(LYFT) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the Lyft Second 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，歡迎參加 Lyft 2023 年第二季度財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。我現在想將會議交給投資者關係主管索尼婭·班納吉 (Sonya Banerjee)。你可以開始了。

Thank you. Welcome to the Lyft earnings call for the second quarter of 2023. On the call today, we have our CEO, David Risher; and our CFO, Erin Brewer. In addition, Kristin Sverchek, our President, is here for the Q&A session.

謝謝。歡迎參加 Lyft 2023 年第二季度財報電話會議。今天的電話會議上，我們的首席執行官 David Risher；以及我們的首席財務官艾琳·布魯爾 (Erin Brewer)。此外，我們的總裁 Kristin Sverchek 也出席了問答環節。

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 materials and our recent SEC filings. All of the 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.

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聲明。這些陳述存在風險和不確定性，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。我們的收益材料和最近向 SEC 提交的文件中描述了這些因素和風險。我們在今天的電話會議上做出的所有前瞻性陳述均基於我們今天的信念，我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

Our discussion will include non-GAAP financial measures, which are not a substitute for our GAAP results. 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 David.

我們的討論將包括非公認會計原則財務指標，這些指標不能替代我們的公認會計原則結果。我們的歷史 GAAP 與非 GAAP 業績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。然後我會把電話轉給大衛。

Thanks, Sonya. Good afternoon, everyone, and thanks for joining us. To start, I want to take a moment to introduce Erin Brewer, who joined us as CFO in July. Erin is a skilled finance professional and brings an incredible 1-2-3 punch of strong technical abilities, excellent business judgement and great leadership. She's also a valuable thought partner. She knows how to drive growth and operate efficiently at scale, and she's an amazing leader to our finance team. She and I are completely in sync on the opportunities ahead, and I'm thrilled to be working with Erin to build a rider and driver obsessed, durable and profitable business. Erin, it's great to have you here.

謝謝，索尼婭。大家下午好，感謝您加入我們。首先，我想花點時間介紹一下 Erin Brewer，她於 7 月份加入我們擔任首席財務官。艾琳是一位技術精湛的金融專業人士，她擁有令人難以置信的 1-2-3 能力、強大的技術能力、出色的商業判斷力和卓越的領導力。她也是一位有價值的思想夥伴。她知道如何推動增長並大規模高效運營，她是我們財務團隊的出色領導者。她和我對未來的機遇完全一致，我很高興能與艾琳合作，打造一家專注於騎手和司機的、持久且有利可圖的業務。艾琳，很高興你能來到這裡。

Now we're going to talk about what we've been up to and what's next. First, our customer obsession and focus on strong execution is really paying off. The effects can be seen in our Q2 performance. Rideshare rides grew 18% year-on-year, accelerating for the second quarter in a row and standard rides reached the second highest level in our history. Active rider and drivers, each reached multiyear highs, resulting in an improved balance in our marketplace.

現在我們要談談我們已經做了什麼以及接下來要做什麼。首先，我們對客戶的痴迷和對強大執行力的關注確實得到了回報。其影響可以從我們第二季度的表現中看出。共享出行出行量同比增長 18%，連續第二個季度加速增長，標准出行量達到了我們歷史上的第二高水平。活躍的騎手和司機均達到多年來的最高水平，從而改善了我們市場的平衡。

So relative to Q1, the share of rides affected by prime time pricing dropped by 35%. And a larger percentage of ride intent converted into rides taken. With more people getting out to work and travel, the market is growing. And with the strength of our actions, they're increasingly choosing Lyft.

因此，相對於第一季度，受黃金時段定價影響的乘車比例下降了 35%。更大比例的乘車意圖轉化為乘車次數。隨著越來越多的人外出工作和旅行，市場正在增長。隨著我們行動的力度，他們越來越多地選擇 Lyft。

Second, we're doubling down on innovating for riders and drivers. We're already seeing the results of our April reorganization with flatter teams communicating more effectively and making decisions more quickly. At the same time, we've opened up more channels of communication, so we can hear directly from customers. Through driver roundtable discussions, surveys and our various public inboxes, including my own, we've been getting a lot of information about what we've been doing well and where we can still improve. And we're acting on what we're learning. I have been so energized by how quickly changes to our products can translate to better customer experiences.

其次，我們正在加倍努力為乘客和司機進行創新。我們已經看到了四月份重組的結果，團隊更加扁平化，溝通更有效，決策更快。同時，我們開闢了更多的溝通渠道，這樣我們就可以直接聽到客戶的聲音。通過駕駛員圓桌討論、調查和我們的各種公共收件箱（包括我自己的收件箱），我們獲得了大量關於我們做得好的方面以及我們仍然可以改進的地方的信息。我們正在根據我們所學到的知識採取行動。我們的產品變化能夠如此迅速地轉化為更好的客戶體驗，這讓我感到非常興奮。

I actually want to go deep on this for a second. In June, we addressed some of the drivers' top requests and pain points with the driver app with a relief that gives them more control over where and how they learn. So here are 2 examples. First, we made our proprietary stay within area filter, more precise, so drivers can pinpoint where they want to drive and flex the area for pickups and drop-offs to within a 5-mile radius. This is absolutely huge. It means that drivers can stay within their own neighborhood if they want and not end up super far away at the end of the day.

我實際上想深入討論一下這個問題。六月份，我們通過駕駛員應用程序解決了駕駛員的一些首要要求和痛點，讓他們可以更好地控制學習地點和方式，這讓他們鬆了一口氣。這裡有兩個例子。首先，我們使專有的停留區域過濾器更加精確，因此駕駛員可以精確定位他們想要行駛的位置，並將上車和下車區域調整到 5 英里半徑內。這絕對是巨大的。這意味著司機可以根據自己的意願留在自己的社區內，而不會在一天結束時走得太遠。

This update resulted in a 26% increase in the number of drivers who use the feature in addition to an increase in driver hours and weekly retention rates.

此次更新導致使用該功能的司機數量增加了 26%，司機工作時間和每周保留率也有所增加。

I actually used the feature myself when driving for Lyft to make sure I got home in time for dinner with my wife and it's a total game changer.

事實上，我自己在開車去 Lyft 時就使用了這個功能，以確保我能及時回家與妻子共進晚餐，這徹底改變了遊戲規則。

The second thing we did is we upgraded our ride challenge bonus program to give riders even more choice. So now instead of being offered a specific challenge, drivers can choose from a menu of options and choose the challenge that works best for them. It might be long rides or short rides, they might be working on weekends or weekdays. Driver's feedback on the launch has been really positive with more than half of drivers saying these changes have made their overall experience using Lyft better.

我們做的第二件事是升級了騎行挑戰獎勵計劃，為騎手提供更多選擇。因此，現在駕駛員不再需要接受特定的挑戰，而是可以從選項菜單中進行選擇，並選擇最適合他們的挑戰。可能是長途騎行或短途騎行，他們可能在周末或工作日工作。司機對此次發布的反饋非常積極，超過一半的司機表示這些變化使他們使用 Lyft 的整體體驗變得更好。

So these kinds of updates have an enormous impact on driver satisfaction and preference. And that's really important to understand. Among the drivers who use both Lyft and Uber, we have seen a 25% increase in preference for Lyft since Q4 of last year. And in Q2, the number of drivers using Lyft grew by more than 20% compared to Q2 last year, and driver hours increased even faster, up by more than 35%. We'll closely monitor driver preference because we want to see it keep growing.

因此，此類更新對駕駛員的滿意度和偏好產生巨大影響。理解這一點非常重要。自去年第四季度以來，在同時使用 Lyft 和 Uber 的司機中，我們發現對 Lyft 的偏好增加了 25%。而在第二季度，使用 Lyft 的司機數量比去年第二季度增長了 20% 以上，司機工作時間增長更快，增長了 35% 以上。我們將密切監視駕駛員的偏好，因為我們希望看到它不斷增長。

Over on the rider side, we continue to see growth, and in particular, with Wait and Save, which is our most affordable rideshare option. So Wait and Save offers riders a way to save money when they aren't in a big hurry. This lets rider's price shop within our app instead of going to the other guy. In Q2, Wait and Save trips grew by more than 40% year-on-year and reached new all-time records, far exceeding where our share ride volumes ever got. And just to give you a specific data point that gives you a sense of how large this is, in New York City alone, we averaged more than 150,000 Wait and Save rides per week in Q2.

在乘客方面，我們繼續看到增長，特別是等待和保存，這是我們最實惠的乘車選擇。因此，“等待並節省”為乘客提供了一種在不趕時間時省錢的方法。這使得乘客可以在我們的應用程序中購買價格，而不是去找其他人。第二季度，“等待並節省”出行量同比增長超過 40%，創下了新的歷史記錄，遠遠超過了我們的拼車出行量。為了給您一個具體的數據點，讓您了解這個數字有多大，僅在紐約市，我們在第二季度平均每週就有超過 150,000 次“等待並保存”乘車。

So you can expect us to continue innovating for our riders and our drivers, which creates an increasingly differentiated experience over time. Customers are reacting positively to what we're doing, and there's a lot more to come.

因此，您可以期待我們繼續為乘客和司機進行創新，隨著時間的推移，這會創造出越來越差異化的體驗。客戶對我們正在做的事情反應積極，而且還有更多的事情要做。

Finally, we're building on our strong brand recognition, reminding the world that Lyft is a great rideshare choice. So most people already know our company. And I feel this all the time when I introduce myself. Our awareness levels are super high and surveys tell us that over 70% of U.S. adults ages 18 to 65 are familiar with Lyft. So now as we approach the back-to-school season and the back-to-work season, which I'm sure we're all reading about, riders tend to change their habits. So this is exactly the moment for us to remind everyone to consider using Lyft particularly those who haven't used us or considered us in a while.

最後，我們正在建立強大的品牌認知度，提醒全世界 Lyft 是一個不錯的乘車選擇。所以大多數人已經知道我們公司了。當我介紹自己時，我一直有這種感覺。我們的認知度非常高，調查顯示超過 70% 的 18 至 65 歲美國成年人熟悉 Lyft。因此，現在隨著返校季和返工季的臨近，我相信我們都在讀到，騎手們往往會改變他們的習慣。因此，現在正是我們提醒大家考慮使用 Lyft 的時刻，尤其是那些已經有一段時間沒有使用過我們或考慮過我們的人。

And in the coming months, we'll be teaming up with other well-known brands as a way to raise awareness even further. Stay tuned for that.

在接下來的幾個月中，我們將與其他知名品牌合作，以進一步提高知名度。請繼續關注。

So in summary, you all, we are executing well on our strategy of being customer obsessed, and the results suggest this strategy is working. Riders and drivers want and value choice. It's in everyone's best interest for there to be 2 strong players competing for their business. By obsessing over our customers, we can continue to differentiate ourselves and grow this market and we have an incredible team that's focused on these objectives and much more to come on all that in the coming months and quarters.

總而言之，我們在以客戶為中心的戰略上執行得很好，結果表明該戰略正在發揮作用。乘客和司機想要並重視選擇。有兩個強大的參與者競爭他們的業務符合每個人的最大利益。通過對客戶的關注，我們可以繼續使自己脫穎而出並發展這個市場，我們擁有一支令人難以置信的團隊，專注於這些目標以及未來幾個月和幾個季度的更多目標。

Now I want to turn it over to Erin.

現在我想把它交給艾琳。

Thanks, David, and thank you, everyone, for joining us today. I also want to thank the entire Lyft team for giving me such a warm welcome. I've been really impressed by the depth of talent and culture, and I'm excited to be a part of Lyft's next chapter.

謝謝大衛，也謝謝大家今天加入我們。我還要感謝整個 Lyft 團隊給予我如此熱烈的歡迎。人才和文化的深度給我留下了深刻的印象，我很高興能夠成為 Lyft 下一個篇章的一部分。

We have an amazing brand, a big market opportunity, and we serve an important purpose for drivers and riders. One of the reasons I joined Lyft is because of the great fit. David and I share the same philosophies around building a durable, healthy and profitable business. So today, I want to provide you some insight into how we're working together and what you can expect.

我們擁有令人驚嘆的品牌、巨大的市場機會，並且我們為駕駛員和騎手提供重要的服務。我加入 Lyft 的原因之一是因為非常適合。大衛和我在建立持久、健康和盈利的企業方面有著相同的理念。因此，今天，我想向您介紹我們如何合作以及您可以期待什麼。

First, we're building Lyft for the long term. We will be customer obsessed, taking into account the needs of both drivers and riders and the corresponding health of our marketplace.

首先，我們致力於長期打造 Lyft。我們將以客戶為中心，考慮司機和乘客的需求以及我們市場的相應健康狀況。

Second, we're pressure testing goals and commitments to ensure they are aligned with what we want to accomplish long term. We'll be disciplined and consistent in how we execute both in the near term and in how we think about future growth opportunities in the business.

其次，我們正在對目標和承諾進行壓力測試，以確保它們與我們想要實現的長期目標保持一致。我們將在短期內的執行方式以及對未來業務增長機會的思考上保持紀律和一致。

Third, we're going to be clear with investors about our specific measures for success. We're focused on making it easier for the investment community to follow our progress and get behind what we're doing. This is one of my top priorities in the coming months.

第三，我們將向投資者明確我們取得成功的具體措施。我們致力於讓投資界更輕鬆地關注我們的進展並支持我們正在做的事情。這是我未來幾個月的首要任務之一。

Next, I'm going to discuss our Q2 results and share our Q3 outlook. I'm also going to address our upcoming third-party insurance contract renewals and provide some directional commentary about the fourth quarter.

接下來，我將討論我們第二季度的業績並分享我們第三季度的展望。我還將討論我們即將進行的第三方保險合同續簽，並提供一些有關第四季度的方向性評論。

Before I dive in, I want to remind everyone that unless otherwise indicated, all income statement measures are non-GAAP and excludes select items, which are detailed in our earnings materials.

在深入探討之前，我想提醒大家，除非另有說明，否則所有損益表指標均非公認會計準則，並且不包括我們的收益材料中詳細介紹的特定項目。

Now in terms of Q2, the rideshare market is growing, and our focused execution is paying off. Q2 represents a full quarter, pricing rideshare competitively and roughly in line with the market and the balance in our marketplace improved. We had strong driver growth and a strong mix of new and returning riders with the average number of rides taken by each active rider, which we refer to as frequency, reaching the highest level in more than 2 years.

現在就第二季度而言，拼車市場正在增長，我們的專注執行正在取得回報。第二季度代表整個季度，拼車定價具有競爭力且大致與市場一致，並且我們市場的平衡有所改善。我們的司機增長強勁，新乘客和回訪乘客的比例也很高，每個活躍乘客的平均乘車次數（我們稱之為頻率）達到了兩年多來的最高水平。

With our renewed focus on delivering an experience that riders and drivers love, we've seen momentum across use cases, commute and early morning trips were standouts growing by just over 20% year-over-year, and we had the highest volume of airport rides since 2019.

隨著我們重新專注於提供乘客和司機喜愛的體驗，我們看到了各個用例的發展勢頭，通勤和清晨出行表現突出，同比增長超過 20%，而且我們的機場客流量最高自 2019 年起騎行。

All of that translated into solid financial performance in Q2. Revenue was $1.021 billion, up 3% year-over-year. This reflects a combination of strong rideshare ride growth, up 18% year-over-year, along with lower revenue per ride given our focus on pricing competitively and roughly in line with the market. In addition, our bike and scooter system sales showed strong growth year-over-year. This was partially offset by a nonrecurring legal costs in the quarter that was classified as contra revenue.

所有這些都轉化為第二季度穩健的財務業績。收入為10.21億美元，同比增長3%。這反映了拼車出行的強勁增長（同比增長 18%）以及每次乘車收入的下降，因為我們專注於具有競爭力的定價並與市場大致一致。此外，我們的自行車和踏板車系統銷售同比呈現強勁增長。這被本季度被歸類為備抵收入的非經常性法律費用部分抵消。

Active riders were 21.5 million, up 8% year-over-year, driven by strong rideshare demand. Lower revenue per ride naturally affected revenue per active rider which was $47.51 in Q2, down 5% from Q2 of 2022. Contribution margin was 42%, in line with guidance. Relative to Q2 of last year, contribution margin increased by 10 percentage points. As a reminder, in the second quarter of last year, our contribution margin was affected by approximately $275 million of adverse development on our legacy insurance reserves. Excluding this impact, contribution margin in Q2 '23 declined by roughly 18 percentage points year-over-year, reflecting higher insurance costs compared to Q2 '22 and lower revenue per ride. In absolute dollars, contribution in Q2 '23 was $426 million, up 35% year-over-year.

在強勁的拼車需求的推動下，活躍乘客達到 2150 萬人，同比增長 8%。每次騎行收入的下降自然會影響每位活躍乘客的收入，第二季度為 47.51 美元，比 2022 年第二季度下降 5%。貢獻利潤率為 42%，與指導一致。與去年第二季度相比，貢獻率上升了10個百分點。提醒一下，去年第二季度，我們的邊際繳款受到了我們遺留保險準備金約 2.75 億美元不利發展的影響。排除這一影響，23 年第 2 季度的貢獻利潤率同比下降約 18 個百分點，反映出與 22 年第 2 季度相比保險成本更高，且每次乘車收入較低。按絕對美元計算，23 年第二季度的貢獻為 4.26 億美元，同比增長 35%。

Operating expenses were $410 million, down 24% year-over-year due primarily to our cost restructuring initiatives. As a percentage of revenue, Q2 operating expenses were 40% compared with 54% in Q2 of the prior year.

運營費用為 4.1 億美元，同比下降 24%，這主要是由於我們的成本重組舉措。第二季度運營費用佔收入的比例為 40%，而上年第二季度為 54%。

I will point out that operating expenses were roughly $20 million lower than guidance we provided for the second quarter. Our outlook assumed operating expenses would include the impact of a nonrecurring legal cost but this expense was instead classified as contra revenue, which I referenced earlier in my comments on Q2 revenue.

我要指出的是，運營費用比我們為第二季度提供的指導低了大約 2000 萬美元。我們的前景假設運營費用將包括非經常性法律費用的影響，但這筆費用被歸類為備抵收入，我在之前對第二季度收入的評論中提到了這一點。

Q2 adjusted EBITDA was $41 million and exceeded the high end of our guidance range. This performance was driven by stronger rideshare demand than expected. Our adjusted EBITDA margin in Q2 was 4%.

第二季度調整後 EBITDA 為 4100 萬美元，超出了我們指導範圍的上限。這一業績是由比預期更強勁的拼車需求推動的。第二季度調整後的 EBITDA 利潤率為 4%。

We continue to have a solid cash position. We ended Q2 with unrestricted cash, cash equivalents and short-term investments of approximately $1.7 billion.

我們繼續擁有穩固的現金狀況。截至第二季度末，我們擁有約 17 億美元的不受限制的現金、現金等價物和短期投資。

Before I share our outlook for Q3, let me provide some framing. We've entered the third quarter on solid footing. In July, we saw continued healthy supply trends as 25% more drivers use Lyft versus last year, and driver hours grew by nearly 45% year-over-year. Rider demand also grew in July with ride intents, up 17% year-over-year, and our conversion rate continued to improve both year-over-year and quarter-over-quarter. The share of rides affected by prime time also continued to decline sequentially in the month of July, reflecting an even better balance of drivers and riders.

在分享我們對第三季度的展望之前，讓我提供一些框架。我們已踏入第三季度。 7 月份，我們看到了持續健康的供應趨勢，使用 Lyft 的司機比去年增加了 25%，司機工作時間同比增長了近 45%。 7 月份，乘客需求隨著乘車意願的增加而增長，同比增長 17%，我們的轉化率同比和環比均持續提高。 7月份，受黃金時段影響的乘車比例也繼續下降，反映出司機和乘客的平衡更加平衡。

With our focus on strong execution and delivering for our customers, we anticipate rideshare volume growth in the third quarter of approximately 20% year-over-year. With that, let me review our Q3 guidance. We expect revenue of $1.130 billion to $1.150 billion, up 7% to 9% year-over-year. This reflects rideshare ride growth of approximately 20% year-over-year, as I just mentioned, in addition to lower revenue per ride versus the prior year period with our focus on operating competitively with the market.

由於我們專注於強大的執行力和為客戶提供服務，我們預計第三季度的拼車量將同比增長約 20%。接下來，讓我回顧一下我們的第三季度指導。我們預計收入為 11.3 億美元至 11.5 億美元，同比增長 7% 至 9%。正如我剛才提到的，這反映了拼車出行同比增長約 20%，此外，由於我們專注於與市場競爭，每次乘車收入較上年同期有所下降。

We anticipate contribution margin will be approximately 45%. The sequential improvement of roughly 3 percentage points reflects healthier driver supply dynamics, in addition to lower contra revenue which will not include the legal costs that offset Q2 revenue from my earlier comments. We expect operating expenses as a percentage of revenue will be 40% to 41%, reflecting an increase in volume-driven costs and targeted marketing spend, partially offset by incremental savings relative to Q2 from our recent cost restructuring initiatives.

我們預計邊際貢獻率約為 45%。大約 3 個百分點的環比改善反映了更健康的司機供應動態，此外還有較低的對銷收入（其中不包括抵消我之前評論中第二季度收入的法律成本）。我們預計運營費用佔收入的比例將為 40% 至 41%，反映出數量驅動成本和目標營銷支出的增加，部分被我們最近的成本重組舉措相對於第二季度的增量節省所抵消。

Finally, we expect adjusted EBITDA of $75 million to $85 million and an adjusted EBITDA margin of approximately 7%.

最後，我們預計調整後 EBITDA 為 7500 萬至 8500 萬美元，調整後 EBITDA 利潤率約為 7%。

I'd like to turn now and make some directional comments on the fourth quarter in anticipation of our third-party insurance contract renewals on October 1. We'd like to give you our current best thinking on the range of expected outcomes. Our preliminary view of the fourth quarter suggests revenue will grow low to mid-single digits quarter-over-quarter. Additionally, fourth quarter adjusted EBITDA margin as a percentage of revenue will be in line to slightly lower than the level in Q2 2023. This reflects expectations of continued strong rideshare ride growth year-over-year in the fourth quarter, the impact of our insurance renewals and continued improvement in our cost structure. Of course, we'll look to refine this view in our Q3 earnings call in the fall.

現在我想針對 10 月 1 日我們的第三方保險合同續簽，對第四季度做出一些方向性評論。我們想向您提供我們目前對預期結果範圍的最佳想法。我們對第四季度的初步看法表明，收入將環比增長到低至中個位數。此外，第四季度調整後 EBITDA 利潤率佔收入的百分比將略低於 2023 年第二季度的水平。這反映了對第四季度拼車出行同比持續強勁增長的預期，以及我們保險的影響我們的成本結構的更新和持續改進。當然，我們將在秋季的第三季度財報電話會議上完善這一觀點。

Let me address how we're managing our third-party insurance renewals and what we are doing differently this year. With the Q4 renewal of our third-party insurance contracts, we expect to have substantial visibility into our insurance costs for the next 12 months. Going forward, we've proactively changed the structure of these agreements to allow us to stagger our renewals in certain states. We believe this staggered structure gives us better optionality and is a better way to manage our insurance.

讓我談談我們如何管理第三方保險續保以及我們今年的做法有何不同。隨著第四季度我們續簽第三方保險合同，我們預計未來 12 個月的保險成本將得到大幅了解。展望未來，我們主動改變了這些協議的結構，以便我們能夠在某些州錯開續訂。我們相信這種交錯結構為我們提供了更好的選擇，也是管理保險的更好方式。

Additionally, over the long term, we'll continue to build on the work we've done to bend the insurance cost curve through product and safety initiatives that help reduce accident frequency and improve settlement outcomes.

此外，從長遠來看，我們將繼續在我們所做的工作的基礎上，通過產品和安全舉措來彎曲保險成本曲線，從而幫助降低事故頻率並改善結算結果。

Finally, I want to share a few closing remarks. We had a solid second quarter, and we have strong momentum going into Q3 and the back half of the year. We've improved our cost structure, and we're operating more competitively and the team is unified and focused on delivering great experiences for drivers and riders. I am excited to be here. We've got lots more to do to build on our progress and I look forward to keeping you all updated. Operator, we're now ready to take questions.

最後，我想分享一些結束語。我們的第二季度表現強勁，進入第三季度和下半年的勢頭強勁。我們改善了成本結構，運營更具競爭力，團隊團結一致，專注於為駕駛員和乘客提供出色的體驗。我很高興來到這裡。為了進一步取得進展，我們還有很多工作要做，我期待著向大家通報最新情況。接線員，我們現在準備好回答問題。

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

（操作員說明） 您的第一個問題來自瑞士信貸銀行的 Stephen Ju。

So David, you've now been at the helm for about 4 months now. So is there anything you can share in terms of what projects you may have prioritized versus deprioritized in terms of resource allocation. And maybe this is a little bit too early, but is there a way to parse apart like how much of the volume growth acceleration is due primarily to price versus product innovation. I mean price matching as a lever you can probably pull once, but the service improvements due to product should be more durable. So I'm just wondering if you have -- if you could share any sort of perspective there.

David，您掌管公司已經大約 4 個月了。那麼，您可以分享一下您在資源分配方面可能優先考慮的項目和未優先考慮的項目嗎？也許這有點為時過早，但有沒有一種方法可以區分銷量增長加速有多少主要歸因於價格與產品創新。我的意思是價格匹配作為一個槓桿，你可能可以拉動一次，但產品帶來的服務改進應該更持久。所以我只是想知道你是否可以分享任何觀點。

Yes, sure. Awesome. Great to hear from Stephen, right? Okay. It has been, yes, I feel like the old timer here, 3 months in or something like that, 100 in some days. So a couple of things. First thing I'd say just baseline is our strategy of sort of customer obsession and good execution is working. And we can see it, the results sort of speak for themselves, 18% up year-on-year and so forth. So that's super, super exciting.

是的，當然。驚人的。很高興聽到斯蒂芬的消息，對吧？好的。是的，我感覺自己已經是這裡的老手了，三個月左右，幾天后就一百了。有幾件事。我首先想說的是，我們的戰略是“以客戶為中心”，良好的執行力正在發揮作用。我們可以看到，結果是不言而喻的，同比增長 18% 等等。所以這非常非常令人興奮。

If you think at one level deeper to your second part of your question, it's, well, how much was priced and then how much were other factors? And there's sort of an all of the above thing going on, right? So we're very focused on improving service for riders, we're very focused on making sure our driver experience is great. We're making sure that when customers do check both apps -- riders, I mean, they get a fair price. And then that allows us to start competing on other things. And so as an example there, Wait and Save, which I mentioned before, is a product innovation that we're very proud of and really leaning into. Same with some of the airport work we did in Q2 that allows people in some airports to basically call Lyft as soon as their plane touches down and the car is right there.

如果您在一個層面上更深入地思考問題的第二部分，那就是，定價是多少，然後其他因素是多少？以上所有事情都在發生，對嗎？因此，我們非常注重改善乘客的服務，我們非常注重確保我們的駕駛員體驗良好。我們確保當客戶檢查這兩個應用程序時——我的意思是乘客，他們會得到一個公平的價格。然後我們就可以開始在其他事情上競爭。舉個例子，我之前提到的“等待並保存”是一項我們非常自豪並且真正傾向於的產品創新。與我們在第二季度所做的一些機場工作相同，這些工作允許一些機場的人們在飛機著陸並且汽車就在那里後立即致電 Lyft。

So how to split out what's price versus what's product innovation, a little bit hard. What I can tell you is I would add a third thing to what's driving growth which is a secular move. Back-to-school is a thing, and that's -- we're very focused on that. Back to work is a bigger thing every day. You probably saw the articles about even Zoom trying to get people back to work. That's the thing. And we're -- we definitely play a role there. So there's some of all these things kind of going. But I think it's kind of more of a story of firing on all cylinders rather than any one of those.

那麼如何區分價格和產品創新，有點困難。我可以告訴你的是，我會在推動增長的因素上添加第三點，這是一項長期舉措。重返校園是一件事，我們非常關注這一點。重返工作崗位每天都是一件更重要的事情。您可能看過有關 Zoom 試圖讓人們重返工作崗位的文章。就是這樣。我們肯定會在那裡發揮作用。所以有些事情正在發生。但我認為這更像是一個全力以赴的故事，而不是其中任何一個的故事。

And last thing I'll say is we've got a lot more innovation on sort of the rider and driver side coming up which we think will be a step changing over time. That's longer term, but that will start to drive even more growth.

我要說的最後一件事是，我們在騎手和駕駛員方面有了更多的創新，我們認為隨著時間的推移，這將是一個進步。這是長期的，但這將開始推動更多的增長。

David, I just might add to that. In addition to the great progress we saw here in the second quarter, our Q3 outlook and in the directional commentary we provided on the fourth quarter assumes continued strong rideshare ride growth in the back half of the year.

大衛，我想補充一點。除了我們在第二季度看到的巨大進展之外，我們對第三季度的展望以及我們在第四季度提供的方向性評論都假設拼車出行在今年下半年將持續強勁增長。

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

你的下一個問題來自高盛的埃里克謝里登。

Two, if I could, maybe following up on Stephen's question also, just what would you characterize as some of the key elements you feel you continue to invest whether it's on brand or product or differentiation to continue sort of some of the growth momentum, not just in Q3, but going into Q4. And I know it's early and I appreciate the framing of Q4. But in terms of some of the growth dynamics in Q4, I am curious about how much of it is cost headwinds that will hamper some investments in the business that could cause a slowdown in growth or just elements of a lapping impact you're seeing versus the year ago period.

第二，如果可以的話，也許我也可以跟進斯蒂芬的問題，您認為您繼續投資的一些關鍵要素是什麼，無論是在品牌、產品還是差異化上，以繼續保持一些增長勢頭，而不是剛剛在第三季度，但即將進入第四季度。我知道現在還為時過早，我很欣賞第四季度的框架。但就第四季度的一些增長動態而言，我很好奇其中有多少是成本逆風，這將阻礙一些業務投資，從而可能導致增長放緩，或者只是您所看到的重疊影響的因素一年前的時期。

Yes. Erin and I will kind of tag team on this as well. I think, gosh, on the first, hey maybe if I repeat the first part of the question again, just so I've got that kind of focused.

是的。艾琳和我也會在這方面進行標記團隊。我想，天哪，首先，嘿也許如果我再次重複問題的第一部分，這樣我就能集中註意力。

Just want to know what some of the key elements you think that you have to sort of lean into to continue some of the momentum in growth. You talked about brands, you talked about product, service, elements of that.

只是想知道您認為必須依靠哪些關鍵要素才能繼續保持增長勢頭。你談到了品牌，你談到了產品、服務及其要素。

Yes, for sure, for sure. So I'll sort of start -- I'll kind of build the stack here a little bit. So it really does start with doing the basics well and operating -- yes, excellently. I mean we talk a lot about operational excellence within Lyft now, and that's a real area of focus. Remember, I mean, we're giving hundreds and millions of rides a year. So small changes can sort of amplified a huge, huge differences. And you can see that. We've talked a lot about price, but you can see that in ETA, the pickup time. Our average pickup time now is 10% faster than it was a year ago. That's really significant because that's every single ride, people want to get picked up faster. So that's part of it all start there.

是的，當然，當然。所以我會開始——我會在這裡稍微構建一下堆棧。因此，它確實是從做好基礎知識和運營開始的——是的，非常好。我的意思是，我們現在在 Lyft 內部談論了很多關於卓越運營的問題，這是一個真正的重點領域。請記住，我的意思是，我們每年提供數以億計的乘車服務。因此，微小的變化可能會放大巨大的差異。你可以看到這一點。我們已經討論了很多關於價格的問題，但是您可以在 ETA 中看到取貨時間。現在我們的平均取貨時間比一年前快了 10%。這確實很重要，因為在每次乘車時，人們都希望更快地被接載。這就是一切的一部分。

Then you build on top of that some of the awareness building work that we do. Now this is interesting because we're a very well-known brand. And no one should take that for granted. It's -- big brands spend hundreds of millions of dollars and are unknown, whereas we're very well known. And I mentioned this in my comments, just a little personal comment now, people ask me, what do you do? And I tell them I'm the CEO of Lyft. And people say, that's incredible, what a great company and I sometimes joke that -- there's no disrespect to other companies, please, but sometime as I joke, if I said I was a CEO of DocuSign, people would be like, yes, cool. But this is a different thing. So people have a real emotional attachment to our brand. That's a great, great starting point and high awareness. So you'll start to see us amplify that.

然後在此基礎上開展我們所做的一些意識建設工作。這很有趣，因為我們是一個非常知名的品牌。任何人都不應該認為這是理所當然的。大品牌花費數億美元卻默默無聞，而我們卻非常知名。我在評論中提到了這一點，現在只是一點個人評論，人們問我，你做什麼？我告訴他們我是 Lyft 的首席執行官。人們說，這太不可思議了，這是一家多麼偉大的公司，我有時會開玩笑說——這並不是對其他公司的不尊重，但有時當我開玩笑時，如果我說我是DocuSign 的首席執行官，人們會說，是的，涼爽的。但這是另一回事。所以人們對我們的品牌有真正的情感依戀。這是一個非常非常好的起點和高度的認識。所以你會開始看到我們放大這一點。

Now we're not doing Times Square, Jumbotron, Super Bowl ad stuff. We're doing much more sort of targeted focus social media work and other work with the press to get the word out and really, the message there is look who's back and you as a driver -- you as a rider, you want both apps on your phone. You don't just want Uber because both are better than -- and that choice is a very powerful message. So that's sort of the second layer of the stack.

現在我們不再做時代廣場、大屏幕、超級碗的廣告。我們正在做更多有針對性的焦點社交媒體工作以及與媒體的其他工作，以傳播消息，實際上，那裡的信息是看看誰回來了，而你作為司機- 你作為乘客，你想要這兩個應用程序在你的手機上。你想要 Uber 不僅僅是因為兩者都比——而且這個選擇是一個非常有力的信息。這就是堆棧的第二層。

And then you start to add on top of that some real customer innovation. And I'll give you maybe just one example of something we're working through now. And that's working very directly with both companies and even cities to try to help back to work, return to office, go smoothly and go well. I was lucky enough to meet with the mayor of San Francisco a couple of weeks ago and reiterated our commitment to helping San Francisco recover by helping people get out of our house and back to work. It's so important for our downtown area. So you add -- and then, of course, we're doing that with companies, too. I think we have arrangements now with Cisco and I'm going to forget, about Netflix, I think, and a couple of other trials we're doing to help people get back to work as they come back to the office.

然後你開始添加一些真正的客戶創新。我可能只是給您舉一個我們現在正在解決的問題的例子。這是與兩家公司甚至各城市直接合作，努力幫助重返工作崗位、重返辦公室、順利進行。我很幸運在幾週前會見了舊金山市長，並重申了我們通過幫助人們走出家門重返工作崗位來幫助舊金山復甦的承諾。這對我們的市中心非常重要。所以你補充道——然後，當然，我們也在與公司一起這樣做。我想我們現在已經與思科達成了安排，我想我會忘記Netflix，以及我們正在進行的一些其他試驗，以幫助人們在回到辦公室後重新開始工作。

So it's sort of all the above. And I think as Erin just said, a lot of investment going on here to make sure that we continue to grow, and we're off to a really good start.

所以這就是以上所有內容。我認為正如艾琳剛才所說，這裡正在進行大量投資以確保我們繼續增長，並且我們有了一個非常好的開始。

I'll say a very quick thing on the cost side, and then Erin will point out. We don't -- how can I say this sort of well? So we have this insurance renewal thing. We'll talk more about that. That comes around every year, and we're doing things to spread that out over time. It's just the basic cost of the sector that we have to deal with. And so our strategy is, first, of course, to get the best rates we can and to do as good a job as we can negotiating with the companies, the providers, of course. Then the second is how do we figure out a way, frankly, to absorb as much of that cost as we possibly can, using all sorts of efficiency strategies and so on and so forth. Only after we've exhausted all of that, do we want to pass any of that charge loan to our customers. And we really don't want to do that if we can avoid it. And so that's kind of the work we're playing.

我會很快說一下成本方面的事情，然後艾琳會指出。我們不——我怎麼能說得好呢？所以我們有保險續保的事情。我們將詳細討論這一點。這種情況每年都會發生，我們正在做一些事情來隨著時間的推移將其分散開來。這只是我們必須處理的行業的基本成本。因此，我們的策略當然是，首先，盡可能獲得最優惠的價格，並儘可能做好與公司、提供商的談判。那麼第二個問題是，坦率地說，我們如何找到一種方法，通過使用各種效率策略等等來盡可能多地吸收成本。只有在我們用盡所有這些之後，我們才想將任何收費貸款轉嫁給我們的客戶。如果我們可以避免的話，我們真的不想這樣做。這就是我們正在做的工作。

It's not so much about investing less in innovation or whatever. We've got funds to do that. It's really how can we figure out a way to cover those costs such that we don't -- because we're a customer of steps, right? We don't want to pass those along to riders and drivers.

這並不是說減少對創新或其他方面的投資。我們有資金來做這件事。實際上，我們如何才能找到一種方法來支付這些成本，這樣我們就不會這樣做——因為我們是步驟的客戶，對嗎？我們不想將這些傳遞給乘客和司機。

Yes. Thanks, Eric. I might just reiterate that we do expect a similar level of rideshare ride growth year-over-year in Q3 and in Q4. So that's approximately 20%. And so maybe you could clarify a little bit more about what you meant by not being hampered by investment, but just reiterating that as our assumption.

是的。謝謝，埃里克。我可能只是重申，我們確實預計第三季度和第四季度的拼車出行同比增長水平相似。所以大約是 20%。因此，也許您可​​以進一步澄清一下不受投資阻礙的含義，但只是重申這一點作為我們的假設。

Just want to know if there's elements of some of the insurance costs you've called out that will sort of have an impact on the ability to redeploy capital back into investing in the business in Q4?

只是想知道您提出的某些保險成本是否會對第四季度將資本重新部署回投資業務的能力產生影響？

No, I don't expect that to be a factor.

不，我不認為這是一個因素。

Your next question comes from the line of Doug Anmuth of JPMorgan.

您的下一個問題來自摩根大通的道格·安穆斯 (Doug Anmuth)。

One for David and one for Erin. David, it sounds like you're making good progress with Wait and Save. Any update to the 30% cost of rides that you've previously mentioned? And then just given the volume of right here, how should we think about profitability of that product? And then, Erin, just following up on the preliminary 4Q outlook. Just I guess just trying to drill down a little bit more on the revenue to understand why the insurance renewals are impacting revenues potentially as much in 4Q because I think it comes up to suggesting like low single-digit year-over-year growth.

一份給大衛，一份給艾琳。大衛，聽起來您在“等待並保存”方面取得了良好的進展。您之前提到的 30% 乘車費用有更新嗎？然後考慮到這裡的數量，我們應該如何考慮該產品的盈利能力？然後，Erin，只是跟進第四季度的初步前景。只是我想只是想更深入地了解收入，以了解為什麼保險續保可能對第四季度的收入產生同樣大的影響，因為我認為這表明了較低的個位數同比增長。

Yes. Great hearing from you, Doug, I'll take the first and Erin will take the second. So on the first, oh my god, I'm sorry, I just really lost my train of thought, say the question one more time my apologies.

是的。道格，很高興收到你的來信，我將選擇第一個，艾琳將選擇第二個。所以第一，天哪，對不起，我真的失去了思路，再次說出這個問題，我很抱歉。

Wait and Save.

等待並保存。

Wait and Save, of course, yes. So in Wait and Save, we're not giving -- we don't want to sort of get in this mode where we kind of always give exact data on it. It's just -- but here's what I can say. It's up about 40% year-on-year. It is -- and which is an all-time record. I think that's like 25%. It's significantly higher than shared rides ever was. And to give you a perspective on it, in New York City alone in Q2, we averaged, I think it was about 150,000 Wait and Save rides per week to give you a sense of the scale of it.

等待並保存，當然，是的。因此，在“等待並保存”中，我們不會給出——我們不想進入這種總是提供準確數據的模式。只是——但這就是我能說的。同比增長約40%。這是——而且是一個歷史記錄。我認為大約是 25%。它明顯高於以往的共享乘車水平。為了讓您了解這一情況，僅在第二季度的紐約市，我們平均每週就有大約 150,000 次“等待並保存”乘車，讓您了解其規模。

So the second part was about profitability. And what I want to say there is, and this is something people hear me say around the company, and get maybe a little sick of it. First, do the right thing and then do things right. So the right thing is for us to offer an option in our app that allows our riders to choose to save money when they want to and everybody likes the deal. And then over time, we're optimizing the profitability of that.

所以第二部分是關於盈利能力。我想說的是，公司裡的人們聽到我這麼說，可能會感到有點厭煩。首先，做正確的事，然後把事情做對。因此，正確的做法是在我們的應用程序中提供一個選項，讓我們的乘客可以選擇在他們想要的時候省錢，並且每個人都喜歡這筆交易。然後隨著時間的推移，我們正在優化其盈利能力。

Now any portfolio is going to have some lower margin and some higher-margin products. And I expect this will be a lower-margin product forever. But there's a lot of work we're doing behind the scenes to improve the profitability of it and also help with power some of our other ride services. Anyway, long conversation. But a short version is, right now, it makes us some money, tomorrow it will make us more money, and we love the volume that we're seeing because that's a great place to build on.

現在，任何投資組合都會有一些利潤率較低的產品和一些利潤率較高的產品。我預計這將永遠是一個利潤率較低的產品。但我們在幕後做了很多工作，以提高其盈利能力，並幫助推動我們的其他一些乘車服務。無論如何，長談。但簡單來說，現在它給我們帶來了一些錢，明天它會讓我們賺更多的錢，我們喜歡我們所看到的數量，因為這是一個很好的基礎。

Yes. And thanks, Doug. Just to be clear, insurance does not impact the revenue line. We gave you a top line framework and a bottom line framework. Again, just to give you a sense for our best thinking right now about the fourth quarter. So on the top line, I think we've given you information about the trends that we expect and remember, the quarter-over-quarter rate in Q3 reflects the take rate. We're also assuming pricing in the market stays at relatively consistent levels quarter-over-quarter. So hopefully, that's helpful.

是的。謝謝，道格。需要明確的是，保險不會影響收入線。我們為您提供了頂線框架和底線框架。再次強調，只是為了讓您了解我們目前對第四季度的最佳想法。因此，在最重要的方面，我認為我們已經向您提供了我們預期並記住的趨勢信息，第三季度的環比率反映了採用率。我們還假設市場定價季度環比保持在相對穩定的水平。希望這會有所幫助。

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

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

Two questions then. One on product side with drivers. It sounds like you've made some real nice improvements that have improved driver satisfaction. Just going forward, is that leaning into those innovations? Are there other areas that you think are kind of greenfield opportunities in the market? And then anything new on the regulatory landscape? It seems like that's died down. I assume no news is good news, but anything that you think we should watch out for?

那麼兩個問題。一個位於產品端，帶有驅動程序。聽起來您已經做出了一些非常好的改進，提高了駕駛員的滿意度。展望未來，是否會傾向於這些創新？您認為市場上還有其他領域是未開發的機會嗎？那麼監管方面有什麼新的變化嗎？看來這件事已經平息了。我認為沒有消息就是好消息，但是您認為我們應該注意什麼？

Mark, good to hear from you. So on the driver side, there's so much more to do. There's so much more to do. And the frame here is this. Drivers -- millions of drivers are making billions of dollars on our platform, right? So that's a big, big deal. And what it means to us is we have to take their needs super seriously. And this is something again, we say in sigh, there are 2 customers in every car. There's a rider and a driver.

馬克，很高興收到你的來信。因此，在駕駛員方面，還有很多事情要做。還有很多事情要做。這裡的框架是這樣的。司機——數百萬司機在我們的平台上賺取了數十億美元，對吧？所以這是一件大事。這對我們意味著我們必須非常認真地對待他們的需求。這又是一件事，我們嘆息地說，每輛車裡有 2 位顧客。有一名騎手和一名司機。

So on the driver side, a lot of the innovation you're going to see is around transparency, around making it easier for people to see, for drivers to see how much money they're making, right? And so you've probably heard us talk before about upfront pay, which allows drivers to get a sense of how much we're not spend. So good pre-acute prediction, how much they're going to make before they accept a ride. You heard me talk about this stay within a one type of thing. We also have last kind of last ride type stuff, so you end up close to home at the end of the day.

因此，在駕駛員方面，您將看到的許多創新都是圍繞透明度，讓人們更容易看到，讓駕駛員更容易看到他們賺了多少錢，對吧？因此，您之前可能聽過我們談論預付款，這可以讓司機了解我們沒有花多少錢。如此好的預先預測，他們在接受搭車之前會賺多少錢。你聽到我談論這種停留在一種類型的事情中。我們還提供最後一種最後乘車類型的東西，所以您在一天結束時最終會回到家附近。

So anything that can increase driver is independence and control is something we're really going to lean into. And there's a lot more there for sure. On the regulatory side, I think Kristin is here as well, our President, and she can give you detailed answers if you want. But it's -- as you say, it's kind of died down. I mean there are some things out there, and we can talk about the specifics. But generally, it's -- we feel pretty good with where we are.

因此，任何能夠提高駕駛員獨立性和控制力的東西都是我們真正要關注的。當然還有更多。在監管方面，我認為我們的總裁克里斯汀也在這裡，如果您願意，她可以給您詳細的答案。但正如你所說，它已經逐漸消失了。我的意思是，有一些事情，我們可以討論具體細節。但總的來說，我們對自己所處的位置感覺很好。

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

您的下一個問題來自伯恩斯坦的 Nikhil Devnani。

On the rideshare volume growth, I mean, do you think that this healthy kind of double-digit pace is sustainable beyond 2023? I think it would just be helpful to hear kind of your perspective on the building blocks between customers, frequency and pricing as you look out over the medium term? And then my second question is just around free cash flow. I think we started to see some cost takeouts coming through, but cash burn is still a challenge. And so how do you bridge that gap to sustainable free cash flow generation? And are you able to do that while reaccelerating the top line as well?

關於拼車量增長，我的意思是，您認為這種健康的兩位數增長速度能否持續到 2023 年之後？我認為，在您展望中期時，聽聽您對客戶、頻率和定價之間的組成部分的看法會有所幫助嗎？我的第二個問題是關於自由現金流。我認為我們開始看到一些成本削減的情況，但現金消耗仍然是一個挑戰。那麼，如何彌合這一差距，實現可持續的自由現金流生成呢？您能否在實現這一目標的同時重新加速營收增長？

Erin, do you want to take that one? Or let me tag team.

艾琳，你想拿那個嗎？或者讓我標記團隊。

Yes, sure. I'll start with the second part. So first and foremost, what I'd say is generating consistent positive free cash flow is definitely a priority for the company. As I think about the near term, there's a couple of different things to think through, in particular, in our second quarter results.

是的，當然。我將從第二部分開始。因此，首先也是最重要的是，我想說的是，產生持續的正自由現金流絕對是公司的首要任務。當我考慮近期時，有一些不同的事情需要考慮，特別是在我們的第二季度業績中。

The first one is insurance payments. The second piece is cash out related to our restructuring programs, and we expect that portion to be substantially complete in the second quarter. And then the third main factor is capital expenditures. We have invested over the first half of the year in an acceleration of the mix of e-bikes, for example, within our TBS business, we do expect that to moderate over the second half of the year. But I'll just come back around to saying, again, moving toward consistent positive free cash flow is a top priority as we think about navigating for the long term.

第一個是保險金。第二部分是與我們的重組計劃相關的現金支出，我們預計該部分將在第二季度基本完成。第三個主要因素是資本支出。我們在今年上半年投資了加速電動自行車的混合，例如在我們的 TBS 業務中，我們預計這種情況會在下半年有所放緩。但我想再次強調，當我們考慮長期發展時，實現持續的正自由現金流是首要任務。

And Nikhil, I'll sort of take a little of the first question. I mean, we're not going to give specific guidance on growth over time, but I can say this. Two things. First, I think an area where both Uber and Lyft would agree is, this is still early days for ride share. It really is. There are so many segments. I mentioned return to office. Anyway, there's so many segments that I think we're just beginning to penetrate and just beginning to help people see that rideshare really can make their lives easier.

尼基爾，我將回答第一個問題。我的意思是，我們不會就長期增長提供具體指導，但我可以這樣說。兩件事情。首先，我認為 Uber 和 Lyft 都同意的一點是，目前拼車服務還處於早期階段。確實如此。有很多細分。我提到重返辦公室。不管怎樣，我認為我們剛剛開始滲透很多細分市場，並開始幫助人們認識到拼車確實可以讓他們的生活變得更輕鬆。

And I think, again not to sort of over-index on COVID and stuff. But I think as you see people get to the next phase of their life, whatever that looks like, I hope it involves getting out more. I really do. It's good for society. It's good for our mental health. It's certainly what a lot of bosses want. And you rarely hear people say, gosh, I wish I'd stayed in more. I'm a happier person as a result. So I think there's a lot of by focusing sort of segment by segment, there's a lot more growth there to be unlocked. And then the other piece that I really focus on is frequency. A heavy rideshare user might use ride share 4 times a month, once a week, maybe twice a week, maybe. And now you're getting to quite a heavy user. I think of the number of times you leave your house one way or another. And the number of times you therefore have to park your car, drive or be caught in traffic or all these things.

我認為，再次強調不要對新冠病毒之類的東西過度索引。但我認為，當你看到人們進入人生的下一個階段時，無論是什麼樣的，我希望這涉及到更多的出去。我真的這麼做。這對社會有好處。這對我們的心理健康有好處。這肯定是很多老闆想要的。你很少聽到人們說，天哪，我希望我能多呆一會兒。結果我是一個更快樂的人。因此，我認為通過專注於細分市場，可以實現更多的增長。我真正關注的另一部分是頻率。拼車重度用戶可能每月使用拼車 4 次，可能每週一次，也可能每週兩次。現在你已經成為了一個相當重度的用戶。我想起你以某種方式離開家的次數。因此，您必須停車、開車或陷入交通堵塞或所有這些事情的次數。

So I mean I know this is sort of -- it's almost the sort of early pieces of rideshare coming back. But I really think it's true. I think we're very, very early in that. And when we see back to work, back to school and then sort of winter travel and so on and so forth, we see lots of opportunities just for people to kind of get reacquainted with and then hopefully, even more excited with rideshare with 2 strong players.

所以我的意思是，我知道這幾乎是共享出行的早期回歸。但我確實認為這是真的。我認為我們還處於非常非常早期的階段。當我們回到工作崗位，回到學校，然後進行冬季旅行等等時，我們看到很多機會讓人們重新熟悉，然後希望，對 2 名強者的拼車感到更加興奮玩家。

Your next question comes from the line of Ken Gawrelski of Wells Fargo.

您的下一個問題來自富國銀行的 Ken Gawrelski。

A couple of questions, if I may. First, I just want to go a little bit deeper on the 4Q revenue growth rate implied in the look forward. Can you talk a little bit about the take rate on a year-over-year change. I think 4Q '22 take rate was up pretty meaningfully from 4Q '21. Can you just talk about some of those elements that might be impacting the year-over-year growth decel implied in 4Q versus 3Q, given the otherwise healthy dynamics you talked about?

如果可以的話，有幾個問題。首先，我想更深入地了解展望中隱含的第四季度收入增長率。您能談談同比變化的情況嗎？我認為 22 年第 4 季度的使用率較 21 年第 4 季度大幅上升。考慮到您談到的健康動態，您能否談談可能影響第四季度與第三季度同比增長減速的一些因素？

And the second is this applies to the fourth quarter and then also into '24, as both you and your competitor have step-ups in insurance costs, so cost per ride rises, how do you think about a more -- how do you think about pricing in that environment? And what do you think is the most constructive way to think about the next 12 months?

第二個是這適用於第四季度，然後也適用於24 年，因為你和你的競爭對手的保險成本都增加了，所以每次乘車的成本都增加了，你如何考慮更多- 你如何認為關於那種環境下的定價？您認為思考未來 12 個月最有建設性的方式是什麼？

Maybe I'll start at the end and kind of and then work backwards and then Erin will kind of finish up Ken. So I think we're sort of where we want to be. And again, I think this is an area where we sort of made a big decision earlier this year to price in line with the market. And now really a lot of our focus is more focused on competing on service and differentiation and so forth.

也許我會從最後開始，然後倒退，然後艾琳會完成肯。所以我認為我們已經達到了我們想要達到的目標。再說一次，我認為這是我們今年早些時候做出的一個重大決定的一個領域，其定價與市場保持一致。現在我們的重點實際上更多地集中在服務和差異化等方面的競爭。

So I don't expect that to change dramatically. One sort of subtlety here, which I don't know that we've highlighted is prices are not just the way we set -- what we call the base price, but it's also this prime time idea. Prime time also called surge pricing by Uber is where you basically don't have enough driver supply, so you have to price it high so it can send more drivers out there and to also sort of suppress demand. That's a bad form of price raising. It's a particularly bad form because riders hate it with a fiery passion.

所以我預計這種情況不會發生巨大改變。這裡有一個微妙之處，我不知道我們是否強調過，價格不僅僅是我們設定的方式——我們所說的基本價格，但這也是黃金時段的想法。黃金時段也被 Uber 稱為“高峰定價”，是指基本上沒有足夠的司機供應，因此你必須定價較高，這樣才能派出更多司機，並在一定程度上抑制需求。這是一種糟糕的提價方式。這是一種特別糟糕的形式，因為騎手們非常討厭它。

And so we're trying to really get rid of it. And because we've got such good driver in supply, which we've worked really hard to get it's decreased significantly. So just to quote that stat, the share of rides affected by prime time is down 35% from Q1. So that has a revenue implication, right? We're actually taking less money. But it's good for our riders, and it's good for our overall market itself. So it's -- yes, revenue is kind of a funny thing because it kind of goes in both directions. But broadly speaking, we're kind of happy with where we are on the pricing side. Erin?

所以我們正在努力真正擺脫它。而且因為我們有如此好的驅動程序供應，我們非常努力地工作以使其顯著減少。引用該統計數據，受黃金時段影響的乘車比例較第一季度下降了 35%。那麼這對收入有影響，對嗎？我們實際上拿的錢更少了。但這對我們的騎手有好處，對我們的整個市場本身也有好處。所以，是的，收入是一件有趣的事情，因為它是雙向的。但總的來說，我們對定價方面的現狀感到滿意。艾琳？

Yes. Thanks, Ken. Thanks for your question. So taking a step back, it's obviously not in our norm to guide 2 quarters out. So we're providing some directional commentary. This was really important to us, so you could better kind of track our progress and have an understanding of the impact of our renewal. So you're seeing there in the top line, probably a wider range of outcomes given those dynamics, again, and that directional guide, but maybe a broader way to think about it is price will be lower year-over-year, kind of similar trends as we've seen in 2023 and volume will be higher. And consistent with what we've seen in the first part of this year, take rate is down year-over-year. We expect that trend to continue in the back half of the year. So the combination of those factors is what gets you to that, again, a range of outcomes implied within that directional commentary for the fourth quarter.

是的。謝謝，肯。謝謝你的提問。所以退一步來說，指導兩個季度顯然不符合我們的規範。因此，我們提供一些方向性評論。這對我們來說非常重要，因此您可以更好地跟踪我們的進展並了解我們更新的影響。因此，您在頂線上看到，考慮到這些動態和方向性指南，可能會出現更廣泛的結果，但也許更廣泛的思考方式是價格將同比下降，有點與我們在2023 年看到的趨勢類似，而且交易量將會更高。與我們今年上半年所看到的情況一致，採用率同比下降。我們預計這一趨勢將在今年下半年繼續。因此，這些因素的結合使您再次得出第四季度方向性評論中隱含的一系列結果。

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

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Great. Two questions, please. So Uber likes to talk about half their growth in the long term coming from like the base single ride service and then half from new products like they've got Reserve and I guess they've now got Shared ride again. So is there a framework that you guys think about where the base service can produce a certain amount of growth? And then as we think forward multiple years, some new products that might be introduced could layer on top of that? And any thoughts on that?

偉大的。請教兩個問題。因此，Uber 喜歡談論長期增長的一半來自基本的單程乘車服務，然後一半來自新產品，比如他們已經有了 Reserve，我想他們現在又有了共享乘車服務。那麼你們認為有一個框架可以讓基礎服務產生一定的增長嗎？然後，當我們展望未來幾年時，可能會推出一些新產品？對此有什麼想法嗎？

And then I know we're not getting gross bookings right now, but maybe with the fresh look here, could we request revisiting that idea? And even though we're not getting that today, if we had to look at the rate of take rate compression that you guys have experienced between lower pricing and some of the driver initiatives that you talked about, what would that look like on a year-on-year basis?

然後我知道我們現在沒有獲得總預訂量，但也許這裡的外觀煥然一新，我們可以要求重新審視這個想法嗎？即使我們今天沒有得到這一點，如果我們必須看看你們在較低的定價和你們談到的一些驅動舉措之間所經歷的採取率壓縮率，那麼一年後會是什麼樣子- 同比？

Yes, Ross, thanks for the question. As I just mentioned, our take rate is moderating year-over-year. We expect that to continue in the back half. And I'm glad you picked up on the comment in my prepared remarks about being very focused on giving guidance, on giving metrics to help you better track our progress in our business. So nothing to announce today, but just again, that's something I'm very focused on in the near term.

是的，羅斯，謝謝你的提問。正如我剛才提到的，我們的採用率逐年放緩。我們預計這種情況將在後半段繼續下去。我很高興您注意到我準備好的評論中的評論，即非常注重提供指導、提供指標以幫助您更好地跟踪我們的業務進展。所以今天沒有什麼可宣布的，但再次強調，這是我近期非常關注的事情。

Yes. Definitely. I'll second that. Erin is very focused on that, I think that's a good thing. On the first part of your question Ross, I think that's a reasonable framework. I don't know the percentages are, a little hard to predict. But for sure, we have a kind of a base standard product, which is a high-volume product. It has certain margin characteristics at a certain kind of base characteristics. And then on top of that, yes, we too will build differentiated products and services. that will have typically higher margins, not always, but you would expect that in general, and so on and so forth.

是的。確實。我會附議。艾琳非常關注這一點，我認為這是一件好事。關於羅斯問題的第一部分，我認為這是一個合理的框架。我不知道百分比是多少，有點難以預測。但可以肯定的是，我們有一種基本標準產品，這是一種大批量產品。它在某種基數特徵上具有一定的邊際特徵。除此之外，是的，我們也將打造差異化的產品和服務。通常會有更高的利潤，但並非總是如此，但您通常會期望如此，依此類推。

One of the things, I just got really lucky a couple of weeks ago to be able to be in a dinner with Jamie Dimon and he was very clear. He cautioned us -- me, in particular, about trying to make promises on things that the external world drives as opposed to Lyft drive. So what I can tell you is that's our strategy is to produce a great, great base product and then do things on top of it. Whether that turns out to 50-50 or 60-40, 40-60, that one is really hard to know, particularly a time when so much is changing the external world about people's habits as they come back to work and so forth. But I think the framework is a good look.

其中一件事是，幾週前我非常幸運能夠與傑米戴蒙共進晚餐，他非常清楚。他警告我們，尤其是我，不要試圖對外部世界驅動的事情做出承諾，而不是 Lyft 驅動的事情。所以我可以告訴你的是，我們的策略是生產一個非常非常好的基礎產品，然後在它的基礎上做一些事情。無論結果是 50-50 還是 60-40、40-60，這個數字真的很難知道，尤其是在人們重返工作崗位等外部世界的習慣發生巨大變化的時代。但我覺得這個框架很好看。

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

你的下一個問題來自德意志銀行的本傑明·布萊克。

I'd be curious to hear a little bit about headcount. So after the 2 restructuring initiatives over the last few quarters, do you feel adequately staffed to execute against some of the initiatives you have planned going forward? Or is there a need to sort of add headcount selectively in the next year or so?

我很想听聽有關員工人數的一些信息。那麼，在過去幾個季度的兩項重組舉措之後，您是否覺得有足夠的人員來執行您計劃的未來一些舉措？或者是否需要在明年左右有選擇地增加員工人數？

And then, Erin, just to double down on the sort of the early look into the 4Q. I was wondering if you could give us any sort of guide points as to how contribution margin should progress as well.

然後，艾琳，我要加倍努力對 4Q 進行早期研究。我想知道您是否能為我們提供有關邊際收益應如何進步的任何指導意見。

Great. Yes. Let me start, Benjamin. So on headcount, it's -- again, probably not to the grey area me to give super, super strong point of view on that. But broadly speaking, I would say we're in good shape there. We're -- you kind of always -- you mentioned something about kind of incremental short maybe around the edges. But basically, no, we feel good. We feel like we've got a team that's rightsized that's got real energy. And I would say that maybe one of the biggest impacts of the headcount reduction, aside from obviously, the pain we all went through and kind of cost saving we get is a real sense of kind of agility and quick decision-making. I'm really struck by the fact that we have meetings now where we pull together exactly the right number of people. We make the decision there. We make it quickly and then we move on. And so I think that's actually the great impact right now. And I'm not really tempted to then load on a bunch of new people. I don't think that's on strategy.

偉大的。是的。讓我開始吧，本傑明。因此，就員工人數而言，再次強調，我可能不會對此提出非常非常強烈的觀點。但總的來說，我想說我們的狀況良好。我們——你總是——你提到了一些關於可能在邊緣出現增量短缺的事情。但基本上，不，我們感覺很好。我們覺得我們擁有一支規模合理、充滿活力的團隊。我想說，除了我們所經歷的痛苦和我們獲得的成本節省之外，裁員的最大影響之一可能是真正的敏捷性和快速決策的感覺。令我感到非常震驚的是，我們現在召開會議，召集了正確數量的人員。我們在那裡做出決定。我們很快就能做到，然後繼續前進。所以我認為這實際上是目前的巨大影響。而且我並不想再招募一群新人。我不認為這與戰略有關。

Yes. And thanks. As it relates to your question on contribution margin, so our insurance costs are part of that contribution margin equation. So we would expect some quarter-over-quarter compression in our contribution margin in that directional guide in the fourth quarter, that's a reasonable assumption. And again, what we've provided in terms of a directional guide on the fourth quarter is EBITDA margin in line to slightly below the level we saw in Q2 2023. And as a reminder, that's at 4%.

是的。謝謝。由於它涉及您關於邊際貢獻的問題，因此我們的保險費用是邊際貢獻等式的一部分。因此，我們預計第四季度的方向指南中的邊際貢獻率會出現季度環比壓縮，這是一個合理的假設。再次強調，我們在第四季度提供的方向性指導是 EBITDA 利潤率，略低於我們在 2023 年第二季度看到的水平。提醒一下，這一數字為 4%。

And I'll just -- I'm going to triple down on this as well because I know it's come up a lot. We are managing this business for the long term. And what that means is we're not going to be distracted by a single quarter's balance in the wrong direction on costs. We're going to try to deal with those costs. We're going to manage them. But we're not going to pass them on to our customers to the extent that we are able to not do so. So that's the thing -- I mean this is a choice we're making, right? It's a strategic choice that says not growth at all costs, no. Not profitability all cost, no, instead, build a healthy business for the long term and not just in quarter-to-quarter on what happens.

我也會在這個問題上加倍努力，因為我知道這個問題已經出現了很多次。我們正在長期管理這項業務。這意味著我們不會因為單個季度的成本平衡而分心。我們將盡力解決這些費用。我們要管理他們。但如果我們不能這樣做，我們就不會將它們傳遞給我們的客戶。所以這就是事情——我的意思是這是我們正在做出的選擇，對嗎？這是一個戰略選擇，表明不惜一切代價追求增長，不。盈利不是一切成本，不，相反，要建立一個長期健康的業務，而不僅僅是每個季度發生的事情。

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

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

When looking at all the different use cases for rideshare, where do you see Lyft having a particularly acute advantage or skill set that you can exploit more over time to begin carving the market into different niches so that you're competing less on price alone? And maybe if you could just talk about how that journey could impact the P&L in the near term and long term?

在審視拼車的所有不同用例時，您認為Lyft 在哪些方面具有特別突出的優勢或技能，您可以隨著時間的推移進一步利用這些優勢或技能，開始將市場劃分為不同的細分市場，從而減少僅在價格上的競爭？也許您可以談談這段旅程如何影響短期和長期的損益？

Yes. I'll take a stab. This is an area where I'll probably be a little bit elliptical because I don't want to signal our intentions entirely, but I can certainly give a couple of things that might be helpful. So first, let's talk about building on our strengths, and I'll point to 2. One is in a particular segment, health care. This is an area where we've actually invested over time. And I don't have the stats at hand, maybe some of you or someone else in the room can get them for me, but it's been a sort of fairly quiet part of our business but one that's really worked, yes. And here, I see awesomely just put a couple of numbers right in front of me.

是的。我來一刺。在這個領域，我可能會有點迴避，因為我不想完全表達我們的意圖，但我當然可以提供一些可能有幫助的事情。首先，讓我們談談如何增強我們的優勢，我將指出 2。一個是在特定領域，即醫療保健。這是我們長期以來實際投入的一個領域。我手頭沒有統計數據，也許你們中的一些人或房間裡的其他人可以為我提供這些數據，但這是我們業務中相當安靜的一部分，但確實有效，是的。在這裡，我看到了令人驚嘆的只是在我面前放了幾個數字。

So our health care, by the way, means not emergency health care, right? We're not trying to replace ambulances. But is what's called nonemergency health care, which we have authorization to offer in some 20 some states, I'm forgetting the exact number which allows people to get to the doctor and allows them to get to nonemergency medical treatments and so forth. And also there's a overlap with Medicaid and some other government programs.

順便說一下，我們的醫療保健並不意味著緊急醫療保健，對吧？我們並不是想取代救護車。但是所謂的非緊急醫療保健，我們有權在大約 20 個州提供，我忘記了允許人們去看醫生並允許他們接受非緊急醫療等的確切數字。而且與醫療補助和其他一些政府計劃也有重疊。

Anyway, those rides grew by about 40% year-on-year in Q2 of '23. So that's an area where we've sort of built a quiet strength, it's very durable. Customers really like it. It's very important in their lives. And if you look at how our demographics are going, that's going to be a real area, I think, of strength for ours.

無論如何，23 年第二季度這些遊樂設施同比增長了約 40%。因此，我們在這個領域建立了一種安靜的力量，它非常耐用。顧客真的很喜歡它。這在他們的生活中非常重要。如果你看看我們的人口統計數據，我認為這將是我們真正的優勢領域。

We also, just as a bit inside, have relationships with now a different subsector segment with something like 120 colleges or universities to do some of their transportation work. So some of this -- that one is more sort of B2B. The first one is kind of more B2C. But in both cases, there are sort of segments of the population where we think our history and feels kind of help us.

我們還與內部的 120 所學院或大學等不同的子部門建立了合作關係，以完成他們的一些運輸工作。所以其中一些更像是 B2B。第一個是更多的 B2C。但在這兩種情況下，我們都會認為我們的歷史對某些人群有幫助。

And then if I zoom out one click, brands are so hard to value, and it's really, really hard to say with any level of precision what our brand looks like versus anybody else's. But what I can say with a high degree of precision, is that riders -- well, that's actually say drivers. Let's use drivers because there I have the best data. Drivers preference for Lyft entirely is based on how we treat them. But it's also based in part on our values and how we're perceived in the marketplace. And that's true with riders as well.

然後，如果我點擊一下縮小，品牌就很難估值，而且真的很難以任何程度的精確度說出我們的品牌與其他品牌相比是什麼樣子。但我可以非常精確地說，乘客——嗯，實際上是指司機。讓我們使用驅動程序，因為我有最好的數據。司機對 Lyft 的偏好完全取決於我們如何對待他們。但它也部分基於我們的價值觀以及我們在市場上的看法。對於騎手來說也是如此。

One thing I sometimes say, and I don't at all want to cast ones on the other guys. But I don't find a lot of people in love with our competitor. But I do find people in love with us. And that's something we can really build on. So we'll see where that takes us. But I think over time, if you look at successful brands in the consumer space, and I'm talking about very, very large brands, you'll see that they have their customers almost draw a sense of identity or affinity with them beyond the sort of basics of the product. And I think we have the opportunity to do that. I think our roots kind of origin story and everything sensually gives us that opportunity.

我有時會說一件事，但我根本不想把這些話強加給其他人。但我沒有發現很多人喜歡我們的競爭對手。但我確實發現有人愛我們。這是我們真正可以藉鑑的東西。所以我們會看看這會帶我們去哪裡。但我認為，隨著時間的推移，如果你觀察消費領域的成功品牌，我談論的是非常非常大的品牌，你會發現他們的客戶幾乎對他們產生了超越品牌的認同感或親和力。產品的基本知識。我認為我們有機會做到這一點。我認為我們的根源是起源故事，一切感官上的事情都給了我們這樣的機會。

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

您的下一個問題來自 TD Cowen 的 John Blackledge。

Just any updated thoughts on market share in any particular geos, geographies that are stronger since Lyft implemented the competitive pricing?

自 Lyft 實施有競爭力的定價以來，對任何特定地區、更強大的地區的市場份額有何最新想法？

Yes. Sure. So a couple of factors. So first, on open market share, not much more to say than what we said to that [30%] even at [32%]. I have to say -- I know you didn't ask this question, but just so everyone can hear it, can you think of that as kind of in the aggregate, kind of a trailing indicator, it's not a leading indicator. Basically, when it's polling up, we think that's good because it suggests we're doing something there that's not going up that, just the opposite, but that's my top today. So big picture.

是的。當然。有幾個因素。首先，關於公開市場份額，沒有什麼可說的，比我們所說的 [30%] 甚至 [32%] 還要多。我不得不說——我知道你沒有問這個問題，但為了讓每個人都能聽到，你能否將其視為總體上的一種尾隨指標，而不是領先指標。基本上，當它進行民意調查時，我們認為這很好，因為這表明我們正在做一些沒有上升的事情，恰恰相反，但這就是我今天的最高點。這麼大的圖景。

Now on the specific geography, the geography, there actually has been interesting because it's a good -- again, we found it almost a warning sign or a positive side that we're doing well. And I'll give you a little bit of data there. You mentioned in Q1 that there are a couple of things, Phoenix, Portland and Salt Lake, where we were at about 50-50, and that continues to be the case. That's a really important point because it says that with good execution, we can put it on. It wasn't just a flu cliff sort of a numbers thing, it is a real thing. So that's testing is a good inspiration, let's say, internally.

現在，在特定的地理位置上，地理位置實際上很有趣，因為它是好的——我們再次發現這幾乎是一個警告信號或積極的一面，表明我們做得很好。我會給你一些數據。您在第一季度提到，有幾件事，菲尼克斯、波特蘭和鹽湖城，我們的排名約為 50-50，而且情況仍然如此。這是非常重要的一點，因為它表明，只要執行力好，我們就可以實現它。這不僅僅是流感懸崖之類的數字問題，而是真實存在的事情。所以，可以說，內部測試是一個很好的靈感。

We've also picked up a couple of points in a couple of other cities. And I'll just point out one specific in Miami reaching 4 percentage points increase just Q1 to Q2, that's great to see as well. And that's not an accident. I mean you're doing some work there. Just maybe take something off of it, but it's not like we have to do clear crazy crazy pricing things. We just have to operate well, maybe telling the market that we're back and stuff. So anyway, We look at that more as kind of almost whether the states of DevOps is bad. If you look at into markets, is kind of lags to do some experimentation and testing and then we see the things happen, and we can replicate to pass the network. And that's a real societal that were complemented.

我們還在其他幾個城市獲得了一些積分。我只想指出邁阿密的一個具體情況，從第一季度到第二季度就達到了 4 個百分點的增長，這也很令人高興。這並非偶然。我的意思是你在那裡做一些工作。也許只是從中拿走一些東西，但這並不是說我們必須做一些瘋狂的定價事情。我們只需要運作良好，也許可以告訴市場我們回來了等等。所以無論如何，我們更多地將其視為 DevOps 的狀態是否不好。如果你觀察市場，做一些實驗和測試是有點滯後的，然後我們看到事情發生，我們可以復制以通過網絡。這是一個真正的社會，得到了補充。

(technical difficulty)

（技術難度）

John, did you hear the answer to that question?

約翰，你聽到這個問題的答案了嗎？

Yes. No, I think that was super helpful.

是的。不，我認為這非常有幫助。

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

您的下一個問題來自福克斯顧問公司的史蒂文·福克斯。

I was just wondering if you could provide a little bit more color around the micro mobility results during the quarter. And then to the extent that you're able to give us a sense for how you think those businesses, including the recent acquisition that was done before you came aboard best fit from an ownership structure at this point.

我只是想知道您是否可以就本季度的微移動結果提供更多信息。然後，在某種程度上，您能夠讓我們了解您如何看待這些業務，包括您加入之前完成的最近的收購，最適合此時的所有權結構。

Yes. I'll start off with the question. So in terms of our micro mobility business, as you think about Lyft overall, the vast majority of our business is rideshare. So micro mobility is still a small portion of the overall total. If we look at this year-over-year, we certainly did grow at a faster rate in the micro mobility business. As a reminder, we closed the PBSC acquisition in the second quarter of last year. But also, frankly, our ride volume is up. Some great stats like in New York City will support more than 100,000 bike rides every day, the city bike system. And increasingly, as e-bikes are becoming more prevalent across the fleet, that's an opportunity to have each ride be more valuable, if you will, overall in that revenue line. So good progress there. But again, this is still a relatively small portion of our overall business.

是的。我將從問題開始。因此，就我們的微型移動業務而言，當你整體考慮 Lyft 時，我們的絕大多數業務都是拼車。因此，微流動性仍然只佔總數的一小部分。如果我們逐年比較，我們在微型移動業務方面確實以更快的速度增長。提醒一下，我們於去年第二季度完成了對 PBSC 的收購。但坦白說，我們的乘車量也有所增加。紐約市等一些出色的統計數據將支持每天超過 100,000 次的自行車騎行，城市自行車系統。而且，隨著電動自行車在整個車隊中變得越來越普遍，如果您願意的話，這是一個讓每次騎行變得更有價值的機會，整體上在該收入線中。那裡進展順利。但同樣，這仍然只占我們整體業務的一小部分。

Yes. I'll add just a touch to that, Steven. So, as Erin said, financially, certainly on the income statement, it's not super, super significant. But what I think is really interesting about this space is e-bikes are growing fast, they really are, and Erin just mentioned 100,000, that could get up to 140,000 some days just in New York City alone. We just opened up a free station community Park in San Francisco, that was significant for this city. So it's particularly good for cities because they're bringing (inaudible) and they are good for (inaudible) healthy and they tend to be sort of vial. Once you take an e-bike , you tend to tell a bunch of friends. So we see a contingency and I think importantly, as an increasingly important part of their transportation ecosystem. And if you certainly could travel the (inaudible) overseas versus what (inaudible) has, 10 years ago, you were a (inaudible), particularly by friendly cities and now back to everywhere. And that's probably representative of where North city is their way to go.

是的。我會補充一點，史蒂文。因此，正如艾琳所說，從財務角度來看，當然在損益表上，這並不是非常非常重要。但我認為這個領域真正有趣的是電動自行車正在快速增長，確實如此，艾琳剛剛提到了 100,000 輛，僅在紐約市幾天就可能達到 140,000 輛。我們剛剛在舊金山開設了一個免費的車站社區公園，這對這座城市來說意義重大。因此，這對城市特別有利，因為它們帶來（聽不清）並且有益於（聽不清）健康，而且它們往往是小瓶。一旦你騎上電動自行車，你就會告訴一群朋友。因此，我們看到了一種意外情況，我認為這很重要，因為它是其交通生態系統中日益重要的一部分。如果你確實可以去（聽不清）海外旅行，而不是（聽不清），十年前，你就是（聽不清），特別是通過友好城市，現在又回到了世界各地。這可能代表了他們要去的北城。

So you don't see it as important. We've gotten nice incoming interest in partnerships in companies that really understand civil-level infrastructure. And so we're in partnership, since there nothing more of a report.

所以你認為它不那麼重要。我們對與真正了解民用基礎設施的公司建立合作夥伴關係產生了濃厚的興趣。所以我們是合作夥伴，因為沒有更多的報告。

Steven, was other part of that answer clear? I'm just making sure it sounds okay.

史蒂文，這個答案的其他部分清楚嗎？我只是確保聽起來沒問題。

Yes, I could hear everything that was being answered in the call on that one.

是的，我可以聽到那個電話中正在回答的所有內容。

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

您的下一個問題來自瑞銀集團 (UBS) 的勞埃德·沃姆斯利 (Lloyd Walmsley)。

Great. Two, if I can. First, Erin, thanks a lot for the early help on 4Q. Sorry to beat a dead horse on that one. But maybe just asking in another way, looking at the typical sequential revenue, the outlook looks a little light versus typical. I think you mentioned earlier an assumption that pricing -- you assume pricing is flat. Is that atypical and maybe that explains lower slower than normal Q-over-Q growth? Or are there any other assumptions in there, maybe just conservatism since it's far out that might explain that?

偉大的。兩個，如果可以的話。首先，Erin，非常感謝您對 4Q 的早期幫助。很抱歉在那件事上打敗了一個死馬。但也許只是換個方式問，看看典型的連續收入，與典型的相比，前景看起來有點光明。我想你之前提到了一個定價假設——你假設定價是持平的。這是非典型的情況嗎？也許這可以解釋為何環比增長低於正常水平？還是還有其他假設，也許只是保守主義，因為這可能解釋這一點？

And then second one, on contra and forgive me if it's -- if I missed it earlier, you mentioned something about legal. I think legal charges in contra. How should we think about contra in kind of Q2, Q3, Q4 of this year?

然後是第二個，相反，請原諒我——如果我之前錯過了，你提到了一些關於法律的事情。我認為法律指控恰恰相反。我們應該如何看待今年Q2、Q3、Q4的情況？

Thanks Lloyd for the question. Again, just framing up that directional guide for Q4, we probably were giving you a broader range of outcomes because it's not typical for us to give this kind of directional commentary 2 quarters out. The second thing I'd point to is my comments about a moderating take rate. So I think that hopefully would like to be helpful as you think about the trends you were referring to sequentially and year-over-year.

感謝勞埃德的提問。同樣，在製定第四季度的方向性指南時，我們可能會向您提供更廣泛的結果，因為我們通常不會在兩個季度後給出這種方向性評論。我要指出的第二件事是我對調整採取率的評論。因此，我認為，當您思考所提到的連續和逐年趨勢時，希望對您有所幫助。

As it relates to contra revenue and your question was about, I think, trends there, as the balance in our marketplace, so the balance between supply and demand has gotten healthier and healthier, our incentive costs provide is continuing to decline. And so I think that really reflects the more efficient needs of those dollars over the volume. And we expect that trend to continue in the third quarter and into the back half of the year.

由於它與對銷收入有關，我認為你的問題是關於那裡的趨勢，隨著我們市場的平衡，供需之間的平衡變得越來越健康，我們的激勵成本提供正在持續下降。所以我認為這確實反映了這些美元相對於數量的更有效的需求。我們預計這種趨勢將在第三季度和今年下半年持續下去。

Your next question comes from the line of Rohit Kulkarni of ROTH MKM.

您的下一個問題來自 ROTH MKM 的 Rohit Kulkarni。

I guess, David, just a high-level kind of personal question. You've hired a whole bunch of new people in the team while restructuring many of the people. Just maybe thoughts on where do you see the team is right now in terms of people who report directly to you as well as kind of one level below. Any holes to fill or any new roles that you think that you need to kind of create or develop? And then just on -- just drawing out since we are talking about 4Q, I can't help but wonder how insurance and how kind of contribution margins could shake out early next year. So to the extent you can, maybe give us a color on pensions renewal and how you feel that shakes out is going to put first half '24 pressure on first half '24 contribution margins as well.

大衛，我想這只是一個高級別的個人問題。你在團隊中僱傭了一大堆新人，同時重組了許多人。也許只是想一下，您認為團隊現在在直接向您匯報的人員以及下一級的人員方面處於什麼位置。有什麼需要填補的漏洞或者您認為需要創建或發展的新角色嗎？然後，由於我們正在談論第四季度，所以我不禁想知道明年初保險和邊際貢獻率會如何變化。因此，在您可以的範圍內，也許可以給我們介紹一下養老金續籤的情況，以及您認為這種變化將如何給 24 年上半年的邊際貢獻帶來壓力。

Rohit, I'll take the first part and Erin will take the second. So our team have an awesome team, an awesome team. And one of the things that I would say with all sincerity, if you guys could sit in on our meetings, or track us, you would be blown away by how focused people are, how hard they're working both individual and collectively, it's too discipline important. And I think that's one of the -- maybe that scenario lies -- had something that has seen -- that really ties and sees between as a group and really working hard and well together.

羅希特，我將承擔第一部分，艾琳將承擔第二部分。所以我們的團隊有一個很棒的團隊，一個很棒的團隊。我要真誠地說的一件事是，如果你們能夠參加我們的會議，或者跟踪我們，你們會被人們的專注程度、他們個人和集體工作的努力程度所震驚，這是紀律太重要了。我認為這是其中之一——也許是這種情況——有一些已經看到的東西——作為一個團隊真正聯繫在一起並看到了真正努力工作和共同努力的情況。

There's really only one open position on my team, that's the Chief Marketing Officer. We've got some great candidates and expect more from that team. But that's really the only -- otherwise, I feel specifically good about that.

我的團隊中實際上只有一個空缺職位，那就是首席營銷官。我們有一些優秀的候選人，並且對這個團隊抱有更多的期望。但這確實是唯一的——除此之外，我對此感覺特別好。

So we remain on track to announce a new long-term targets and our intention would be to do that around the time of our Q4 results. So again, a near-term priority for me. But maybe just taking a step back and thinking about unit economics in a broader context, we've talked a little bit about our strategy around price. David talked a lot about volume and growth. And in particular, the balance that we're seeing and the healthy balance that we're seeing in our marketplace overall.

因此，我們仍有望宣布新的長期目標，我們的目的是在第四季度業績公佈期間宣布這一目標。再說一次，這對我來說是近期的優先事項。但也許只是退後一步，在更廣泛的背景下思考單位經濟學，我們已經討論了一些關於價格的策略。大衛談到了很多關於數量和增長的問題。特別是我們所看到的平衡以及我們在整個市場中看到的健康平衡。

Then, of course, there's mix, for example, making choices and shopping within our app, the opportunity to create new features and products and then higher-margin opportunities like media, which today is a relatively small business, but it's up 4x the level of what it was in the prior year, and I think has broader opportunities for growth.

當然，還有混合，例如，在我們的應用程序中進行選擇和購物，創造新功能和產品的機會，然後是媒體等利潤率更高的機會，今天這是一個相對較小的業務，但它的水平已經上升了4 倍與去年相比，我認為有更廣泛的增長機會。

As I think about cost, we've talked about our strategy around driver and driver pay and continuing to make this a great experience for our drivers. We've chatted a little bit about insurance, and then we've made progress on our overall cost structure. So as I step back and think about those broader drivers, I see continued opportunity for healthy unit economics and contribution as I think about the business overall. But again, we're on -- we will -- we are planning to announce new long-term targets and more to come. Stay tuned.

當我考慮成本時，我們討論了圍繞司機和司機薪酬的策略，並繼續為我們的司機提供良好的體驗。我們討論了一些關於保險的問題，然後我們在整體成本結構方面取得了進展。因此，當我退一步思考這些更廣泛的驅動因素時，當我考慮整體業務時，我看到了健康的單位經濟效益和貢獻的持續機會。但我們再次強調，我們將計劃宣布新的長期目標以及未來的更多目標。敬請關注。

There are no further questions at this time. I would now like to turn the call over to David for closing remarks. Please go ahead.

目前沒有其他問題。我現在想將電話轉交給大衛，讓其致閉幕詞。請繼續。

I just want to thank you so much both for your time today, but also your ongoing interest in (inaudible). We know it's been a bit of a ride, and I hope you hear so much, real dedication and focus (inaudible) , building a healthy business but also help the new model of our business. I would like to thank Erin today as this is our first call today. So congratulations to Erin. Welcome to the team. Thank you all, we look forward to keeping you up to date and we'll talk to you soon.

我只想非常感謝您今天抽出寶貴時間，也感謝您對（聽不清）的持續關注。我們知道這是一段艱難的旅程，我希望您能聽到這麼多，真正的奉獻和專注（聽不清），建立健康的業務，同時也有助於我們業務的新模式。我今天要感謝艾琳，因為這是我們今天的第一個電話。祝賀艾琳。歡迎加入我們。謝謝大家，我們期待為您提供最新信息，我們很快就會與您聯繫。

This concludes today's conference 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。