品供應做出新決定的問題。而且我認為該公司在推出產品方面擁有相當不錯的成功歷史。因此，我試圖了解您所看到的可能需要改變的地方，比如您如何將產品引入拼車領域？過去犯過哪些錯誤？在新結構下，現在有什麼樣的選擇性？

Yes. Thanks, Steven, and thanks for your comment about the past as well, I agree. Look, in terms of changes, I think bigger and faster. So I think we have some big opportunities in front of us that, to a certain extent, COVID slowed us all down from, and now we'll come on the other side of that, so we can think big again. And in the past is just -- it's a bit of a mantra internally of how can we move more quickly because drivers -- excuse me, riders and drivers expectations are quite dynamic, they change.

是的。謝謝，史蒂文，也謝謝你對過去的評論，我同意。看，就變化而言，我認為更大更快。所以我認為我們面前有一些巨大的機會，在某種程度上，COVID 使我們所有人都放慢了腳步，現在我們將走到另一邊，這樣我們就可以再次大膽思考。過去只是——這是我們如何才能更快地行動的內部口頭禪，因為司機——對不起，車手和司機的期望是非常動態的，他們會改變。

And so our focus, of course, is on building a profitable business. That profitability is going to be driven in large part by can we create products and services that our drivers and riders absolutely love? We've got a great brand. We've got great history to build on and a lot to do, and we want to do it with urgency.

因此，我們的重點當然是建立有利可圖的業務。這種盈利能力將在很大程度上取決於我們能否創造出我們的司機和騎手絕對喜歡的產品和服務？我們有一個很棒的品牌。我們有偉大的歷史可以藉鑑，還有很多工作要做，我們想盡快去做。

That's helpful. And then just any comments on sort of how you think autonomy eventually fits into your network going forward?

這很有幫助。然後就您認為自治最終如何融入您的網絡的任何評論？

I do. I mean it's -- I have a lot to say about this, but I'll be very brief today. Autonomy is a big deal. It's a big deal. And the reason it's a big deal is because the companies that have invested in it so far have invested, and this is not hyperbole billions of dollars into their platforms. That means that in order for them to make -- have any chance at all making a decent ROI or any return on that investment, they got to plug in to effectively use fleet in a very generic way of operators who can bring that volume because it's going to take a while on the consumer side.

我願意。我的意思是——我對此有很多話要說，但我今天會非常簡短。自治是一件大事。這是一件大事。這是一個大問題的原因是因為到目前為止投資它的公司已經投資了，這並不是誇張地向他們的平台投資數十億美元。這意味著，為了讓他們——有任何機會獲得可觀的投資回報率或任何投資回報，他們必須以一種非常通用的運營商方式有效地使用機隊，因為它是在消費者方面需要一段時間。

These are going to be expensive and sort of niche for some period of time. So very, very important that we position ourselves as being an incredible partner. Now you know we're doing some experiments in Las Vegas with this. We've got cars on the road in kind of a venture there. And the whole point of that is to be very, very ready to be that great partner with the AV guys.

在一段時間內，這些將是昂貴的並且有點小眾。非常非常重要，我們將自己定位為一個令人難以置信的合作夥伴。現在你知道我們正在拉斯維加斯用這個做一些實驗。我們在路上有汽車，這是一種冒險。關鍵是要非常、非常準備好成為 AV 人員的好夥伴。

I'll say one last thing. This like AI, I think we will wake up 1 day and think, wow, where did this come from? Where did AV come from so fast? So right now, the narrative is, oh, it's always just around the corner, always just around corner. And that's been true. If you're here in San Francisco, and again, this is not hyperbole you can within 5 minutes see 5 cars driving with no one in the front seat. And that's, again, not hyperbole that's lived reality day by day.

我要說最後一件事。這就像 AI，我想我們有一天醒來會想，哇，這是從哪裡來的？ AV哪裡來的這麼快？所以現在，敘述是，哦，它總是指日可待，總是指日可待。這是真的。如果您再次來到舊金山，這並不誇張，您可以在 5 分鐘內看到 5 輛汽車在前排座位上無人駕駛。再次強調，這並不是每天都在現實生活中的誇張。

So what that tells you is this is one of those phenomena that are going to seem below the surface for most people for a fair period of time, kind of background noise. But when it happens, it will happen fast, and we are positioning ourselves to be very ready for that.

所以這告訴你的是，對於大多數人來說，在相當長的一段時間內，這是一種似乎在表面之下的現象，一種背景噪音。但當它發生時，它會發生得很快，我們正在為自己做好準備。

There are no more questions at this time. Ladies and gentlemen, thank you for participating. This does conclude today's conference call. You may now disconnect.

目前沒有其他問題。女士們，先生們，感謝你們的參與。這確實結束了今天的電話會議。您現在可以斷開連接。