(LYFT) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Lyft Third Quarter 2023 Earnings Call. (Operator Instructions). As a reminder, this conference call is being recorded. I'd now like to hand over the call to Sonya Banerjee, Head of Investor Relations. You may now begin the conference.

下午好，歡迎參加 Lyft 2023 年第三季財報電話會議。 （操作員說明）。謹此提醒，本次電話會議正在錄音中。我現在想將電話轉交給投資者關係主管 Sonya Banerjee。您現在可以開始會議了。

Thank you. Welcome to the Lyft earnings call for the third 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. 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.

謝謝。歡迎參加 Lyft 2023 年第三季財報電話會議。在今天的電話會議上，我們的執行長 David Risher；以及我們的財務長艾琳布魯爾 (Erin Brewer)。此外，我們的總裁 Kristin Sverchek 也出席了問答環節。我們將在今天的電話會議上發表有關我們的業務策略和業績、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有重大差異。我們的收益資料和最近向 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所做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. Also, please be aware that today we've announced changes to our key business metrics. These changes are described in our press release and our supplemental slide deck, which are also available on our Investor Relations website. And with that, I'll pass the call to David. David?

我們的討論將包括非公認會計原則財務指標，這些指標不能取代我們的公認會計原則結果。我們的歷史 GAAP 與非 GAAP 業績的調整可以在我們的收益資料中找到，這些資料可以在我們的 IR 網站上找到。另外，請注意，今天我們宣布了關鍵業務指標的變更。這些變化在我們的新聞稿和補充幻燈片中進行了描述，這些內容也可以在我們的投資者關係網站上找到。然後我會把電話轉給大衛。大衛？

Thank you, Sonya. Hey, and good afternoon, everyone. Thanks for joining us. I am thrilled with our progress, creating a customer-obsessed and financially strong Lyft. More drivers and riders are choosing Lyft everyday. In fact, this is post Q3, just in the past few weeks, our gross bookings have been the highest in our history. The actions we've taken over this year to refocus our business on drivers and riders, including pricing more competitively and improving the customer experience are producing incredible results.

謝謝你，索妮亞。嘿，大家下午好。感謝您加入我們。我對我們的進步感到非常興奮，我們創建了一家以客戶為中心、財務實力雄厚的 Lyft。每天都有越來越多的駕駛和乘客選擇 Lyft。事實上，這是第三季之後的事情，就在過去幾週，我們的總預訂量達到了歷史最高水準。今年，我們採取了一些行動，重新將業務重點放在司機和乘客身上，包括更具競爭力的定價和改善客戶體驗，這些行動正在產生令人難以置信的成果。

In the first 9 months of 2023, we supported over 0.5 billion rides and generated more than $10 billion in gross bookings. Ride growth has accelerated each quarter this year, up 10% year-on-year in Q1, 17% in Q2, 20% in Q3. With better balance in our marketplace, Primetime is at the lowest level it's been in years, and drivers' pickup times have gotten faster across our regions. These factors underpinned our very solid Q3 performance. A big headline this quarter is that more drivers are choosing Lyft and they're driving more often.

2023 年前 9 個月，我們支援了超過 5 億次出行，總預訂量超過 100 億美元。今年每季的乘車成長都在加速，第一季年增 10%，第二季年增 17%，第三季年增 20%。隨著我們的市場更加平衡，黃金時段處於多年來的最低水平，我們各地區的司機接載時間也變得更快。這些因素支撐了我們非常穩健的第三季業績。本季的一大頭條新聞是越來越多的司機選擇 Lyft，而且他們開車的頻率也更高。

In Q3, this resulted in an almost 45% year-over-year increase in the number of hours drivers spent using Lyft with non-incentivized hours growing even faster. Our focus for drivers is on making Lyft the simplest way to earn and that's paying off. So even while rider demand accelerated, our conversion rate, which means the share of ride intent that converts to rides taken was stable, and that translates to a higher volume of completed rides.

第三季度，駕駛者使用 Lyft 的時間年增了近 45%，而非激勵時間的成長速度更快。我們對司機的關注是讓 Lyft 成為最簡單的賺錢方式，而這是有回報的。因此，即使乘客需求加速，我們的轉換率（這意味著轉化為乘坐次數的乘坐意圖所佔的比例）仍然穩定，這意味著完成的乘坐量更高。

Overall, our execution was impressive. Our teams worked in lockstep to prepare for back-to-school and return to office and delivered very strong results. For example, over the roughly 70 regions we targeted for back-to-school, and here we're really referring to university towns, rideshare rides grew by 25% year-on-year, reflecting a surge in new and returning riders and drivers. And with return to office, morning commute rides grew even faster, up more than 30% year-on-year, the last week in September. This means more after work activity, too.

總的來說，我們的執行力令人印象深刻。我們的團隊齊心協力為返校和重返辦公室做準備，並取得了非常出色的成果。例如，在我們針對返校的大約 70 個地區（這裡我們實際上指的是大學城），拼車出行量同比增長了 25%，反映出新乘客和返校乘客和司機的激增。隨著重返辦公室，早上的通勤出行量成長得更快，9 月最後一周年增超過 30%。這也意味著更多的下班後活動。

We're gaining a pickup in weekday evening rides, particularly Thursdays and Fridays. All of this great execution. At the bottom line, we're having more people get out and get connected, which is core to our purpose and something we're really excited to see. And we're continuing to listen to customers and act on what we're learning to create differentiated experiences. Women+ Connect, which we introduced in early September is a great example.

我們在工作日晚上的乘車量有所增加，特別是週四和週五。所有這些出色的執行力。歸根結底，我們讓更多的人走出去並建立聯繫，這是我們目標的核心，也是我們非常高興看到的。我們將繼續傾聽客戶的意見，並根據我們所學到的知識採取行動，以創造差異化的體驗。我們在九月初推出的 Women+ Connect 就是一個很好的例子。

It's a feature that prioritizes matching women and nonbinary drivers and riders giving them more comfort, more comradery and more control when they use Lyft. In our early access cities, we've seen great results, more than half of eligible drivers have opted into this feature, it's very unusual, and are keeping the feature turned on nearly the entire time they're online. I actually want to give you a little color just on this.

該功能優先匹配女性和非二元性別的駕駛者和乘客，讓她們在使用 Lyft 時更加舒適、更有同志情誼和更多的控制力。在我們的早期訪問城市中，我們看到了很好的結果，超過一半的符合條件的司機選擇了此功能，這是非常不尋常的，並且幾乎在他們在線的整個過程中都保持打開該功能。我實際上想給你一點關於這一點的看法。

The feedback we've gotten has been amazing. Ambrosia, one of the drivers in Chicago told us "having Women+ Connect actually encourages me to drive more." And Amy, a driver in Phoenix says, "I find myself driving more at night with Women+ Connect, which has allowed new opportunities for me to earn money." So listening carefully to what the drivers are saying. Both examples speak to how customer-obsessed features can directly improve their experience, but also our business metrics, in this case, increasing driver hours which, of course, leads to more rides on the platform.

我們收到的回饋非常驚人。芝加哥的一位司機 Ambrosia 告訴我們，“Women+ Connect 實際上鼓勵我開車更多。”菲尼克斯的司機艾米 (Amy) 表示：“我發現自己在使用 Women+ Connect 時在夜間駕駛的次數更多，這為我提供了新的賺錢機會。”所以要仔細聽司機說的話。這兩個例子都說明了以客戶為中心的功能如何直接改善他們的體驗，同時也說明了我們的業務指標，在這種情況下，增加了司機的工作時間，這當然會導致平台上的更多乘車次數。

Last thing we'll say about this right now is customers and city officials have taken notice, and they're asking us when Women+ Connect will be available in their market. That's why we accelerated the rollout of Women+ Connect to an additional 50 cities and towns last week, and we expect it to be available nationwide early next year.

關於這一點，我們現在要說的最後一件事是，客戶和城市官員已經注意到了這一點，他們正在詢問我們 Women+ Connect 何時會在他們的市場上推出。這就是為什麼我們上週加速在另外 50 個城鎮推出 Women+ Connect，並預計明年初在全國推出。

Women+ Connect is a great example of the type of innovation that customers want and that can reinforce our brand, expand our addressable market and help drive preference and growth over time. As we move into the holiday season, we will continue to deliver new customer-obsessed features targeted to driver and rider needs. As one example, we want to make getting to and from airports, stress free. We've already done a ton of work this year to make scheduled rides highly reliable. And we actually have a big announcement coming tomorrow that will provide even more peace of mind to riders going to the airport, this holiday season. So please stay tuned for that.

Women+ Connect 是客戶想要的創新類型的一個很好的例子，它可以強化我們的品牌，擴大我們的目標市場，並隨著時間的推移幫助推動偏好和成長。隨著假期的到來，我們將繼續針對駕駛員和騎士的需求提供新的以客戶為中心的功能。舉個例子，我們希望讓往返機場變得毫無壓力。今年我們已經做了大量工作，以確保預定的乘車服務高度可靠。事實上，我們明天將發布一項重大公告，這將使這個假期前往機場的乘客更加安心。所以請繼續關注。

Finally, I want to touch on a small but growing part of our business that can improve our margins over time, Lyft Media. We have a great opportunity to connect brands with our millions of riders in ways that deliver differentiated, relevant messages and experiences. In Q3, our Lyft Media unit launched in-app advertising, which adds to our in-car, on car and on-street offerings that you've probably seen if you've been in Manhattan recently. We can tailor ads to where a rider is heading and to their lifestyle.

最後，我想談談我們業務中一個雖小但不斷增長的部分，它可以隨著時間的推移提高我們的利潤率，Lyft Media。我們有很好的機會透過傳遞差異化、相關的訊息和體驗的方式將品牌與數百萬騎士聯繫起來。在第三季度，我們的 Lyft 媒體部門推出了應用程式內廣告，這增加了我們的車內、車內和街道產品，如果您最近去過曼哈頓，您可能已經看到這些服務。我們可以根據騎士的目的地和生活方式來客製化廣告。

So imagine you're on the way to the movies and getting an ad that allows you to preorder your drinks and your popcorn. It's great experience means you're even readier to go by the time you get there. This is what's opening up conversations with partners like Universal Pictures who want to help design and co-launch new ad products, including in-app video advertising, which will roll out this quarter. It's still early days, and this is a small business now, but we see a ton of potential to be creative in how we enable brands to engage with riders in relevant moments and build a meaningful and, of course, very high-margin ad business.

想像一下，您正在去看電影的路上看到一則廣告，讓您可以預訂飲料和爆米花。這是一次很棒的體驗，意味著您到達目的地時就已經做好了出發的準備。這就是與環球影業等合作夥伴展開對話的原因，這些合作夥伴希望協助設計和共同推出新的廣告產品，包括將於本季推出的應用程式內影片廣告。現在還處於早期階段，而且現在還是一家小型企業，但我們看到了巨大的潛力，可以發揮創意，讓品牌能夠在相關時刻與騎手互動，並建立有意義的、當然利潤率非常高的廣告業務。

Now before I turn the call over to Erin, it's worth taking just a moment to reflect on the road we've traveled over this year and really over my first 7 months or so. We've refocused our business, we've streamlined our cost structure, and we are operating in a healthy and competitive way. We're also building a culture of true customer obsession and operational excellence. These are all foundational to our ability to deliver profitable growth. In fact, a phrase you'll hear me say several times as customer obsession drives profitable growth, and that's what we're seeing. So as we move on to 2024, we've got our foot on the pedal. I want to say a huge thanks to the entire Lyft team their unbelievable work. We've got a lot more to do, but we're super excited about the road ahead. Erin, over to you.

現在，在我將電話轉給艾琳之前，值得花點時間回顧我們今年以及前 7 個月左右所走過的道路。我們重新調整了業務重點，精簡了成本結構，並以健康且有競爭力的方式運作。我們也正在建立一種真正以客戶為中心和卓越營運的文化。這些都是我們實現獲利成長能力的基礎。事實上，這句話你會聽到我多次說過，因為對客戶的執著會推動利潤成長，這就是我們所看到的。因此，當我們邁入 2024 年時，我們已經邁出了步伐。我要對整個 Lyft 團隊所做的令人難以置信的工作表示衷心的感謝。我們還有很多事情要做，但我們對未來的道路感到非常興奮。艾琳，交給你了。

Thanks, David. Good afternoon, everyone, and thanks for joining us today. I'm going to kick things off by addressing the changes we're making to our key business metrics, then I'll review our Q3 results as well as our Q4 guidance. 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. Starting with new metrics.

謝謝，大衛。大家下午好，感謝您今天加入我們。我將首先討論我們對關鍵業務指標所做的改變，然後我將回顧我們第三季的結果以及第四季的指導。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資料中詳細介紹的特定項目。從新指標開始。

Today, we've introduced gross bookings, rides and adjusted EBITDA margin as a percentage of gross bookings. If you haven't seen our supplemental slides, please take a look at them as they contain detailed information, including 7 quarters and 2 fiscal years of historical data. We hope you find this information useful. Overall, our expanded disclosures better align our reporting with our strategic priorities and how we are managing the business. Let's start with rides which represent how much our platform is used across rideshare as well as bikes and scooters.

今天，我們介紹了總預訂量、行程以及調整後的 EBITDA 利潤率（佔總預訂量的百分比）。如果您還沒有看過我們的補充幻燈片，請查看它們，因為它們包含詳細信息，包括 7 個季度和 2 個會計年度的歷史數據。我們希望您發現此資訊有用。總體而言，我們擴大的揭露範圍更能使我們的報告與我們的策略重點以及我們的業務管理方式保持一致。讓我們從遊樂設施開始，這些遊樂設施代表了我們的平台在共享旅行以及自行車和踏板車上的使用量。

At a high level, when we grow rides, it shows that drivers and riders are choosing Lyft. Our objective is to grow rides within the construct of building a durable, healthy and profitable business. Next, gross bookings, which reflect the aggregate size and impact of our business. On the rideshare side, gross bookings includes applicable fees, tolls and taxes invoiced to riders, but excludes tips to drivers. This is consistent with our largest competitor.

從較高層面來看，當我們增加乘車次數時，就表示駕駛和乘客都在選擇 Lyft。我們的目標是在建立持久、健康和盈利業務的框架內發展遊樂設施。接下來是總預訂量，它反映了我們業務的整體規模和影響。在共乘方面，總預訂量包括向乘客開立的適用費用、通行費和稅費，但不包括給司機的小費。這與我們最大的競爭對手是一致的。

Gross bookings also includes amounts that are invoiced to our non rideshare operations, for example, related to bikes, scooters, Express Drive, data licensing and advertising. We're also moving to reporting adjusted EBITDA margin as a percentage of gross bookings. Please note that our definition of adjusted EBITDA as described in our earnings materials and SEC filings is not changing. As a reminder, in connection with our IPO, we disclosed a rise in bookings metrics. I'm going to touch on how these new metrics compare. Our definition of rides is consistent with the prior metric. However, our S-1 disclosure would have reflected a significant volume of shared rides, which, as a reminder, was largely sunset earlier this year.

總預訂量還包括向我們的非共乘業務開立發票的金額，例如與自行車、踏板車、Express Drive、數據許可和廣告相關的金額。我們也將報告調整後的 EBITDA 利潤率佔總預訂量的百分比。請注意，我們的收益資料和 SEC 文件中所述的調整後 EBITDA 的定義並未改變。提醒一下，在我們的首次公開募股中，我們揭露了預訂指標的上升。我將討論這些新指標的比較。我們對乘車次數的定義與先前的指標一致。然而，我們的 S-1 披露本來會反映出大量的共享乘車活動，提醒一下，今年早些時候，這項活動基本上已經結束了。

Next, the gross bookings metrics we've released today is largely consistent with the definitions of bookings included in our S-1. However, in our S-1 pass-through fees like tolls and taxes were excluded. And today, we have included those pass-through fees in our definition of gross bookings, again, which is consistent with our largest competitor. Given our focus on gross bookings, we are shifting away from formally providing metrics that anchor to revenue.

接下來，我們今天發布的總預訂量指標與 S-1 中包含的預訂量定義基本一致。然而，在我們的 S-1 中，通行費和稅費等轉嫁費用被排除在外。今天，我們再次將這些轉手費納入總預訂量的定義中，這與我們最大的競爭對手一致。鑑於我們對總預訂量的關注，我們正在放棄正式提供與收入掛鉤的指標。

Of course, you'll still be able -- we'll still continue to disclose revenue, cost of revenue, adjusted EBITDA and active riders, so you will still be able to calculate revenue-based metrics. However, beginning in Q4 of 2023, we will no longer present its key metrics, revenue per active rider, contribution, contribution margin or adjusted EBITDA margin as a percentage of revenue. With that, let's now move to our third quarter performance. We came together as a team with purpose to deliver great experience for drivers and riders and saw strong results consistent with our outlook. Driver and rider demand and engagement increased and our rides growth accelerated.

當然，您仍然能夠——我們仍然會繼續披露收入、收入成本、調整後的 EBITDA 和活躍乘客，因此您仍然能夠計算基於收入的指標。然而，從 2023 年第四季開始，我們將不再提供其關鍵指標、每個活躍騎士的收入、貢獻、貢獻邊際或調整後的 EBITDA 邊際佔收入的百分比。現在讓我們來看看第三季的業績。我們作為一個團隊聚集在一起，旨在為駕駛員和騎手提供出色的體驗，並取得了與我們的前景一致的強勁成果。司機和乘客的需求和參與度增加，我們的遊樂設施成長加速。

Let me share a few operational and financial highlights for the third quarter. We supported $187 million rides and 22.4 million active riders. Total rides grew 20% year-over-year. Within this, rideshare rides grew 22%. Ride frequency, referring to the average number of rides per active rider was the strongest it's been in more than 3 years, but remains a significant growth opportunity.

讓我分享第三季的一些營運和財務亮點。我們支援了 1.87 億美元的乘車次數和 2,240 萬活躍乘客。總乘車次數較去年同期成長 20%。其中，共乘出行成長了 22%。乘車頻率（指每個活躍騎士的平均乘車次數）是三年多以來最高的，但仍然是一個重要的成長機會。

We saw continued momentum in travel with airport trips growing by nearly 15% year-over-year. And regionally, the West Coast showed the biggest sequential improvement in Q3 with nights out and commute leading the way. Gross bookings were $3.554 billion, up 15% year-over-year. This reflects strong rides growth, partially offset by lower prices year-over-year given our competitive focus in improving health of our marketplace. Revenue was $1.158 billion, up 10% year-over-year and slightly above the high end of our outlook, driven by rideshare strength. Cost of revenue was $638 million, up 15% year-over-year driven by higher ride volumes along with higher per ride insurance costs, reflecting last year's third-party insurance renewals.

我們看到旅行持續成長，機場旅行年增近 15%。從地區來看，西海岸在第三季度表現出最大的連續改善，其中夜間外出和通勤領先。總預訂量為 35.54 億美元，年增 15%。這反映出遊樂設施的強勁增長，但由於我們將競爭重點放在改善市場健康狀況上，因此價格同比下降部分抵消了這一增長。在共乘業務實力的推動下，營收為 11.58 億美元，年增 10%，略高於我們預期的上限。收入成本為 6.38 億美元，年增 15%，原因是乘車量增加以及每次乘車保險成本增加（反映了去年第三方保險續保的情況）。

Operating expenses were $455 million, down 18% year-over-year. As a percentage of gross bookings, operating expenses were 13%, reflecting an improvement of 5 percentage points versus Q3 of 2022, primarily driven by our recent cost restructuring actions. Relative to Q2 of 2023, operating costs increased by $45 million sequentially, reflecting targeted marketing investments along with volume-driven costs related to bikes and scooters.

營運費用為 4.55 億美元，年減 18%。營運費用佔總預訂量的百分比為 13%，較 2022 年第三季提高了 5 個百分點，這主要是由我們最近的成本重組行動推動的。與 2023 年第二季相比，營運成本連續增加了 4,500 萬美元，反映出有針對性的行銷投資以及與自行車和踏板車相關的銷售驅動成本。

Adjusted EBITDA was $92 million, which as a percentage of gross bookings was 2.6% and reflects momentum across the business. We ended the quarter with a solid cash position with unrestricted cash, cash equivalents and short-term investments of approximately $1.7 billion. Now turning to Q4. We're off to a great start. Our teams are executing extremely well and demand was strong for the month of October. Driver hours maintained their 45% year-over-year growth, and our rideshare ride growth accelerated above the 22% we achieved in Q3.

調整後 EBITDA 為 9,200 萬美元，佔預訂總額的百分比為 2.6%，反映了整個業務的發展動能。截至本季末，我們擁有穩定的現金狀況，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。現在轉向第四季。我們有了一個好的開始。我們的團隊執行得非常好，十月份的需求也很強勁。司機工作時間維持了 45% 的年成長，我們的共乘成長速度超過了第三季的 22%。

We also delivered a great Halloween week experience for drivers and riders with driver hours, ride intents and rides, each reaching new multiyear highs. With that, let me review our Q4 guidance. I'll highlight that our outlook is consistent with our previous directional comments on the fourth quarter. We expect gross bookings of $3.6 billion to $3.7 billion, up 13% to 16% year-over-year. We expect total rides growth year-on-year will accelerate slightly from the 20% year-on-year growth rate we saw in Q3 driven by ride share.

我們還為司機和乘客提供了精彩的萬聖節週體驗，其中司機時間、乘車意圖和乘車次數均達到了多年來的新高。接下來，讓我回顧一下我們的第四季指引。我要強調的是，我們的前景與我們先前對第四季的定向評論一致。我們預計總預訂量為 36 億至 37 億美元，年增 13% 至 16%。我們預計，在乘車共享的推動下，總乘車量同比增長將比第三季 20% 的同比增長率略有加快。

If you're doing comparisons on a sequential basis, note that our outlook implies a slight decline in total rides, again sequentially and due to bike and scooter seasonality. We expect adjusted EBITDA of approximately $50 million to $60 million and an adjusted EBITDA margin as a percentage of gross bookings of roughly 1.4% to 1.6%. This reflects a full quarter impact of our third-party insurance contract renewals that went into effect on October 1.

如果您按順序進行比較，請注意，我們的前景意味著總騎行次數略有下降，同樣是按順序，並且由於自行車和踏板車的季節性。我們預計調整後的 EBITDA 約為 5,000 萬至 6,000 萬美元，調整後的 EBITDA 利潤率佔總預訂量的百分比約為 1.4% 至 1.6%。這反映了 10 月 1 日生效的第三方保險合約續約對整個季度的影響。

As you may recall, last quarter, we provided directional Q4 outlook in terms of revenue. So just to sync that up for you, here's how our formal guidance compares. We now expect our fourth quarter revenue will grow mid-single digits quarter-over-quarter, which is at the high end of our prior directional comments. On a year-over-year basis, our outlook implies revenue growth in low to mid-single digits, reflecting our competitive focus and greatly improved marketplace health versus Q4 of last year.

您可能還記得，上個季度，我們提供了第四季度收入的方向性展望。因此，為了讓您同步，以下是我們的正式指南的比較。我們現在預計第四季度的收入將環比增長中個位數，這是我們之前定向評論的高端。與去年同期相比，我們的前景意味著收入成長為低至中個位數，這反映出我們的競爭重點以及與去年第四季相比市場健康狀況大大改善。

We expect fourth quarter adjusted EBITDA margin as a percentage of revenue will also be at the high end of prior directional comments and roughly in line with the 4% we achieved in Q2 2023. Again, this refers to adjusted EBITDA margin as a percentage of revenue. And finally, as we make the transition in reporting, consistent with our updated key metrics, I thought it would also be helpful this quarter to share some comments on cost of revenue and operating expenses.

我們預計第四季度調整後EBITDA 利潤率佔收入的百分比也將處於先前定向評論的高端，並與我們在2023 年第二季度實現的4% 大致一致。同樣，這是指調整後EBITDA 利潤率佔收入的百分比。最後，隨著我們在報告方面進行轉變，與我們更新的關鍵指標保持一致，我認為本季分享一些關於收入成本和營運費用的評論也會有所幫助。

We expect our fourth quarter cost of revenue will increase by approximately $100 million quarter-over-quarter, reflecting the impact of our third-party insurance contract renewals, along with higher ride share ride volumes. We expect operating expenses will be roughly flat quarter-over-quarter. With that, I'll bring our prepared remarks to a close.

我們預計第四季度的收入成本將環比增加約 1 億美元，反映了我們的第三方保險合約續約以及共乘出行量增加的影響。我們預計營運費用將與上一季大致持平。至此，我準備好的發言就結束了。

Our team is focused on building a business that is both customer obsessed and financially strong. I've been impressed with the team's solid execution and focus on delivering great experiences for drivers and riders. We've had a really great start to our fourth quarter, and I'm excited about the road ahead. Operator, we're now ready for questions.

我們的團隊致力於建立一個以客戶為中心且財務實力雄厚的企業。團隊紮實的執行力和專注於為駕駛員和騎手提供出色體驗的精神給我留下了深刻的印象。我們第四季的開局非常好，我對未來的道路感到興奮。接線員，我們現在準備好提問了。

(Operator Instructions). Our first comes from Mark Mahaney from Evercore.

（操作員說明）。我們的第一個來自 Evercore 的 Mark Mahaney。

I make it a point to congratulate management teams, but congratulations on the much greater disclosure. I think it's a huge win for investors and for you. So thanks for doing that. Two questions I had. One is you talked about the long-term drivers. If we think about the long-term drivers of the company in terms of riders, rides provider, bookings provide, take rate, et cetera. I think, Erin, you mentioned a particular confidence about increasing the rides per rider. But just long term, as you think about those drivers, which do you think you have the most power to move, where would be the biggest driver of growth going forward? And then secondly, just a small question on scheduled rides, the kind of penetration rate you're seeing with that now? And just talk about the benefit that has to the model. I assume that's higher margin rides for you.

我特別要祝賀管理團隊，但也祝賀更多的揭露。我認為這對投資者和您來說都是一個巨大的勝利。所以謝謝你這麼做。我有兩個問題。一是您談到了長期驅動因素。如果我們從乘客、乘車提供者、預訂提供、乘坐率等方面考慮公司的長期驅動因素。我想，艾琳，你提到了對增加每位乘客的騎行次數特別有信心。但從長遠來看，當你考慮這些驅動因素時，你認為你最有能力推動哪些因素，未來成長的最大驅動因素在哪裡？其次，只是一個關於預定乘車的小問題，您現在看到的滲透率是多少？只談談該模型的好處。我認為這對你來說是更高的利潤。

Mark, it's David. I'll start and then Erin and I will kind of tag team on this. First, by the way, thanks for the congratulations on the increased transparency. It's something that Erin has been focused on since day 1, and it's just wonderful to see the team to be able to deliver on it. So I'm glad you like it, and I hope it helps. On growth, here's how we think about it. It's not going to surprise you to hear customer sessions what drives our focus here. And let's just start, and I'm going to zoom out for just a second, so forgive me for a little bit of a long answer. But let's just start with doing the basics right. Now you do the basics right, every single day, day in and day out, 365 days a year, and customers really notice that. And that's where you see things like pricing in line with the market come, take rate in line with the market and so on and so forth.

馬克，這是大衛。我將開始，然後艾琳和我將在這方面進行標記團隊。首先，順便說一句，感謝您對透明度提高的祝賀。這是 Erin 從第一天起就一直關注的事情，很高興看到團隊能夠實現這一目標。所以我很高興你喜歡它，希望它能有所幫助。關於成長，我們是這樣思考的。聽到客戶會議是我們關注的重點，您不會感到驚訝。讓我們開始吧，我將縮小一秒鐘，所以請原諒我的回答有點長。但讓我們從做好基礎工作開始。現在，您每天、日復一日、一年 365 天都正確地做好了基礎工作，客戶確實注意到了這一點。這就是你看到諸如與市場一致的定價、與市場一致的利率等等之類的事情的地方。

Then on top of that, you really build execution excellence. And if you look at a couple of examples that we've had, I mentioned back-to-school in my remarks, that didn't just happen, right? Back-to-school -- getting to that 25% year-on-year growth in 70 markets requires a lot of work. We did the same around Halloween. And as we alluded to, those are not just recent year highs. Those are all-time highs that we achieved in 2 weeks in the first couple of weeks of October in terms of gross bookings.

然後最重要的是，你真正建立了卓越的執行力。如果你看我們已經有的幾個例子，我在演講中提到了重返校園，這並不是剛剛發生的，對吧？重返校園——要在 70 個市場實現 25% 的同比增長需要做大量的工作。我們在萬聖節前後也做了同樣的事情。正如我們所提到的，這些不僅僅是近年來的高點。就總預訂量而言，這些是我們在 10 月前幾週的兩週內創下的歷史新高。

So really exceptional performance there. And it just speaks to the importance of just ongoing operational excellence, which is a real focus. And then we add on top of that, you can start to look at differentiated products and services. I mentioned Women+ Connect. That's not a small market. We're talking about 50% of the population are women, of course, only 23% of our drivers are women. By the way, only 15% of driver hours are driven by women, 15%. So that shows there's a huge upside in focusing on making women feel more comfortable driving and riding obviously, which can really generate all kinds of growth over the long term.

所以那裡的表現確實非常出色。它只是說明了持續卓越營運的重要性，這是真正的焦點。然後我們補充說，您可以開始考慮差異化的產品和服務。我提到了「女性+連結」。那不是一個小市場。我們談論的是50%的人口是女性，當然，我們的司機中只有23%是女性。順便說一句，只有 15% 的司機時間是由女性駕駛的，15%。因此，這表明專注於讓女性在駕駛和騎乘時感覺更舒適顯然有巨大的好處，從長遠來看，這確實可以帶來各種成長。

Let's take another use case. You probably saw, I think 100 articles have been written in the paper over the last couple of months about return to office. So we read those articles, we're participating ourselves. People are back in the office here at Lyft, and we're out there selling to companies. We've got relationships with Amazon, with Netflix, with LinkedIn, where we're trying to take the worst part of commuting, which is the nonproductive kind of high stress time and make that into a better time for employees, which obviously works well for Lyft as well.

讓我們來看另一個用例。你可能已經看到，我想過去幾個月報紙上已經寫了 100 篇關於重返辦公室的文章。所以我們閱讀這些文章，我們自己也參與其中。 Lyft 的人們回到了辦公室，而我們則在外面向公司銷售產品。我們與亞馬遜、Netflix、LinkedIn 都有合作關係，我們試圖把通勤中最糟糕的部分，即非生產性的高壓力時間，變成對員工來說更好的時間，這顯然效果很好對於Lyft 來說也是如此。

So that's a a big deal. And so differentiated products, they give people a reason to choose Lyft over Uber, but they also give us a way just to accelerate our growth. And then to end on scheduled drives. Scheduled rides is so interesting. Right now, it only makes up about 5% of our rideshare rides, which is actually sort of surprising, right? It's actually a little bit less because -- and if you think about it, just using the airport use case, you know you're going to go to the airport, right?

所以這是一件大事。如此差異化的產品，讓人們有理由選擇 Lyft 而不是 Uber，同時也為我們提供了加速成長的方法。然後結束預定的駕駛。預定的遊樂設施很有趣。目前，它只占我們拼車出行的 5% 左右，這確實有點令人驚訝，對吧？實際上要少一點，因為——如果你想一想，只要使用機場用例，你就知道你要去機場，對吧？

And by the way, so do we because oftentimes, you linked up your calendar, and so we can remind you about that. So since you know, we can start to get ready, right? We can remind you when you make your scheduled ride, and then we can really double down on making sure that, that is a great experience. And we're actually going to be talking more about this tomorrow. We've got a pretty exciting product launch to come to tomorrow around this, but it really is around destressing your life, particularly around the holiday.

順便說一句，我們也是如此，因為您經常連結日曆，因此我們可以提醒您這一點。既然你知道了，我們就可以開始準備了，對吧？我們可以在您按預定行程時提醒您，然後我們可以加倍努力，確保這是一次很棒的體驗。事實上我們明天會更多地討論這個問題。明天我們將推出一個非常令人興奮的產品，但這實際上是為了減輕你的生活壓力，特別是在假期期間。

By the way, schedule rides it's obvious when you're talking about airport rides, but I'm looking at Kristin, our President here, and she revealed that she occasionally goes to a (inaudible) class or yoga -- I forget -- and she is going to start to schedule that because she knows what is going to happen. It's easier to than doing it on demand and reliable.

順便說一句，當你談論機場乘車時，時間表乘車是顯而易見的，但我正在看克里斯汀，我們的總裁，她透露她偶爾會去參加（聽不清）課程或瑜伽——我忘了——她將開始安排這件事，因為她知道會發生什麼。這比按需執行更容易且可靠。

To your margin question, yes, it is a little bit of a higher margin product. It's a higher reliability product. And so as a result, we can charge a little bit more. We can pay drivers a little bit more, which encourages them to be there on time. And it's a better experience for both rider and driver. So lots of upside there. And it's just, I think, one example of one of our modes that as we lean more into, we can really drive growth from. So I know that was a long answer, but I just wanted to kind of cover a bunch of bases. Erin, anything you want to add to that?

對於你的利潤問題，是的，這是一個利潤率較高的產品。這是一種可靠性更高的產品。因此，我們可以多收費一點。我們可以多付給司機一點錢，這會鼓勵他們準時到達。對於騎士和駕駛員來說，這都是更好的體驗。那裡有很多好處。我認為，這只是我們的一種模式的一個例子，隨著我們更傾向於這種模式，我們可以真正推動成長。所以我知道這是一個很長的答案，但我只是想涵蓋一些基本知識。艾琳，你還有什麼要補充的嗎？

Yes. No, Mark, the only thing that I would say is, David, I think you covered many of the levers. And so I think it's to understand that we really do have multiple growth levers across the business. But you also talked about frequency as you think about active riders, and it's really gratifying to see that frequency, as I think about that year-over-year even sequentially quarter-over-quarter is increasing. I'm sure some of that is again getting out and about after the pandemic or returning to office. But we still think there's obviously more opportunity there in addition to all of the other levers that David mentioned.

是的。不，馬克，我唯一要說的是，大衛，我認為你涵蓋了很多槓桿。因此，我認為要了解我們的業務確實擁有多種成長槓桿。但是，當您考慮活躍騎手時，您也談到了頻率，看到這個頻率真的很令人欣慰，因為我認為同比甚至環比都在增加。我確信其中一些人會在大流行之後再次外出走動或返回辦公室。但我們仍然認為，除了大衛提到的所有其他槓桿之外，顯然還有更多的機會。

Our next question comes from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

David, after a couple of years of price inflation, it feels like we're starting to see some moderation on a like-for-like basis and then combined with the mix shift, perhaps into more affordable ride options for consumers. Just curious how you're thinking about pricing exiting the year and into '24 and also just wanted to ask about another ride mode in terms of Wait & Save. I think you've talked about that as around 30% of rides in the past. Can you give us an update there on how that product is doing.

大衛，經過幾年的價格上漲，感覺我們開始看到在同類基礎上有所放緩，然後與混合轉變相結合，也許為消費者提供了更實惠的乘車選擇。只是好奇您如何考慮今年退出並進入 24 年的定價，也只是想詢問“等待並節省”方面的另一種乘車模式。我想您已經談過，過去大約有 30% 的遊樂設施都是這樣。能為我們介紹一下該產品的最新情況嗎？

Sure. So sort of great points both. So on pricing, we -- pricing has been fairly stable right now. No major changes. It sounds as around a little bit, as you would expect, but it's not a significant -- we don't expect a significant change there. We kind of like what we're seeing. And frankly, our riders do too. It's one the reasons why we've seen such great ride growth quarter-on-quarter and year-on-year. On Wait & Save, I'm actually really glad you brought it up because I think it's a great reminder.

當然。這兩點都很不錯。因此，在定價方面，我們的定價目前相當穩定。沒有重大變化。正如您所期望的那樣，這聽起來有點像，但這並不是一個重大的變化——我們預計不會發生重大變化。我們有點喜歡我們所看到的。坦白說，我們的車手也是如此。這就是我們看到乘車服務季度環比和同比增長如此巨大的原因之一。關於“等待並保存”，我真的很高興你提起它，因為我認為這是一個很好的提醒。

People do not price rides in a vacuum. And as a rider, you don't -- you're not -- your choice is not binary. And so if you are more price sensitive as a rider, or if you're at a more price sensitive time in your life or if you're at a time where you frankly have a little of time, you don't mind burning because you want to go get a coffee at Starbucks or whatever. Wait & Save is a great option. And we see it still no major changes from where it was before. I will tell you that Wait & Save riders take about double the rides of non Wait & Save riders. So that really suggests that there's a segment that you can really speak directly to.

人們不會憑空定價。作為一名騎手，你不會——你不是——你的選擇不是二元的。因此，如果您作為騎手對價格更加敏感，或者如果您正處於生活中對價格更加敏感的時期，或者您坦白說有一點時間，那麼您不介意燃燒，因為你想去星巴克或其他什麼地方喝杯咖啡。等待並儲存是一個不錯的選擇。我們看到它與之前相比仍然沒有重大變化。我會告訴您，「等待和節省」乘客的乘車次數大約是非「等待和節省」乘客的兩倍。因此，這確實表明存在一個您可以真正直接交談的細分市場。

And we can optimize it over time, we can improve the economics and so on and so forth. But it's a really important part of the mix. And just to answer the question that you didn't ask, but I'll answer it anyway, which is that Uber has got a mode for price-conscious folks, too. It's called shared rides. And we innovated there. It's an area where we started. We largely have turned it off, except for some very specific use cases because we don't find our riders or our drivers like it very much. So we think just on a head-to-head basis, we've got a better, more customer access strategy there.

我們可以隨著時間的推移對其進行優化，我們可以提高經濟效益等等。但這是組合中非常重要的一部分。只是為了回答你沒有問的問題，但無論如何我都會回答，那就是 Uber 也為價格敏感的人提供了一種模式。這就是所謂的共享乘車。我們在那裡進行了創新。這是我們開始的領域。我們基本上已經關閉了它，除了一些非常具體的用例，因為我們發現我們的乘客或司機不太喜歡它。因此，我們認為，在面對面的基礎上，我們有更好、更多的客戶訪問策略。

Our next question comes from Brian Nowak from Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·諾瓦克。

I have one on the implied take rate. I appreciate the bookings disclosure. So I know take rate can be somewhat crude. But if we sort of take the revenue and divide it by your bookings, it looks like your effective take rate is sort of somewhere in the low 30s, somewhat higher, I think, than your competitive peer in the U.S. How do you think about that take rate over the next year or so to try to sort of load balance, supply and demand and sort of more supply into the overall ecosystem?

我有一個關於隱含匯率的問題。我很欣賞預訂資訊的披露。所以我知道採取率可能有點粗糙。但如果我們將收入除以您的預訂量，您的有效接受率似乎在 30 左右，我認為比您在美國的競爭對手要高一些。您對此有何看法採取未來一年左右的利率來嘗試實現負載平衡、供需以及向整個生態系統提供更多供應？

Yes. I'll start with that one. As a reminder, of course, we report as a single segment, and that includes both our rideshare business, but also a mix of bikes and scooters, fleet, media, et cetera. And so as you think about that total revenue as a percentage of gross bookings, there's more than rides here there. What I will say about that, though, as you think about [TBS], fleet and media.

是的。我將從那個開始。當然，提醒一下，我們作為一個單獨的細分市場進行報告，其中既包括我們的共乘業務，也包括自行車和踏板車、車隊、媒體等業務。因此，當你考慮總收入佔總預訂量的百分比時，你會發現這裡的不僅僅是乘車服務。不過，當你想到 [TBS]、車隊和媒體時，我會對此說些什麼。

That will drive revenue as a percentage of gross bookings up about 2 to 3 percentage points, if you will, depending on seasonality and depending overall in the quarter, but what I would really say bottom line is we, of course, track in a very methodical way how we are competing in the market, both in terms of price and as it relates to driver earnings, we feel confident that since Q2, we've been operating in pricing competitively and in line with the market. And if I can steal a phrase from David, people are voting with their feet, right? More drivers and riders are choosing Lyft. And that's, again, just another data point that gives us a sense of where we are competitively.

如果你願意的話，這將推動收入佔總預訂量的百分比上升約 2 到 3 個百分點，具體取決於季節性和本季度的整體情況，但我真正想說的是，我們當然會跟踪一個非常我們有條不紊地在市場上競爭，無論是在價格方面還是與司機收入方面，我們有信心自第二季度以來，我們一直在定價方面保持競爭力並與市場保持一致。如果我能從大衛那裡借用一句話的話，那就是人們正在用腳投票，對嗎？越來越多的駕駛和乘客選擇 Lyft。這又是另一個數據點，可以讓我們了解自己的競爭力。

Yes. I'll just underscore the last thing that Erin said. Our drive -- our strategy with drivers is to pay them fairly for sure and to continue to make sure it's a great way to earn. And so we expect to pay in line with the competition, just the same way we price. And yes, I mean, we've seen 45% historic highs and driver hours. So really no material difference there. I think it's more of a math issue around how we present versus how Uber does.

是的。我只想強調艾琳說的最後一句話。我們的動力——我們對司機的策略是公平地支付他們的工資，並繼續確保這是一種很好的賺錢方式。因此，我們希望支付與競爭對手一致的費用，就像我們定價的方式一樣。是的，我的意思是，我們已經看到了 45% 的歷史高點和駕駛時間。所以確實沒有實質區別。我認為這更多的是一個關於我們如何呈現與 Uber 如何表現的數學問題。

Our next question comes from Ken Gawrelski from Wells Fargo.

我們的下一個問題來自富國銀行的 Ken Gawrelski。

I appreciate it. I appreciate the question. Could you please help me think about medium-term insurance inflation. How should we just think about the various dynamics that might play into that first? And then second, again, a kind of more medium-term question, which is if you look out beyond the next several quarters, how do you think about the various factors driving overall ride growth, both from an industry level and from a less level specifically?

我很感激。我很欣賞這個問題。您能幫我考慮一下中期保險通膨嗎？我們應該如何先考慮可能發揮作用的各種動力？其次，又是一個更中期的問題，如果你展望未來幾個季度，你如何看待推動整體乘車成長的各種因素，無論是從產業層面還是從較低層次具體來說？

Ken, I'll start with the insurance question and then hand it over to David. So as a reminder, we renewed our most recent set of third-party insurance contracts effective October 1. We renewed those very consistently with how we communicated on our previous earnings call. So that gives us substantial visibility over the next 12 months. So nothing has changed there from what we have previously communicated. Rising auto -- that being said, rising auto insurance costs are a reality of our industry overall.

肯，我將從保險問題開始，然後交給大衛。提醒一下，我們續簽了最新的一組第三方保險合同，自 10 月 1 日起生效。我們續約的合約與我們在之前的財報電話會議上的溝通方式非常一致。因此，這讓我們對未來 12 個月有很大的了解。因此，與我們之前溝通的情況相比，沒有任何變化。汽車價格上漲——話雖如此，汽車保險成本上漲是我們整個產業的現實。

The rate increases we saw in this most recent round were lower rate increases than in the previous year. So certainly some signs that I think some of the COVID impacts on these rates is abating. But that being said, a core part of how we think about managing our overall cost strategy is thinking about managing our strategy around insurance over a multiyear period and it really encompasses not only thinking multiyear, but working across the company in a really cross-functional way. So it encompasses a couple of different areas.

我們在最近一輪看到的升息幅度低於前一年。當然，有一些跡象表明，我認為新冠疫情對這些利率的影響正在減弱。但話雖這麼說，我們如何考慮管理整體成本策略的核心部分是考慮在多年期間管理我們的保險策略，它實際上不僅包括多年的思考，還包括在整個公司範圍內以真正跨職能的方式開展工作方式。因此它涵蓋了幾個不同的領域。

The first one is just around product -- product improvements. The next one is really initiatives around safety. We've been working for many years on various initiatives around safety, and we still think there's more room to grow with that as our capabilities have become more sophisticated. So anything that helps promote safety, obviously, reduce accidents, using our telematics to improve settlement outcomes is going to be a core part of our strategy.

第一個是圍繞著產品——產品改進。下一項實際上是圍繞安全的舉措。多年來，我們一直在圍繞安全性開展各種舉措，而且我們仍然認為，隨著我們的能力變得更加複雜，還有更大的發展空間。因此，任何有助於促進安全、減少事故、利用我們的遠端資訊處理改善結算結果的事情都將成為我們策略的核心部分。

And then finally, what I would say is on the policy side. We continue to be active on what we view as common sense policy reform. Specifically as it relates to TNC insurance requirements, these function at a state level. But we are also working side-by-side with our insurance partners, some of the largest insurance carriers certainly in the U.S., in their efforts as an industry to combat what's sometimes called the social inflation, other times referred to as legal system abuse. So it's it's really a multipronged, multidirectional strategy as it relates to insurance. But again, for this year and for our renewals that we just completed, we completed those as expected, and we have substantial visibility for the next 12 months.

最後，我想說的是政策面。我們繼續積極進行我們認為是常識性的政策改革。具體來說，因為它涉及跨國公司的保險要求，所以這些要求在州一級發揮作用。但我們也與我們的保險合作夥伴（當然是美國最大的保險公司）並肩合作，作為一個行業，努力對抗有時被稱為社會通貨膨脹（有時被稱為法律體系濫用）的現象。因此，就保險而言，這確實是一個多管齊下、多方向的策略。但同樣，對於今年以及我們剛剛完成的續約，我們按預期完成了這些任務，並且我們對未來 12 個月有很大的了解。

So Ken, I'll kind of pick up exactly where Erin is leaving off. So just talking about the next 12 months in insurance. I'll maybe give a little bit of perspective over the next couple of years in terms of growth. If you think of -- let's say this. The strong execution and just continued operational excellence can really, really drive the business is strong. But if you want to look even longer you've got to tap into things that are super, super deep.

肯，我會從艾琳留下的地方繼續。所以只是談論未來 12 個月的保險。我可能會就未來幾年的成長給出一些看法。如果你想到──讓我們這麼說吧。強大的執行力和持續的卓越營運確實可以推動業務的強勁發展。但如果你想看得更久，你就必須挖掘非常非常深的東西。

And it turns out people really like to be together, and people really like to be enjoying their lives outside of just their houses and so forth and so on. And by the way, not only do people like that, but there are all sorts of other companies and organizations and that also like that, cities like that because it gets people out buying, partners like that. We've got a great partnership with Chase Bank, for example. We can talk about that more in-depth later if you're interested, but the credit card partnership we have with them with their Chase Sapphire is great, great partnership and one that I think in a lot of ways is just getting started.

事實證明，人們真的很喜歡在一起，人們真的很喜歡在自己的房子之外享受生活等等。順便說一句，不僅人們喜歡這樣，還有各種其他公司和組織也喜歡這樣，城市也喜歡這樣，因為它可以讓人們出去購買，這樣的合作夥伴。例如，我們與大通銀行建立了良好的合作關係。如果你有興趣，我們可以稍後更深入地討論這一點，但我們與他們的大通藍寶石的信用卡合作夥伴關係是非常非常好的合作夥伴關係，我認為在很多方面這才剛剛開始。

So I think if you sort of look over the next couple of years, it becomes a little bit less sort of what I think it's a little bit of a tired story of kind of just Uber and Lyft and so on and so forth and much more into how can organizations like ours can really focus doing really innovative work for customers, how can we take our rideshare network and make it bigger and bigger part of people's lives such that they end up having a bigger, better life and that our partners increasingly can support and get behind as well because it helps them out as well. So it's a little philosophical, and we can try to get a little more detail, but that's at least the way we think about it.

所以我認為，如果你看一下未來幾年，它會變得不再像我認為的那樣，這是一個有點令人厭倦的故事，只是 Uber 和 Lyft 等等等等等等。像我們這樣的組織如何才能真正專注於為客戶做真正的創新工作，我們如何利用我們的共乘網絡並使其成為人們生活中越來越大的一部分，以便他們最終擁有更廣闊、更美好的生活，並且我們的合作夥伴越來越能夠支持並支持，因為這也可以幫助他們擺脫困境。所以這有點哲學性，我們可以試著了解更多細節，但這至少是我們思考它的方式。

Our next question comes from Deepak Mathivanan from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的迪帕克·馬蒂瓦南。

Kind of a 2-quarter question on bookings growth. It was nice to see some acceleration in 3Q. But more broadly, how do you think about the market and sort of the industry growth for 2024? And then the second one related to that, Uber is seeing some benefits from new verticals inside ride share, kind of product like shared rides and also products like Reserve, how do you think about the opportunity for incremental growth from there? And maybe can you unpack some of the contribution from these products that you currently have at all?

這是一個關於預訂量成長的第二季問題。很高興看到第三季出現一些加速。但更廣泛地說，您如何看待 2024 年的市場和產業成長？第二個與此相關的是，Uber 看到了乘車共享中新垂直領域的一些好處，例如共享乘車之類的產品以及像Reserve 這樣的產品，您如何看待由此帶來的增量增長機會？也許您可以從您目前擁有的這些產品中提取一些貢獻？

Hey, Deepak. Really quickly. Sonya here, can you actually hear us?

嘿，迪帕克。真的很快。索妮亞在這裡，你聽得到我們說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay. Awesome. Go ahead.

好的。驚人的。前進。

Okay. Sorry, a little technical goods there. And my apologies, just as you were starting that question, we had a little technical thing on it. Can you just repeat the first part of that question one more time?

好的。抱歉，這裡有一些技術產品。我很抱歉，就在您開始提出這個問題時，我們遇到了一些技術問題。你能再重複一次這個問題的第一部分嗎？

Yes. No, I was just asking about your expectations for industry growth in 2024 in the U.S. rideshare space.

是的。不，我只是問您對 2024 年美國共乘領域產業成長的預期。

Yes. We probably -- and Erin will chime in on this as well. Obviously, we're not giving any longer-term guidance besides what we just gave for Q4. We're still very much on track for what we call our long-range plan, LRP, but that will be the beginning of next year. But I would just say, broadly speaking, we see a lot of reasons to be really optimistic about growth. let's start with where we are today and then try to extrapolate a little bit.

是的。我們可能—艾琳也會對此發表意見。顯然，除了我們剛剛為第四季度提供的指導之外，我們不會提供任何長期指導。我們的長期計劃 LRP 仍處於正常軌道上，但這將是明年初的事情。但我只想說，從廣義上講，我們有很多理由對成長感到非常樂觀。讓我們從今天的情況開始，然後嘗試進行一些推論。

Again, just looking back the last couple of weeks, we've seen growth higher than we've ever seen in our corporate history, not just talking about sort of just going back to 2019, but literally since day 1. So that's super energizing. Number two, we see some secular trends. Travel will continue to be a big growth driver. You're seeing that across the sector. Commute will continue to be a big growth driver. Again, you're seeing that across the sector as people come back to work, postpandemic. So those are sort of secular trends. And then when you look at where we fit in, we really are again, we're customer obsessed, right?

再說一遍，回顧過去幾週，我們看到了公司歷史上從未見過的成長速度，這不僅僅是談論回到 2019 年，而是從第一天開始。所以這是超級充滿活力的。第二，我們看到一些長期趨勢。旅行將繼續成為重要的成長動力。你在整個行業都看到了這一點。通勤將繼續成為重要的成長動力。同樣，隨著人們在大流行後重返工作崗位，整個行業都會出現這種情況。所以這些都是長期趨勢。然後當你看看我們所處的位置時，我們真的又是，我們以客戶為中心，對嗎？

So we're really trying to take a look at large segments like women, for example, or like airport travel, which includes business travel, leisure travel and so forth and say how can we create more and more differentiated experiences that drive that incremental use and incremental frequency, right? And we all know this. I mean heavy users of rideshare because you asked about the sector, they might use the service maybe a couple of times a month, that already gets to be a pretty heavy user. And most people go to work three times a week, at least. Most people go to social activities a couple of times a week. So in a lot of ways, I think we're really underpenetrated in terms of how people can use us in their daily lives. So again, I know maybe a tiny bit philosophical, but when we look at our 2024 trajectory, we feel super good.

因此，我們確實在嘗試研究大型細分市場，例如女性或機場旅行（包括商務旅行、休閒旅行等），並探討如何創造越來越多的差異化體驗來推動增量使用和增量頻率，對嗎？我們都知道這一點。我的意思是拼車的重度用戶，因為你詢問了該行業，他們可能每個月可能會使用該服務幾次，這已經是一個相當重度的用戶了。大多數人至少每週上班三次。大多數人每週參加幾次社交活動。因此，在很多方面，我認為我們在人們如何在日常生活中使用我們方面確實還不夠深入。再說一次，我知道這可能有點哲學性，但當我們看到 2024 年的軌跡時，我們感覺非常好。

Yes. The only thing I'd add to that, David, obviously, fully agree. As you think about our model, I think it's important to note that as we get into Q2 of 2024, we will have anniversaried a couple of important things. First and foremost, that's really the first full quarter where we operated competitively and in line with the market as it relates to our pricing strategy. And it's also the quarter, obviously, we in Q2 of the current year we enacted a cost restructuring program. So as you think about 2024, Q2 2024 will be the quarter where we anniversary those two items.

是的。我唯一要補充的是，大衛，顯然完全同意。當您思考我們的模型時，我認為重要的是要注意，當我們進入 2024 年第二季時，我們將慶祝幾件重要的事情。首先也是最重要的，這確實是我們第一個完整的季度，我們的營運具有競爭力，並且與市場保持一致，因為這與我們的定價策略有關。顯然，我們在今年第二季制定了成本重組計劃。因此，當您考慮 2024 年時，2024 年第二季將是我們慶祝這兩項產品週年紀念的季度。

Got it. And then the second part on contribution from products like shared ride right, and potentially something similar along the lines of Reserve, how do you think about that?

知道了。第二部分是關於共享乘車權等產品的貢獻，以及可能類似於 Reserve 的產品，您對此有何看法？

Yes. So in our world, we started shared ride back and I think it was 2019, 2018, something like that. Even further back, my apologies. But we actually found that it wasn't a particularly great experience for riders or for drivers. Riders didn't like it so much because it feels like a sort of a diversion from where they're going. They're always taking a weird left turn and another weird left turn.

是的。所以在我們的世界裡，我們開始共乘回去，我想那是 2019 年、2018 年，類似的事情。更進一步，我表示歉意。但我們實際上發現這對乘客或司機來說都不是特別好的體驗。騎手們不太喜歡它，因為這感覺像是一種偏離他們要去的地方的注意力。他們總是奇怪地左轉，又奇怪地左轉。

And the drivers don't love it because for drivers, the least enjoyable part of a ride is the pickup and drop-off. And so it, of course, increases pickup and drop-off. So -- so it's an area that we've decided largely to sunset. There are a couple of use cases where we still use it, but it's not a very consumer-facing product. And instead, we have Wait & Save, which allows people to wait or have a little bit more flexibility in return for getting some money off.

駕駛者不喜歡它，因為對駕駛者來說，乘車過程中最不愉快的部分就是上下車。因此，當然，它會增加接送服務。所以——所以我們決定在這個區域主要日落。我們仍然在一些用例中使用它，但它並不是一個非常面向消費者的產品。相反，我們有等待和保存，它允許人們等待或有更多的靈活性，以換取一些錢。

And as I mentioned before, it's a great product for us. It represents anywhere between 25% and 30% of ride volumes something along there. Our -- what Uber calls Reserve, that's our scheduled ride product. And you'll be hearing more about that tomorrow where we're making an even stronger commitment to reliability on those so that when people use it, particularly go to the airport, they've got a great experience.

正如我之前提到的，這對我們來說是一個很棒的產品。它佔沿途乘客量的 25% 到 30% 之間。我們的－Uber 稱之為 Reserve，這是我們的預定乘車產品。明天您將會聽到更多相關信息，我們將對這些產品的可靠性做出更強有力的承諾，以便人們在使用它時，特別是去機場時，獲得良好的體驗。

I think there's enormous upside there. I think there are a lot of time in people's lives where with a little bit of thought, reserving ahead of time can actually reduce the hassle and stress in their lives. And as I mentioned before, it has a slight premium price to it. It also has better economics for drivers as well, so they like it too. I'll bring up one other thing since you mentioned kind of ride types.

我認為那裡有巨大的上升空間。我覺得人的一生中有很多時間，只要稍微想想，提早預約，其實可以減少生活中的麻煩和壓力。正如我之前提到的，它的價格略有溢價。對於駕駛員來說它也有更好的經濟性，所以他們也喜歡它。既然你提到了騎行類型，我會提出另一件事。

We are just in the process -- and again, we'll be talking more about this tomorrow, but I'll give you a preview today of launching a product called Extra Comfort. Extra Comfort is an affordable sort of higher-end ride. The cars are newer, the drivers are more experienced, the leg room is a little bit bigger, you can choose a quiet ride and so on and so forth. You'll see it if you open up your Lyft app today in almost all of the country and tomorrow even more, you'll see it. And it's priced at maybe $1 or $2 above the normal experience. But it's a nicer experience. And you might think of it as comparable to Economy Plus in airlines, and if you follow the airline industry, you'll know that that's a crazy profit driver for them.

我們正處於這個過程中——明天我們將再次討論這一點，但今天我將向您預覽推出一款名為 Extra Comfort 的產品。 Extra Comfort 是一種經濟實惠的高端乘坐方式。車子比較新，司機更有經驗，腿部空間大一點，你可以選擇安靜的乘坐等等。如果您今天在全國幾乎所有地方打開 Lyft 應用程序，您將看到它，明天甚至更多，您就會看到它。而且它的價格可能比正常體驗高出 1 或 2 美元。但這是一個更好的體驗。你可能會認為它與航空公司的豪華經濟艙相當，如果你關注航空業，你就會知道這對他們來說是一個瘋狂的利潤驅動力。

It's making up something -- the prices are almost double economy. And they're selling out on us. So we look at that as an area very customer-focused because it allows customers to have a little bit of an upgraded experience. A little better economics for us, a little bit higher-margin product and one that represents a very small part of our ride volume today and can grow over time.

它正在彌補一些東西——價格幾乎是經濟艙的兩倍。他們正在出賣我們。因此，我們將其視為一個非常以客戶為中心的領域，因為它可以讓客戶獲得一些升級的體驗。對我們來說，經濟效益更好一點，利潤更高一點，而且只占我們今天乘車量的一小部分，並且可以隨著時間的推移而增長。

Our next question comes from Eric Sheridan from Goldman Sachs.

我們的下一個問題來自高盛的艾瑞克·謝裡丹。

Maybe just two, if I could. In terms of capitalizing on the market opportunity when you look out to next year, David, I would love to get your sense of what you see as the mission-critical sort of 2 or 3 elements on either the product side or the investment side to continue some of the momentum, especially as you moved into an environment where you'll be lapping some of the changes you've had to make to pricing this year.

如果可以的話，也許只有兩個。大衛，在您展望明年時，在利用市場機會方面，我很想了解您對產品方面或投資方面的 2 或 3 個關鍵任務要素的看法。繼續保持一些勢頭，尤其是當您進入一個環境時，您將接受今年必須對定價進行的一些更改。

That would be number one. And then in terms of the Q4 adjusted EBITDA as a percentage of bookings. Can you walk us through some of the headwinds and tailwinds we should be keeping in mind in the Q4 guidance that impact margin guidance, just so we better understand some of those velocities, both headwinds and tailwinds leave in 2023 into 2024, almost as a way to think about incremental margins going forward?

那將是第一。然後就第四季度調整後的 EBITDA 佔預訂量的百分比而言。您能否向我們介紹一些我們在第四季度指導中應牢記的影響利潤率指導的逆風和順風，以便我們更好地了解其中一些速度，逆風和順風都會在2023 年進入2024 年，幾乎作為一種方式考慮未來的增量利潤？

Yes, let's -- Erin and I will tag team on this. I'll start off, Eric. So I think I guess I would come back to differentiated products and services in 2024, and I'll mention too again. One, we've already talked about actually, which is Women+ Connect. That's a new product for us. We just launched it in 50 new markets last week. By the beginning of next year or at the beginning of next year, we hope to roll that out nationwide.

是的，讓我們——艾琳和我將對此進行標記。我要開始了，埃里克。所以我想我想我會在 2024 年回到差異化的產品和服務，我也會再次提到。一，我們其實已經討論過，那就是 Women+ Connect。這對我們來說是一個新產品。我們上週剛在 50 個新市場推出了它。到明年初或明年年初，我們希望能夠在全國推廣。

Again, that's not a small marketplace, right? We're talking about roughly half the U.S. population. And if you looked -- and I encourage you to do so, if you haven't, on social media at the comments that we're getting, they give you a pretty good indication of why we're so excited about it. Literally, women riders saying, "I am in tears now because of what you've done. I am so appreciative that this will allow me to feel more comfortable in a new city at a time of day, I don't usually feel comfortable riding at a part of town where I'm not usually comfortable."

再說一遍，這不是一個小市場，對吧？我們談論的是大約一半的美國人口。如果你在社群媒體上看到我們收到的評論，我鼓勵你這樣做，如果你沒有的話，它們會很好地說明為什麼我們對此如此興奮。從字面上看，女騎手說：「因為你們所做的事情，我現在流淚了。我非常感激，這會讓我在一天中的某個時候在一個新城市感到更舒服，我通常感覺不舒服在城鎮裡我通常不舒服的地方騎行。”

Or for drivers saying, "this is going to allow me to drive more or work with my friends to get them on the platform as a driver because it's a great opportunity but I'm only using it for scheduled rides or airport rides right now because I just don't feel comfortable or have not traditionally but Women+ Connect unlocks all of that." So I think that's an existing product, but you'll see us continue to pour gasoline on that bonfire because it's -- it's great for riders and great for drivers, and obviously, you've tried ride volume and so forth.

或者對於司機來說，「這將允許我駕駛更多的車或與我的朋友一起工作，讓他們作為司機加入平台，因為這是一個很好的機會，但我現在只將它用於預定的乘車或機場乘車，因為我只是感覺不舒服，或者傳統上不舒服，但 Women+ Connect 解鎖了這一切。”所以我認為這是一個現有的產品，但你會看到我們繼續在篝火上倒汽油，因為它對騎手和司機都很好，顯然，你已經嘗試過乘車量等等。

There are others, but I'm probably not in a good position to talk about them now because I don't want to tell anyone else listening on the line. For drivers, similarly, anything we do for drivers that increases driver supply, it's a big win. And I'll give you an example of something that we've already launched. So it's not competitive, but it's such a great product. And frankly, it's doing really well, which is -- it's called drive within the region, and it allows you as a driver to say, you know what, I need to be home by 7:00 tonight to have dinner or I need to be at my kid's school, the 2:00 in the afternoon. to pick them up. And by -- there are actually two different products.

還有其他的，但我現在可能不方便談論它們，因為我不想告訴其他正在電話裡收聽的人。對於司機來說，同樣，我們為司機所做的任何增加司機供應的事情都是一個巨大的勝利。我將舉一個我們已經推出的產品的例子。所以它沒有競爭力，但它是一個很棒的產品。坦白說，它做得非常好，這就是——它被稱為該地區內的駕駛，它允許你作為司機說，你知道嗎，我需要在今晚7:00 之前回家吃晚飯，否則我需要下午 2:00 在我孩子的學校。去接他們。實際上有兩種不同的產品。

One is basically allows you to pick a destination. The other allows you to pick a radius within which you'll drive today. These are both innovations we've started over the last couple of months and they're really picking up massive steam for drivers. In fact, actually, on a role here. So I'll tell you one more for drivers, I think is super interesting. It's called priority mode for drivers. And it allows drivers to -- it gives drivers additional -- you might call it ride flow.

一是基本上允許您選擇目的地。另一個允許您選擇今天駕駛的半徑。這些都是我們在過去幾個月開始的創新，它們確實為駕駛者帶來了巨大的動力。事實上，實際上，這裡有一個角色。所以我再告訴你一個給司機的，我覺得非常有趣。這稱為駕駛員優先模式。它允許駕駛員——它為駕駛員提供了額外的——你可以稱之為乘車流程。

And in so doing, they actually tend to make more money per hour, which is really interesting. Again, I can go into detail if you're interested. But the drivers that we've offered that to, which tend to be our more loyal longer-term drivers absolutely love it and because it allows them to earn more money on the platform. So these are all things -- some of them are kind of in front of the curtain, and some of the look -- but behind the curtain, but you add on them up and each one of them, I think, is a pretty significant growth driver.

透過這樣做，他們實際上每小時可以賺更多的錢，這真的很有趣。再說一遍，如果您有興趣，我可以詳細介紹。但我們提供的司機，往往是我們更忠誠的長期司機，絕對喜歡它，因為它可以讓他們在平台上賺更多的錢。所以這些都是一些東西——有些是在幕前，有些是在幕後——但你把它們加起來，我認為，每一個都是非常重要的成長動力。

You talked about media. Again, we can go more to detail about that. I'm sure maybe later in the conversation, we'll also talk about AI and some of the opportunities that gives us. But I don't think we feel at all constrained with ideas on that there are strong growth drivers. And I'll say this because otherwise, Erin will raise her eyebrows at me. We feel like we've got the right cost position to do this. We do not have to hire a much more people or do much more things like that. We've got a great, great team that's doing amazing work. We just have to continue to focus on customers and driving more leverage on the platform.

你談到了媒體。同樣，我們可以更詳細地討論這一點。我確信也許在稍後的談話中，我們也會討論人工智慧以及它帶給我們的一些機會。但我認為我們完全不會因為有強大的成長動力而感到受到限制。我這麼說是因為否則艾琳會對我揚起眉毛。我們覺得我們已經擁有正確的成本位置來做到這一點。我們不必僱用更多的人或做更多類似的事情。我們有一支非常非常出色的團隊，正在做著令人驚嘆的工作。我們只需要持續關注客戶並提高平台的影響力。

And Eric, as it relates to your question on Q4 adjusted EBITDA margins as a percentage of gross bookings. What I would say are tailwinds as you think about this sequentially quarter-over-quarter, we talk about the health of our marketplace. That has definitely been a tailwind for us. It continues to improve, and we'll continue to do so in our estimates here in the fourth quarter. And we've got revenue going up in the fourth quarter, and operating expenses staying flat. So there's some leverage there. And then as it relates to the headwind, that is primarily reflecting that are the increases we're expecting from our recent insurance contract renewals will fully flow through cost of revenue beginning at the start of the fourth quarter.

艾瑞克，因為這涉及到您關於第四季度調整後 EBITDA 利潤率佔總預訂量百分比的問題。我想說的是，當你考慮到這個季度環比的情況時，我們會談論我們市場的健康狀況，這是順風。這對我們來說絕對是順風順水。它繼續改善，我們將在第四季度的估計中繼續這樣做。我們第四季的收入有所增長，而營運費用則保持不變。所以那裡有一些槓桿作用。然後，由於與逆風相關，這主要反映了我們預計最近續約的保險合約帶來的成長將從第四季初開始完全流入收入成本。

Our next question comes from Benjamin Black from Deutsche Bank.

我們的下一個問題來自德意志銀行的班傑明‧布萊克。

Perhaps one on Lyft Media. So can you dig a little bit into sort of what the early takeaways have been? Where do you see the need to invest more to grow that business on the infrastructure side, sales force side, sort of more products. Really would be great to hear sort of how big you think the advertising business could become over sort of the medium to long term.

也許是 Lyft Media 上的一個。那麼您能深入了解早期的收穫嗎？您認為需要在基礎設施方面、銷售人員方面以及更多產品方面進行更多投資來發展業務。真的很高興聽到您認為廣告業務從中長期來看會變得有多大。

And then one on sort of contra revenue. So your competitor obviously spoke about favorable supply tailwind, which is supporting lower contra. Curious to hear how you're thinking about your current sort of driver incentive levels, how far we've been seeing a normalization here? And is there anything you can do or work from an operational standpoint that could structurally lower driver incentive spend per trip?

然後是一種對沖收入。因此，您的競爭對手顯然談到了有利的供應順風，這支撐了較低的對比。很想知道您如何看待目前的駕駛員激勵水平，我們已經看到這裡的正常化程度如何？從營運的角度來看，您是否可以採取任何行動或工作，從結構上降低每次行程的駕駛員激勵支出？

Yes, Benjamin, I'll take the first, and Erin will take the second. It will be another tag team. So yes, let's talk media for a second because it's such an interesting opportunity. And we'll start super big picture. Today, if you're a brand and you're trying to come up with a new way to sort of speak with your customers, gosh, the online world has gotten a little bit small for you. You can buy Google Ad Words and they'll charge you for the test.

是的，班傑明，我選擇第一個，艾琳選擇第二個。這將是另一個雙打團隊。所以，是的，讓我們談談媒體，因為這是一個非常有趣的機會。我們將開始超級大局。如今，如果您是一個品牌，並且正在嘗試想出一種與客戶交談的新方式，天哪，網路世界對您來說有點小了。您可以購買 Google Ad Words，他們會向您收取測試費用。

And you can do some stuff on Meta, for example. But if you really want to go over your customer, you're probably not as excited about Twitter anymore, sorry, editorial comment there. But anyway, so these are the things that kind of brands are looking at. And yes, we know that our younger generations are super brand focused and very responsive to brands. So people are looking for new areas.

例如，你可以在 Meta 上做一些事情。但如果你真的想了解你的客戶，你可能不再對 Twitter 感到興奮了，抱歉，這裡有編輯評論。但無論如何，這些都是品牌正在關注的事情。是的，我們知道我們的年輕一代非常注重超級品牌，並且對品牌非常敏感。所以人們正在尋找新的領域。

Now TikTok, of course, is doing a lot of work there, and they're having a huge amount of success. But if you think about the experience that a rider has when they open up the app, they start to look for a ride. What have they told us? They've told us not only where they're going from, but where they're going to. And then they've effectively told us that they're going to spend 5, 6, 7, 8, 10, 15, 20 minutes in a sort of captive situation in a place where they're not got a lot going on aside from just kind of looking out the car window.

當然，現在 TikTok 在那裡做了很多工作，並且取得了巨大的成功。但如果你考慮乘客打開應用程式時的體驗，他們就會開始尋找乘車服務。他們告訴了我們什麼？他們不僅告訴我們他們從哪裡來，還告訴我們他們要去哪裡。然後他們有效地告訴我們，他們將在一個被囚禁的環境中度過 5、6、7、8、10、15、20 分鐘，在一個除了只是看著車窗外。

So we have 4 products that we use and I'll go through them super briefly. So first, we've got the in-app ads. In-app ads start literally as you request a ride and you go through what we call a ride matching screen, which might take 15 to 30 seconds or so. We're serving on about 70% of those requests right now, we're serving in-app ads. And our goal there is that those ads -- those ads be relevant and interesting, right? We're not interested in a (inaudible) experience.

我們使用了 4 種產品，我將簡要介紹它們。首先，我們有應用程式內廣告。當您要求乘車並瀏覽我們所說的乘車匹配畫面時，應用程式內廣告就會開始出現，這可能需要 15 到 30 秒左右的時間。目前，我們正在處理大約 70% 的請求，我們正在投放應用程式內廣告。我們的目標是讓這些廣告相關且有趣，對嗎？我們對（聽不清楚）體驗不感興趣。

In fact, exactly the opposite. What we're seeing is very high (inaudible) rate. We're not going to talk about the numbers just yet, but they've been really nice to see. And we're also seeing something very interesting and what we were hoping for, but weren't necessarily expecting, was the cancellation rates tend to go down. In other words, as people have something else to do besides sit around and kind of wait they actually spend time interacting with that ad rather than canceling the ride.

事實上，恰恰相反。我們看到的是非常高（聽不清楚）的比率。我們現在不打算談論這些數字，但看到這些數字真的很高興。我們也看到了一些非常有趣的事情，我們希望但不一定預期的是取消率往往會下降。換句話說，由於人們除了坐著等待之外還有其他事情要做，因此他們實際上會花時間與廣告互動，而不是取消行程。

So that's super exciting for us. It's a win-win. Then you get in the car. Now in the car, two things happen. Number one, you still got the app on your phone. And people maybe to a surprising degree to check the app as they're headed to their destination, so that gives us another ad service. But also increasingly, we're putting tablets in cars. We've got about 8,000 screens right now in cars that's spread across 14 markets. And what they do is they give us the opportunity, of course, for the ride, they can map their progress to their destination and they can give the driver a tip and these other sorts of things, but we also have advertising there.

所以這對我們來說非常令人興奮。這是雙贏的。然後你就上車了。現在在車裡，發生了兩件事。第一，您的手機上仍然有該應用程式。人們在前往目的地時可能會以令人驚訝的程度查看該應用程序，因此這為我們提供了另一項廣告服務。但我們也越來越多地將平板電腦安裝到汽車中。目前，我們在汽車中安裝了約 8,000 個螢幕，分佈在 14 個市場。他們所做的是給我們機會，當然，對於乘車，他們可以將他們的進度映射到目的地，他們可以給司機小費和其他類型的東西，但我們也在那裡做廣告。

Apple has been a very strong advertiser there as an example, and they react, right? They're liking what they're seeing. And we can understand why when we look at the data. That's super exciting. And again, we want those ads to be great. Nothing like the taxi things you can see in the U.S., in New York, which are not so great. I will also say, as a quick aside, drivers participate in the economics of those tablets as well. And so when you were getting served an ad as a rider, you're also contributing to the driver and the driver of course appreciates that, and that makes them more willing to drive for (inaudible), which is wonderful.

例如，蘋果公司一直是那裡非常強大的廣告商，他們對此做出了反應，對嗎？他們喜歡他們所看到的。當我們查看數據時，我們就可以理解其中的原因。這太令人興奮了。再說一次，我們希望這些廣告很棒。沒有什麼比你在美國紐約看到的計程車更好的了。我還要說，順便說一句，司機也參與了這些平板電腦的經濟效益。因此，當您作為乘客獲得廣告時，您也在為司機做出貢獻，司機當然會欣賞這一點，這使他們更願意開車（聽不清楚），這很棒。

The third thing, which you might have seen, particularly in New York City, are the rooftops, the visual rooftop screen. A number of different organizations have these. We think our screen happens to be one of the best in terms of its resolution, in terms of its cost, its ease of use, it's repairability and so on and so forth. We've got about 1,000 screens right now, and we'll see that grow over time, which allows really interesting -- imagine a city-wide takeover.

第三件事，你可能已經看到了，特別是在紐約市，是屋頂，視覺屋頂螢幕。許多不同的組織都有這些。我們認為我們的螢幕恰好是解析度、成本、易用性、可修復性等方面最好的螢幕之一。我們現在有大約 1,000 個螢幕，我們會看到它隨著時間的推移而增長，這真的很有趣——想像一下全市範圍的接管。

Of course, they're all digital. So you can blast out Movie [Premiere] across an entire city in a matter of hours. And then the fourth, because of our TBS business, any time you see a bike station, a docking station, you'll see a panel next to it. Some of those are analog, old school. Some of those are digital, new school. Over time, of course, more would be digital as we electrify and we've got some really interesting work going on there for example, in Chicago, but that's another ad service. And imagine, again, that city takeover of a movie premiere. So I know there's a lot of detail, but that maybe gives you a sense of the scope of our ambition. If you think of the scale of this, advertising is a multibillion dollar sort of opportunity. Not that I'm just talking about for us, but I'm talking about this type of advertising that I think it's still in its early days. For us, it's fairly small, but it's up, I think 4x year-on-year, and we really what's going.

當然，它們都是數位化的。因此，您可以在幾個小時內在整個城市放映電影[首映]。第四，由於我們的 TBS 業務，任何時候你看到自行車站、停靠站，你都會看到旁邊有一個面板。其中一些是模擬的、老式的。其中一些是數位化的新學校。當然，隨著時間的推移，隨著我們電氣化，更多的數位化將會實現，我們在那裡正在進行一些非常有趣的工作，例如在芝加哥，但那是另一項廣告服務。再次想像一下，這座城市接手了電影首映。我知道有很多細節，但這也許能讓您了解我們的雄心壯志。如果您考慮一下其規模，您會發現廣告是一個價值數十億美元的機會。我並不是為我們談論，而是在談論這種類型的廣告，我認為它仍處於早期階段。對我們來說，這個數字相當小，但它已經上升了，我認為同比增長了 4 倍，我們真的知道發生了什麼。

Yes. And I'll take the question on contra revenue incentives. I might start with, if you don't mind, bragging on our marketplace team a little bit. This is the team that manages this piece of our business every day. And clearly, since we've pivoted to the focus on competitively -- pricing competitively with the market, et cetera.

是的。我將回答關於稅收抵銷激勵的問題。如果你不介意的話，我可能會先吹噓一下我們的市場團隊。這是一個每天管理我們這部分業務的團隊。顯然，因為我們已經將重點轉向競爭性——與市場競爭的定價等等。

I think that team has just delivered masterfully. Keep in mind that we operate one of the most complex sort of real-time dynamic marketplaces that exist out there. And so as a consequence, we are going to be making dynamic decisions as it relates to both driver and rider incentives. But to give you a sense on the performance that, that team has delivered from a -- from a contra revenue per incentive perspective, we have become more efficient per ride in Q2, again in Q3.

我認為該團隊剛剛出色地完成了任務。請記住，我們經營著現有的最複雜的即時動態市場之一。因此，我們將做出動態決策，因為這與駕駛員和乘客的激勵有關。但為了讓您了解團隊所交付的績效，從每個激勵措施的相對收入角度來看，我們在第二季和第三季的每次騎乘效率都提高了。

We expect that to continue to get more efficient in Q4. So they've just done a masterful job at getting supply where it needs to be, doing a great job for drivers about sort of predicting the time and the places where we will see demand. And so I want to give that team a ton of credit. That being said, again, there's a dynamic nature here. So while on a contra revenue incentive in Q3 that got -- that definitely got more efficient.

我們預計第四季將繼續提高效率。因此，他們在滿足需求的供應方面做得非常出色，為司機在預測我們會看到需求的時間和地點方面做得很好。所以我想給予這個團隊很大的榮譽。話雖如此，這裡還是有一個動態的本質。因此，雖然在第三季進行了相反的收入激勵，但這肯定變得更有效率。

For example, on the rider side, we spent a little bit more, again, in a very targeted way, supporting our back-to-school efforts, which David highlighted. So that piece of the incentive structure is still quite small. It's less than 5% of revenue. But I highlight that just to give you a sense of how we will make those decisions in a reasonably dynamic way. But I'm really pleased with where we are overall in terms of the continued health in our marketplace and the balance that we see there.

例如，在騎手方面，我們再次以非常有針對性的方式多花一點錢，支持我們的返校工作，大衛強調了這一點。因此，激勵結構的這一部分仍然很小。這還不到收入的5%。但我強調這一點只是為了讓您了解我們將如何以合理動態的方式做出這些決定。但我對我們市場的持續健康發展和我們在那裡看到的平衡的整體狀況感到非常滿意。

Our next question comes from Michael (inaudible).

我們的下一個問題來自麥可（聽不清楚）。

For the question and also the additional disclosures. I was wondering your competitor has spoken to 1P insuring -- self-insuring versus 3P model. I would love to hear maybe a little bit about the pros and cons of each strategy and how you think about that going forward? When we did the meet and greet in the Bay Area, you spoke about it a little bit, keeping the insurance companies honest. But that would be great to learn a little bit more about how you're approaching that.

對於這個問題以及額外的披露。我想知道您的競爭對手是否談論過 1P 保險——自我保險與 3P 模式。我很想聽聽有關每種策略的利弊的一些信息，以及您如何看待未來的發展？當我們在灣區見面時，您談到了一點，讓保險公司保持誠實。但如果能更多地了解您是如何實現這一目標的，那就太好了。

Sure. For a number of years, what I would say is that we've had a mix -- a portion of our book that is self-insured and then a mix where we contract with third parties through relationships that extend over many, many partners we've been with for many, many years. And so we always look at this from a number of dimensions. One, obviously, ensuring that we are getting the best and most competitive rates. We now have about 10 years of data across the marketplace.

當然。多年來，我想說的是，我們已經有了一種混合——我們的書的一部分是自我保險的，然後是我們通過延伸到我們的許多合作夥伴的關係與第三方簽訂合同的混合。已經陪伴很多很多年了。因此，我們總是從多個維度來看這個問題。一，顯然，確保我們獲得最好和最具競爭力的價格。我們現在擁有整個市場大約 10 年的數據。

I think that helps give us a really informed point of view and set of previous experience, that helps us make smart decisions. We like the mix that we have today. Certainly, in terms of the portion of our book that we contract with third parties, that gives us certainty as it relates to cash flow. And so having that -- having that mix, we think, is a good portion of our business. So I wouldn't expect that, that total mix might move by a few percentage points on any given point in time in our renewal cycle. But I think overall, we're pretty pleased with the mix that we have, and we think it's a very, very competitive structure.

我認為這有助於為我們提供真正明智的觀點和一系列先前的經驗，從而幫助我們做出明智的決定。我們喜歡今天的組合。當然，就我們與第三方簽訂合約的部分而言，這給了我們與現金流相關的確定性。因此，我們認為，擁有這種組合是我們業務的重要組成部分。因此，我不希望在我們更新周期的任何給定時間點上，總組合可能會發生幾個百分點的變化。但我認為總的來說，我們對現有的組合非常滿意，我們認為這是一個非常非常有競爭力的結構。

I forgot to ask -- are you able to quantify like what percentage of total booking, taxes and tolls are.

我忘了問——你能量化一下總預訂量、稅金和通行費的百分比嗎？

The total pass-through as a percentage of total bookings, is that what you're asking, Michael?

總通過率佔總預訂量的百分比，這就是您要問的嗎，邁克爾？

Yes.

是的。

That's roughly 10%.

大約是 10%。

Our next question comes from John Blackledge from TD Cowen.

我們的下一個問題來自 TD Cowen 的 John Blackledge。

Two questions. First, could you talk about Lyft's competitive position in the third quarter in any geos where you might have seen some share gains? And then second, just any further color on the growth on the West Coast and kind of where it is, where the ride volume is relative to prepandemic levels.

兩個問題。首先，您能否談談 Lyft 第三季在您可能看到份額成長的任何地區的競爭地位？其次，關於西海岸增長的任何進一步的顏色以及它的情況，其中乘車量與大流行前的水平相關。

Yes. I'll say a little bit about the second and actually, Sonya you'll have to remind me. But West Coast grew fastest. I think it was actually our fastest-growing region in the third quarter. And I think a lot of that -- some of that was focused execution, frankly. We actually doubled down in a couple of markets to understand how to continue to grow those markets. Some of it's also secular. The West Coast has lagged a little bit in back to work.

是的。我會稍微談第二點，實際上，索尼婭，你必須提醒我。但西海岸成長最快。我認為這實際上是我們第三季度成長最快的地區。我認為其中很多——坦率地說，其中一些是集中執行。實際上，我們在幾個市場上加倍努力，以了解如何繼續發展這些市場。其中一些也是世俗的。西海岸的復工進度稍顯滯後。

But we see that coming across super strongly. I don't think we'll talk too much about the other regional stuff unless someone else in the room has anything stronger to say there. Yes. The only thing I would just say generally is -- it's very interesting. Our -- Lyft is both a North American ride share platform, of course. But it's also a very local rideshare platform.

但我們看到這種感覺非常強烈。我認為我們不會過多談論其他地區性的事情，除非房間裡的其他人有更強有力的說法。是的。我唯一想說的是——這非常有趣。當然，我們的 Lyft 既是北美的乘車共享平台。但它也是一個非常本地化的共乘平台。

And so we every week, we give you a little peek behind the curtain in our operational, we call it a weekly business review meeting, we really go all the way, we helicopter all the way up to what we see macro all the way down to the micro, what's going on in region A or region B and why might things be moving in unexpected directions. So the way we run the business is very much at levels. But I think rather than going to more detail, we'll just kind of leave it there.

因此，我們每週都會讓您稍微了解我們運營的幕後情況，我們稱之為每週業務審查會議，我們真的一路走來，我們一直直升到我們所看到的宏觀一直下降從微觀角度來看，A 區或B 區正在發生什麼，以及為什麼事情會朝著意想不到的方向發展。所以我們經營業務的方式非常有層次。但我認為我們不會討論更多細節，而是將其留在那裡。

This concludes our question-and-answer session. I will now turn the call back to the CEO, David Risher, for any closing comments.

我們的問答環節到此結束。現在，我將把電話轉回給執行長 David Risher，以徵求結束意見。

For sure. Thank you so much. And let me find my notes here. Yes. Thanks for joining us all. That's the main thing I wanted to say. I want to say a huge thank you to the Lyft team. Erin mentioned the marketplace team, but they're not alone. When you look at what we've been able to talk about today, it's only because of the amazing work so many of our team members have done, hugely, hugely appreciate that.

一定。太感謝了。讓我在這裡找到我的筆記。是的。感謝您加入我們大家。這就是我想說的主要內容。我想對 Lyft 團隊表達衷心的感謝。艾琳提到了市場團隊，但他們並不孤單。當你看看我們今天所談論的內容時，你會發現這只是因為我們許多團隊成員所做的出色工作，對此深表感謝。

We're a super customer obsessed. I think you heard us say that a whole bunch of times. Our focus is on creating a customer-obsessed financially healthy business. And our basic thesis is that customer session is what drives our profitable growth. We're really excited about the momentum we've seen and the growth we've seen in this past quarter, and we're looking forward to updating you on our business and progress in the new year. So thank you to all.

我們是一個超級迷戀客戶的人。我想你已經聽我們說過很多次了。我們的重點是創造一個以客戶為中心、財務健康的企業。我們的基本論點是，客戶會話是推動我們獲利成長的動力。我們對上個季度所看到的勢頭和成長感到非常興奮，我們期待向您介紹我們新一年的業務和進展。謝謝大家。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。