(LYFT) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Lyft Fourth Quarter and Full Year 2023 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 Lyft 2023 年第四季和全年財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

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

我現在想將會議交給投資者關係主管 Sonya Banerjee。索尼婭，你可以開始了。

Thank you.

謝謝。

Welcome to the Lyft earnings call for the fourth quarter and full year 2023. On the call today, we have our CEO, David Risher, and our CFO, Erin Brewer. Our President, Kristin Sverchek, is here for the Q&A session.

歡迎參加 Lyft 2023 年第四季和全年財報電話會議。在今天的電話會議上，我們的執行長 David Risher 和財務長 Erin Brewer 出席了電話會議。我們的總裁 Kristin Sverchek 出席問答環節。

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.

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。

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. 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 can be found in our earnings materials which are available on our IR website.

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。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 IR 網站上的收益資料中找到。

And with that, I'll pass the call to David.

然後我會把電話轉給大衛。

Thanks, Sonya, and good afternoon, everyone. Thank you for joining us.

謝謝，索尼婭，大家下午好。感謝您加入我們。

I am really proud of what Lyft accomplished in 2023. We supported more than 700 million rides and gross bookings reached an all-time high. Ride growth accelerated every quarter, ending the year up 26% in Q4 versus last year. More than 1 million drivers collectively earned over $8 billion using Lyft. We also had the highest annual ridership in our company's history and ride frequency growth was the strongest it's been since 2018 prior to our IPO.

我對 Lyft 在 2023 年的成就感到非常自豪。我們支持了超過 7 億次的出行，總預訂量達到了歷史最高水平。每季的乘車成長都在加速，第四季較去年成長了 26%。超過 100 萬名司機透過 Lyft 總共賺了超過 80 億美元。我們還實現了公司歷史上最高的年度乘客量，並且乘車頻率增長是自 2018 年 IPO 之前以來最強勁的。

Our team came together with a vision for how customer obsession can drive profitable growth. We set the goals, then we achieve them. So we're entering the new year with a lot of momentum. We're competing and executing really well, and we're giving drivers and riders great reasons to choose Lyft every day. Again, our thesis is that customer obsession drives profitable growth, and we're keeping our foot on the pedal to prove it this year.

我們的團隊齊心協力，共同致力於客戶至上如何推動獲利成長。我們設定目標，然後實現它們。因此，我們正以強勁的勢頭進入新的一年。我們的競爭和執行都非常出色，我們每天都為司機和乘客提供選擇 Lyft 的充分理由。同樣，我們的論點是，對客戶的執著會推動利潤成長，今年我們將繼續努力證明這一點。

To that end, we have 3 focus areas for 2024, and here they are; continuous innovation, rideshare perfection and partnership-driven growth. I'm going to walk through each of these and share a few examples that demonstrate how we're going about each. First, continuous innovation.

為此，我們為 2024 年制定了 3 個重點領域，具體如下：持續創新、共乘完美和合作夥伴驅動的成長。我將逐一介紹並分享一些範例來示範我們如何處理每個問題。一是持續創新。

One enormous advantage we have at Lyft is our focus on rideshare and on specifically creating the absolute best rideshare experience. Continuous innovation gives riders and drivers differentiated reasons to choose Lyft and increases their preference for using Lyft over our competitor. Women+ Connect is one great example. Since the launch back in September, roughly 2/3 of eligible riders -- excuse me, drivers and millions of active riders are using the feature and their feedback has been outstanding. Women+ Connect resonates with a lot of people. In fact, we have seen double-digit increases in driver referrals in markets where that feature has gone live. That's a great sign of strong product market fit.

Lyft 的一大優勢是我們專注於共乘，並專門創造絕對最佳的共乘體驗。持續創新為乘客和司機提供了選擇 Lyft 的不同理由，並提高了他們相對於競爭對手使用 Lyft 的偏好。 Women+ Connect 就是一個很好的例子。自 9 月推出以來，大約 2/3 的合格乘客（對不起，司機和數百萬活躍乘客）正在使用該功能，並且他們的反饋非常出色。 Women+ Connect 引起了許多人的共鳴。事實上，在該功能上線的市場中，我們已經看到司機推薦量出現了兩位數的成長。這是產品強大的市場契合度的一個重要指標。

I'll also point out we're the only rideshare company that offers this feature in the U.S. So if you're a woman or if you have a woman in your life, who prefers to ride or drive with another women, download the Lyft app, we're the only game in town. And some news, we're thrilled to announce that as of today, Women+ Connect is now available in every market across the United States, over 295 cities including Atlanta, Boston, Chicago, D.C., L.A. and of course, New York City. In fact, if you're in New York and out of the snow, check out our billboard in Times Square, if you can. Huge thank you to Christina Aguilera for being such a great advocate.

我還要指出的是，我們是美國唯一一家提供此功能的共乘公司。因此，如果您是女性，或者您的生活中有女性，並且更喜歡與其他女性一起乘車或開車，請下載 Lyft應用程序，我們是城裡唯一的遊戲。還有一些消息，我們很高興地宣布，截至今天，Women+ Connect 現已在美國每個市場推出，覆蓋超過 295 個城市，包括亞特蘭大、波士頓、芝加哥、華盛頓特區、洛杉磯，當然還有紐約市。事實上，如果您在紐約並且沒有下雪，請查看我們在時代廣場的廣告看板（如果可以的話）。非常感謝克里斯蒂娜·阿奎萊拉作為一位如此偉大的倡導者。

Another great example of how we're innovating is our new pay standard for drivers. We have made a commitment that Lyft drivers will earn at least 70% of rider payments each week after external fees. Most of Lyft riders earn more than that already, but there are instances where that's not the case. The rideshare industry talks a lot about driver earnings often in terms of averages. But with averages, some people walk away unhappy. That's why we've designed this as a guaranteed floor. Our intention is to set a standard for transparency, raise the earnings bar for our sector and further increase drivers preference for Lyft. In turn, that reduces prime time, which riders strongly dislike, it shortens ETAs and results in higher rider preference and usage of Lyft. That's what continuous innovation looks like.

我們創新的另一個很好的例子是我們新的司機薪資標準。我們承諾，扣除外部費用後，Lyft 司機每週將獲得至少 70% 的乘客付款。大多數 Lyft 乘客的收入已經超過這個數字，但在某些情況下並非如此。共乘產業經常以平均水平來談論司機的收入。但對於平均水平，有些人會不高興地離開。這就是為什麼我們將其設計為保證的底線。我們的目的是設定透明度標準，提高我們行業的收入標準，並進一步提高駕駛者對 Lyft 的偏好。反過來，這會減少乘客強烈不喜歡的黃金時間，它會縮短預計到達時間，並導致乘客對 Lyft 的偏好和使用率更高。這就是持續創新的樣子。

Our second focus area relates to the way we execute, what we call rideshare perfection. You've heard us talk a lot about customer discretion. Drivers and riders have very high standards. So we've put an enormous amount of effort into perfecting the rideshare experience and we'll do even more in 2024.

我們的第二個重點領域涉及我們的執行方式，即我們所謂的共享出行完美。您已經聽過我們很多關於客戶自由裁量權的討論。司機和騎士都有很高的標準。因此，我們投入了大量精力來完善共乘體驗，並且我們將在 2024 年做得更多。

Let me give you an example of this kind of perfection and how it drives our business. In mid-November, we launched our on-time pickup promise as part of our scheduled ride product. The idea was simple but ambitious. If you arrive to the airport -- didn't arrive within 10 minutes of your schedule pickup time, we would pay you up to $100, no questions asked. When we launched this product, we set an extraordinary, almost unreasonably high expectation or standard for ourselves to deliver, so high that we were even willing to cover the cost of a competitor's ride if we fail to deliver.

讓我舉一個例子來說明這種完美以及它如何推動我們的業務。 11 月中旬，我們推出了準時接送承諾，作為我們預定行程產品的一部分。這個想法很簡單但雄心勃勃。如果您未在預定接機時間 10 分鐘內到達機場，我們將無條件向您支付高達 100 美元。當我們推出這款產品時，我們為自己的交付設定了一個非凡的、幾乎不合理的高期望或標準，如此之高以至於如果我們無法交付，我們甚至願意承擔競爭對手的乘車費用。

The results have been remarkable. Of the more than 0.5 million rides that have fallen directly under this guarantee, we have had to cover just 2% at a cost of less than 0.01% of gross bookings. Helped by this guarantee, scheduled rides to the airport grew 37% year-on-year during Thanksgiving week. And remember that remediation statistic of 2%, over half of those riders took another Lyft ride in the following 30 days. Outcomes like these, particularly at our scale, are a testament to the level of operational excellence we are capable of and what the growth impact can be. The rideshare perfection is central to our plans to drive profitable growth in 2024 and beyond.

結果是顯著的。在直接受此保證的超過 50 萬次乘車中，我們只需要支付 2% 的費用，費用不到總預訂量的 0.01%。在這項保證的幫助下，感恩節期間前往機場的預定行程同比增長了 37%。請記住，根據 2% 的補救統計數據，超過一半的乘客在接下來的 30 天內再次搭乘 Lyft。這些結果，特別是在我們的規模上，證明了我們的卓越營運能力以及成長影響力。共乘服務的完善是我們推動 2024 年及以後獲利成長計畫的核心。

Finally, partnership-driven growth. Last year, approximately 20% of our rides had a direct connection to one of our partners. Lyft's ability to partner in mutually beneficial ways with other organizations is an underappreciated superpower that could unlock long-lasting new revenue streams and often with very attractive margins. This becomes clear when you look at the relationships we've established and how they've expanded over time. For instance, our Delta Airlines partnership began with Rider's Rewards, where you can get points. but we now also support their flight crews with our Lyft Pass commute solution. Universal Pictures brought media on our platform in Q4 to support the launch of Trolls 3, and now they're coming back to do even more in 2024.

最後，合作夥伴驅動的成長。去年，大約 20% 的遊樂設施與我們的合作夥伴之一直接相連。 Lyft 與其他組織以互利方式合作的能力是一種被低估的超級力量，可以釋放持久的新收入來源，而且往往具有非常有吸引力的利潤。當你看到我們已經建立的關係以及它們如何隨著時間的推移而擴展時，這一點就會變得清晰起來。例如，我們與達美航空的合作夥伴關係始於乘客獎勵，您可以在其中獲得積分。但我們現在也透過 Lyft Pass 通勤解決方案為他們的機組人員提供支援。環球影業在第四季度在我們的平台上引入了媒體來支持《魔髮精靈 3》的推出，現在他們將在 2024 年回歸，做更多的事情。

Our list of deep partnerships goes on and on and includes world-class brands like Starbucks, Disney, Amazon, Apple, and we've seen similar expansion across all of those. Partnering is rarely easy, but we've proven that we can be world-class at it. The work we're doing in each of these focus areas I just outlined, continuous innovation, rideshare perfection and partnership-driven growth will underpin our topline growth and margin expansion in 2024 and set the stage for strong financial performance beyond.

我們的深度合作夥伴名單不勝枚舉，其中包括星巴克、迪士尼、亞馬遜、蘋果等世界級品牌，而且我們在所有這些品牌中都看到了類似的擴張。合作絕非易事，但我們已經證明我們可以在這方面達到世界一流水平。我們在我剛才概述的每個重點領域所做的工作，即持續創新、共乘完善和合作夥伴驅動的成長，將支撐我們2024 年的營收成長和利潤率擴張，並為今後強勁的財務業績奠定基礎。

Now before I turn the call over to Erin, we have 2 important pieces of news to share. The first is we're hosting our first Investor Day in early June. It's going to be a great opportunity to see the incredible work we're doing and the amazing team behind it. And second, as lead into that event, we are providing directional commentary for our full year performance this year. The headline is that in 2024, we expect Lyft to generate positive free cash flow on a full year basis for the first time in our company's history. It's a huge milestone for us. I am very proud of all Lyft has achieved in 2023 and the first few weeks of 2024. As I said in the beginning, this will be the year that we prove customer obsession leads to profitable growth.

現在，在我將電話轉給艾琳之前，我們有兩個重要訊息要分享。首先，我們將在六月初舉辦首屆投資者日活動。這將是一個很好的機會來了解我們正在做的令人難以置信的工作以及背後令人驚嘆的團隊。其次，作為活動的前奏，我們將為今年的全年業績提供方向性評論。標題是，我們預計 Lyft 到 2024 年將在公司歷史上首次全年產生正的自由現金流。這對我們來說是一個巨大的里程碑。我對 Lyft 在 2023 年和 2024 年頭幾週所取得的成就感到非常自豪。正如我在開頭所說，今年我們將證明對客戶的痴迷會帶來利潤增長。

Over to you, Erin.

交給你了，艾琳。

Thanks, David. Good afternoon, everyone, and thanks for joining us today.

謝謝，大衛。大家下午好，感謝您今天加入我們。

I'm going to review our Q4 results as well as our Q1 outlook. I'll also share some directional commentary for the full year 2024. As a reminder, unless otherwise indicated, all income statement measures are non-GAAP and excludes select items, which are detailed in our earnings materials.

我將回顧我們第四季的業績以及第一季的前景。我也會分享2024 年全年的一些方向性評論。提醒一下，除非另有說明，否則所有損益表指標均為非GAAP 指標，並且不包括某些項目，這些項目在我們的收益資料中有詳細說明。

As David mentioned, 2023 was a year with some strong accomplishments at Lyft and we continued to build on that momentum in Q4. We are prioritizing operational excellence and seeing great results. Driver hours grew 47% year-over-year in Q4. This reflects strong engagement by existing drivers and meaningful growth in new drivers. So even while rider demand continued to increase, we were able to convert more ride intents into completed rides. The combination of these factors supported our accelerating rides growth along with improving service levels, including significantly less prime time year-over-year and faster ETAs. We ended the year healthier and stronger which is reflected in our financial performance.

正如 David 所提到的，2023 年 Lyft 取得了一些強勁成就，我們在第四季繼續鞏固這一勢頭。我們優先考慮卓越營運並取得巨大成果。第四季司機工作時間年增 47%。這反映出現有驅動因素的強烈參與以及新驅動因素的顯著成長。因此，即使乘客需求持續增加，我們也能夠將更多的騎乘意圖轉化為完成的騎乘。這些因素的結合支持了我們加速的遊樂設施成長以及服務水準的提高，包括黃金時段年比大幅減少和預計到達時間加快。我們以更健康、更強大的方式結束了這一年，這反映在我們的財務表現上。

And now to our fourth quarter results, which are consistent with the outlook we provided on our Q3 earnings call on November 8. We supported 191 million rides and 22.4 million active riders. Total rides grew 26% year-over-year, accelerating for the fourth quarter in a row with strength across use cases, particularly commute and nights out. Ride frequency, referring to the average number of rides per active rider, grew double digits year-over-year with rideshare-only frequency growing even faster. Gross bookings exceeded $3.7 billion, up 17% year-over-year. This reflects strong rides growth partially offset by lower prices year-over-year given our competitive focus and improving health of our marketplace. Revenue exceeded $1.2 billion, up 4% year-over-year, reflecting those same dynamics. Cost of revenue was $736 million, down 3% year-over-year as we lap the insurance reserve charge we took in the fourth quarter of 2022 that affected cost of revenue as well as G&A.

現在讓我們來看看第四季的業績，這與我們在 11 月 8 日的第三季財報電話會議上提供的前景一致。我們支援了 1.91 億次乘車和 2,240 萬名活躍乘客。總乘車次數較去年同期成長 26%，連續第四個季度加速成長，各用例表現強勁，尤其是通勤和夜間外出。乘車頻率（指每位活躍乘客的平均乘車次數）較去年同期成長兩位數，其中僅共乘頻率成長較快。總預訂量超過 37 億美元，年增 17%。這反映出，考慮到我們的競爭重點和市場健康狀況的改善，強勁的遊樂設施成長部分被同比較低的價格所抵消。營收超過 12 億美元，年增 4%，反映了同樣的動態。收入成本為 7.36 億美元，年減 3%，因為我們在 2022 年第四季收取的保險準備金費用影響了收入成本以及一般管理費用。

Operating expenses were $450 million, down 35% year-over-year. As a percentage of gross bookings, operating expenses were 12%, reflecting an improvement of roughly 10 percentage points versus Q4 of 2022 as we lap the charge I just mentioned along with savings from our recent cost restructuring actions. Adjusted EBITDA was $67 million, which as a percentage of gross bookings was 1.8%. I will remind you that our updated third-party insurance agreements went into effect at the beginning of Q4. The combination of higher rates along with slightly higher ride volumes quarter-over-quarter increased cost of revenue by approximately $100 million sequentially from the third quarter to the fourth quarter. However, we were able to offset around $75 million of these costs with savings largely generated through our healthier, more efficient marketplace.

營運費用為 4.5 億美元，年減 35%。營運費用佔總預訂量的百分比為 12%，與 2022 年第四季相比提高了約 10 個百分點，因為我們放棄了我剛才提到的費用以及我們最近的成本重組行動所節省的費用。調整後 EBITDA 為 6,700 萬美元，佔預訂總額的百分比為 1.8%。我要提醒您的是，我們更新的第三方保險協議已於第四季初生效。較高的費率加上環比略高的乘車量，使第三季至第四季的收入成本連續增加了約 1 億美元。然而，我們能夠抵消其中約 7500 萬美元的成本，主要是透過我們更健康、更有效率的市場節省下來的。

For the full year 2023, we generated $13.8 billion in gross bookings, up 14% year-over-year. Our adjusted EBITDA was $222 million, which as a percentage of gross bookings was 1.6%. We entered 2024 with a solid cash position with unrestricted cash, cash equivalents and short-term investments of approximately $1.7 billion. And in the fourth quarter, we generated positive free cash flow for the second time in our company's history.

2023 年全年，我們的總預訂量為 138 億美元，年增 14%。我們調整後的 EBITDA 為 2.22 億美元，佔預訂總額的百分比為 1.6%。進入 2024 年，我們擁有穩健的現金狀況，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。在第四季度，我們在公司歷史上第二次產生了正的自由現金流。

Now let me talk about what we expect in the first quarter. We expect gross bookings of $3.5 billion to $3.6 billion, up 15% to 18% year-over-year. We expect total rides growth of approximately 20% year-on-year. Consistent with the performance we saw in January, we expect healthy marketplace trends will result in a slight increase in the ratio of total revenue to total gross bookings in Q1.

現在讓我談談我們對第一季的預期。我們預計總預訂量為 35 億至 36 億美元，年增 15% 至 18%。我們預計總乘車量將年增約 20%。與我們一月份看到的表現一致，我們預計健康的市場趨勢將導致第一季總收入與總預訂量的比率略有上升。

As we move through the remainder of the quarter, our plan assumes continued operational excellence and focused execution, particularly related to key events like spring break and St. Patrick's Day. For the first quarter, we expect adjusted EBITDA of approximately $50 million to $55 million and an adjusted EBITDA margin as a percentage of gross bookings of roughly 1.4% to 1.5%.

在本季度剩餘時間裡，我們的計劃假設持續卓越營運和集中執行，特別是與春假和聖派翠克節等​​關鍵活動相關的計劃。對於第一季度，我們預計調整後 EBITDA 約為 5,000 萬至 5,500 萬美元，調整後 EBITDA 利潤率佔總預訂量的百分比約為 1.4% 至 1.5%。

Next, I'm going to provide some directional commentary for full year 2024 to help you understand what we're working toward longer term. What we've seen over the past 3 quarters is people are getting out more and connecting with the world around them. They're commuting, traveling, heading to events and gathering with family and friends. Based on what we're seeing and hearing, our expectation is that these trends will continue and, as a result of the rideshare backdrop, will remain healthy.

接下來，我將為 2024 年全年提供一些方向性評論，以幫助您了解我們的長期目標。在過去的三個季度中，我們看到人們越來越多地外出並與周圍的世界建立聯繫。他們通勤、旅行、參加活動以及與家人和朋友聚會。根據我們所看到和聽到的情況，我們預計這些趨勢將持續下去，並且由於共乘的背景，將保持健康。

As David discussed, we're working to give drivers and riders more great reasons to choose Lyft. We believe this work will result in more efficient driver and rider acquisition, higher levels of retention and engagement and incremental revenue streams with attractive margins. With these factors in mind for the full year 2024, we expect total rides growth year-over-year to be in the mid-teens. Additionally, we expect modest growth in the ratio of gross bookings per ride as we continue to operate competitively with the market. As a result, we expect gross bookings in absolute terms will grow slightly faster than rides on a year-over-year basis.

正如 David 所討論的，我們正在努力為司機和乘客提供更多選擇 Lyft 的理由。我們相信這項工作將帶來更有效率的司機和乘客獲取、更高水準的保留和參與度以及增量收入流和有吸引力的利潤。考慮到 2024 年全年的這些因素，我們預計總乘車量將同比增長將在十幾歲左右。此外，隨著我們繼續與市場競爭，我們預計每次行程的總預訂量比例將適度增長。因此，我們預計總預訂量的絕對成長速度將略快於乘車量的年成長速度。

The combination of topline growth, operational excellence and continued cost discipline with the full year impact of our more efficient cost structure is expected to drive approximately 50 basis points of expansion in our adjusted EBITDA margin as a percentage of gross bookings to 2.1%. In 2024, we also expect to generate positive free cash flow for the full year for the first time. This is an important milestone for Lyft. Relative to 2023, there are 3 key drivers that support our free cash flow plan, higher levels of adjusted EBITDA, reduced capital expenditures since our planned bike share fleet electrification upgrades are now mostly complete. And finally, reduced cash outflows related to the change in working capital largely reflecting the maturity of our insurance program.

營收成長、卓越營運和持續的成本控制與我們更有效率的成本結構對全年的影響相結合，預計將推動我們調整後的EBITDA 利潤率（佔總預訂量的百分比）擴大約50 個基點，達到2.1%。 2024年，我們也預計全年將首次產生正的自由現金流。這是 Lyft 的一個重要里程碑。相對於 2023 年，有 3 個關鍵驅動因素支持我們的自由現金流計劃、更高水準的調整後 EBITDA、減少資本支出，因為我們計劃的自行車共享車隊電氣化升級現已基本完成。最後，與營運資本變化相關的現金流出減少在很大程度上反映了我們保險計劃的成熟度。

Let me spend just one more moment on that last point. Our current insurance risk transfer structure is entering its fifth year, and we've now worked down the vast majority of our legacy exposure to periods where we were largely self-insured. As a result, we are now in a place where our insurance-related accruals and our insurance-related cash payments are expected to be more balanced than they've been over the past few years. I would note that our quarterly free cash flow trends will vary, so I'd encourage you to focus on the full year. To give you some sense of the level of free cash flow we anticipate for the full year 2024, we expect that roughly half of adjusted EBITDA dollars will convert to free cash flow.

讓我再花一點時間談談最後一點。我們目前的保險風險轉移結構已進入第五年，我們現在已經將絕大多數遺留風險降低到我們基本上是自我保險的時期。因此，我們現在的保險相關應計費用和保險相關現金支付預計將比過去幾年更加平衡。我要指出的是，我們的季度自由現金流趨勢會有所不同，因此我鼓勵您專注於全年。為了讓您了解我們預計 2024 年全年的自由現金流水平，我們預計大約一半的調整後 EBITDA 美元將轉換為自由現金流。

With that, I'll bring our prepared remarks to a close. Our team did incredible work last year to establish a strong foundation for profitable growth. In 2024, our priorities are clear. We're focused on drivers and riders and we're excited to continue to build and innovate. It all adds up to one theme. We are building a customer-obsessed, financially strong business. I look forward to introducing you all to more of our management team and to having a more in-depth discussion at our Investor Day in June.

至此，我準備好的發言就結束了。我們的團隊去年做了令人難以置信的工作，為獲利成長奠定了堅實的基礎。 2024 年，我們的優先事項很明確。我們專注於駕駛員和騎手，我們很高興能夠繼續建造和創新。所有這些都構成一個主題。我們正在建立一個以客戶為中心、財務實力雄厚的企業。我期待著向大家介紹我們更多的管理團隊，並在六月的投資者日進行更深入的討論。

Operator, we're now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions). Your first question comes from the line of Mark Mahaney from Evercore ISI.

（操作員說明）。你的第一個問題來自 Evercore ISI 的 Mark Mahaney。

Okay. I'd like to ask 2 product questions, please. This on-time pickup promise, that sounds very promising, if you will, sorry about that. But talk about the adoption of scheduled rides, the proliferation of scheduled rides, how big that is and to what extent you want to try to push that broader because I think the economics are usually better for you and there are good benefits in there for riders and for drivers, so talk about that. And then also on the ad side, I know that's very early stage for you, but do you want to help us think about how big -- given the testing and the learning you've had so far, how big you think that could be for Lyft over time?

好的。我想問 2 個產品問題。這個準時接載的承諾，聽起來很有希望，如果你願意的話，對此感到抱歉。但是，談談計劃乘車的採用、計劃乘車的激增、其規模有多大以及您希望在多大程度上嘗試將其擴大到更廣泛的範圍，因為我認為經濟通常對您來說更好，並且對乘客來說有很好的好處對於司機來說，那就談談這個吧。然後在廣告方面，我知道這對您來說還處於非常早期的階段，但是您是否想幫助我們考慮一下有多大——考慮到您迄今為止所進行的測試和學習，您認為這可能有多大隨著時間的推移，Lyft 會怎麼樣？

I'll take it, Mark. And yes, Aaron and I will tag team on some stuff, but this one I would not probably take. So scheduled rides, it's an amazing product, and it's one we've invested in a ton. And as you heard me say, the fact that we can guarantee to sort of the 98% plus reliability level. Scheduled ride, I think, speaks really well both to our operational excellence, but also to the potential of the product. So right now, only about 5% of our rides are scheduled. Great upside because as you mentioned, it has nice economics. Disproportion of those are to the airport. But if you think about it, Monday morning comes around, you got to get to the office. There's really no reason for you to be doing on-demand rideshare at that minute if you know the night before you have to get to the office. Bad weather comes around, we can forecast that just like you can. So really no reason for you not to schedule a ride upfront there.

我會接受的，馬克。是的，亞倫和我會在一些事情上標記團隊，但我可能不會接受這個。如此預定的遊樂設施，這是一個了不起的產品，我們對此投入了大量資金。正如您所聽到的，我們可以保證達到 98% 以上的可靠性水準。我認為，預定的行程不僅體現了我們的卓越運營，也體現了產品的潛力。所以現在我們只安排了大約 5% 的行程。巨大的優勢，因為正如您所提到的，它具有良好的經濟效益。其中不成比例的是去機場的。但如果你想一想，週一早上到了，你必須去辦公室。如果你在前一天晚上就知道必須去辦公室，那麼你真的沒有理由在那一刻進行按需共乘。惡劣天氣即將來臨，我們可以像您一樣進行預測。所以你真的沒有理由不提前安排乘車去那裡。

So we actually see there are a lot more use cases building on this infrastructure we built, and then there's a lot of upside again, for riders but also for drivers because drivers do get paid more. In fact, quick aside, we just did a release last week, and we're now paying drivers to wait as well, which is something that drivers really care about. So it's a good win-win.

因此，我們實際上看到有更多的用例建立在我們建造的基礎設施上，然後對於乘客和司機來說又有很多好處，因為司機確實得到了更多的報酬。事實上，先不說，我們上週剛發布了一個版本，現在我們也向司機支付等待費用，這是司機真正關心的事情。所以這是一個很好的雙贏。

On our second question on media, again, so much opportunity, so much opportunity. I think, if I'm not mistaken, I think our Q4 media business was bigger than what it was in all of the prior year 2022. And the reason for that is brands are hungry for new ways to connect with their -- with their customers. And for the moment a person asks for a Lyft, you get sort of this masking screen. And if you used Lyft recently, which, of course, I hope you have, you may well have seen an ad. We actually had almost sold out, I think, ad run around Super Bowl and so on and so forth. So anyway, you get an ad there. And then if you're in the car, you're in the car for some 7 to 10 to 12 minutes and people tend to check their app, actually, to be more precise, the average ride, the typical ride is more like 15 minutes. And people look at their phone about 9 times during that 15 minutes. They're very sort of open and receptive to high-quality content.

關於我們關於媒體的第二個問題，機會太多了，機會太多了。我認為，如果我沒記錯的話，我認為我們第四季度的媒體業務比2022 年全年的規模還要大。原因是品牌渴望新的方式來與他們的——與他們的——建立聯繫。顧客。當一個人要求使用 Lyft 時，你會看到這種屏蔽畫面。如果您最近使用過 Lyft（當然，我希望您使用過），那麼您很可能已經看到了廣告。我認為，我們實際上幾乎已經賣完了，圍繞著超級盃等等進行廣告投放。所以無論如何，你都會在那裡看到廣告。然後，如果你在車裡，你在車裡待了大約 7 到 10 到 12 分鐘，人們傾向於檢查他們的應用程序，實際上，更準確地說，平均行程，典型的行程更像是 15分鐘。人們在這 15 分鐘內查看手機約 9 次。他們非常開放並樂於接受高品質的內容。

And so we're working really closely with the Disneys of the world, the Universals of the world, the Apple computers of the world and so on and so on to produce very, very high quality content. We've actually just released a video ad unit as an example, that we think is going to be captivating, engaging, interesting to riders and obviously has good margin characteristics. By the way, we hope to be able to share some of those economics back with drivers as well, particularly for the in tablets or the in-car tablet use case, which we've got about 9,000 tablets out there. So anyway, a lot more to talk about here, but we're super excited about it. Just the numbers are fairly small now, but we've got big aspirations.

因此，我們正在與世界各地的迪士尼、世界各地的環球影業、世界各地的蘋果電腦等等密切合作，以製作非常非常高品質的內容。實際上，我們剛剛發布了一個視頻廣告單元作為示例，我們認為它將對騎手來說具有吸引力、吸引力和趣味性，並且顯然具有良好的利潤特徵。順便說一句，我們也希望能夠與司機分享其中的一些經濟效益，特別是對於平板電腦或車載平板電腦用例，我們已經有大約 9,000 台平板電腦。不管怎樣，這裡還有很多值得討論的內容，但我們對此感到非常興奮。現在的數字還很小，但我們有遠大的抱負。

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

您的下一個問題來自伯恩斯坦的 Nikhil Devnani。

Thanks for the directional '24 commentary as well. Can we just please clarify the EBITDA margin expansion? I think the slide say 500 basis points. But Erin, you mentioned 50. So I think it is 50, but if you could just clarify that again, please? And then can you talk about the underlying assumptions even if it is 50 between kind of the gross margin and the OpEx levers at your disposal? Where do you kind of see the most room for that leverage to come through?

也感謝 '24 的定向評論。我們能否澄清一下 EBITDA 利潤率擴張？我認為幻燈片顯示的是 500 個基點。但是艾琳，你提到了 50。所以我認為是 50，但你能再澄清一下嗎？然後你能談談基本假設嗎，即使毛利率和你可以使用的營運支出槓桿之間是 50？您認為這種槓桿作用的最大空間在哪裡？

Thanks, Nikhil. This is Erin. And this is actually a correction from the press release. You're correct in my prepared remarks, I referenced 50 basis points of margin expansion. So if you look at our full year performance of 2023 at 1.6%, you can translate that into approximately 2.1% in terms of our directional commentary in 2024. And so I think your second question was more about growth levers as we see them for 2024. And I'm happy to talk about that, but I might also turn it over to David just to start and set the stage.

謝謝，尼基爾。這是艾琳。這實際上是對新聞稿的更正。你在我準備好的言論中是正確的，我提到了利潤率擴張 50 個基點。因此，如果你看看我們2023 年全年的表現為1.6%，你可以根據我們2024 年的方向評論將其轉化為約2.1%。所以我認為你的第二個問題更多的是關於我們在2024 年看到的成長槓桿. 我很高興談論這一點，但我也可能會將其交給大衛，只是為了開始並奠定基礎。

Yes, why don't we tag team on this for you, Nikhil. By the way, I read your report last week. So anyway, I'm going to zoom out for a second because it sort of gives us the opportunity to speak a little big picture of where we're going -- what we see and where we're going. And we talk about growth broadly speaking. So at the topline, first of all, we see actually super healthy industry dynamics and frankly, good sector growth. Back to work is definitely a thing, travel is definitely a thing, all the macro trends that you see, and we look pretty closely and try to detect any reasons to worry. And really just can't -- again, not your question, but just to sort of set the stage, I really can't find much to worry about there. A lot of sort of growth that's just coming some from post-COVID and some from just the fact that we've got a great service and people are adopting it.

是的，我們為什麼不為你標記團隊呢，尼基爾。順便說一句，我上週讀了你的報告。所以無論如何，我要稍微縮小一下範圍，因為這讓我們有機會對我們要去的地方有一個大致的了解——我們看到了什麼以及我們要去哪裡。我們廣義上談論成長。因此，首先，我們看到實際上超級健康的行業動態，坦白說，行業成長良好。重返工作崗位絕對是一件事，旅行也絕對是一件事，你看到的所有宏觀趨勢，我們都會仔細觀察並試圖找出任何令人擔憂的原因。真的不能——再說一次，這不是你的問題，但只是為了奠定基礎，我真的找不到太多值得擔心的地方。許多成長只是來自後新冠疫情，有些只是因為我們擁有出色的服務並且人們正在採用它。

So then when we sort of go down a level, and again, of course, I talked about the continuous innovation and rideshare perfection and the partnership-driven growth, I think each of those, both individually and collectively really add to a very, very strong growth story on the side. Now I think, Nikhil, and you'll have to refresh my memory, we've been a while already since you asked the question, we've been blabbing here. Maybe just rephrase the end of that question, we'll sort of kind of hit over that more directly.

因此，當我們下降一個級別時，當然，我再次談到了持續創新和乘車共享完善以及合作夥伴關係驅動的增長，我認為其中每一個，無論是單獨還是集體，都確實增加了非常非常側面有強勁的成長故事。現在我想，尼基爾，你必須刷新我的記憶，自從你問這個問題以來我們已經有一段時間了，我們一直在這裡閒聊。也許只是重新表達這個問題的結尾，我們會更直接地解決這個問題。

Yes, thanks David for the topline color. Yes, I was just trying to get a better sense of the core margin drivers at your disposal and really how you're thinking about the evolution of gross margin as well as OpEx leverage to kind of get to that 50 basis points of expansion as the year goes on?

是的，謝謝大衛提供的頂線顏色。是的，我只是想更好地了解您可以使用的核心利潤驅動因素，以及您如何真正考慮毛利率和營運支出槓桿的演變，以實現 50 個基點的擴張。年還在繼續嗎？

Yes, love it. Yes. Erin will grab it now.

是的，喜歡它。是的。艾琳現在會抓住它。

Yes. Thanks, Nikhil. So first and foremost, to reiterate a little bit of what David said. As we came through the back half of 2023, we saw real health building in the U.S. rideshare market, with trends I mentioned related to travel, commute, et cetera. And against that backdrop, we executed really, really well. And so as we look into 2024, we see the same healthy backdrop as we think about rides growth, and David touched on some of the pillars and the way that we think about that overall. So we not only see that rise in gross bookings growth but we see that growing in an efficient way.

是的。謝謝，尼基爾。首先，重申大衛所說的話。進入 2023 年下半年，我們看到美國共乘市場真正健康發展，我提到的趨勢與旅行、通勤等相關。在這種背景下，我們執行得非常非常好。因此，當我們展望 2024 年時，我們看到了與我們思考遊樂設施成長相同的健康背景，大衛談到了一些支柱以及我們整體思考的方式。因此，我們不僅看到總預訂量成長，而且看到其以有效的方式成長。

So I touched on some of my remarks on some of the trends we're seeing both on the driver side, right, drivers choosing to drive more with Lyft, spending more hours with Lyft. That really contributes to the efficiency, the way that we efficiently run our marketplace. And David touched on things like partners expanding with Lyft. And so those are areas that we continue to see growth overall. And then as you think about leverage as we engage in a much more efficient way, that creates an opportunity.

因此，我談到了我對司機方面所看到的一些趨勢的一些評論，即司機選擇更多地使用 Lyft 開車，花更多的時間在 Lyft 上。這確實有助於提高效率，提高我們有效營運市場的方式。 David 談到了與 Lyft 合作拓展合作夥伴等議題。因此，這些領域我們整體上持續成長。然後，當你想到我們以更有效的方式參與時的槓桿作用時，這就創造了機會。

And then to your point, as we think about operating expenses, we obviously took the significant cost reductions in 2023. And our directional comments for 2024 really are grounded in continued operating expense discipline. So even as we are able to grow the topline, engage more efficiently with the market, et cetera, we retain that operating expense discipline. And our plan does contemplate on the insurance side. We have great visibility into the first 9 months given our renewals at the beginning of the fourth quarter of last year, but we are contemplating some increases in the back part of the year that is fully contemplated in the directional guide that we've provided. But we think we have a number of different levers on which we can continue to expand EBITDA margins into the full year.

然後就你的觀點而言，當我們考慮營運費用時，我們顯然在 2023 年大幅削減了成本。我們對 2024 年的方向性評論確實基於持續的營運費用紀律。因此，即使我們能夠增加營收、更有效地參與市場等等，我們仍保留營運費用紀律。我們的計劃確實考慮了保險方面。鑑於去年第四季初的續訂，我們對前 9 個月的情況有很大的了解，但我們正在考慮在今年下半年進行一些成長，這在我們提供的方向指南中得到了充分考慮。但我們認為我們有許多不同的槓桿可以繼續擴大全年的 EBITDA 利潤率。

I'm going to go a little wider on this one. So because we just -- there's a lot of interesting opportunities. So Mark asked a question about Priority Pickup and -- actually not Priority Pickup, for our scheduled rides, which is a slightly higher margin product. Priority Pickup, there's another -- Extra Comfort is another, we've talked about that a couple of times. We launched that in October. It's a slightly premium priced product, $1 or $2, call it, but our costs are not significantly different. So if you look at mix, lots of opportunity there. And then, again, back to the point of media, that's a very high-margin business for us as well as a lot of our partner originated rides. So I'd say a lot of our focus so far has really been on that growing topline in a very efficient way and in a sort of a structured financially strong way. We got real opportunity on the margin side, which is reflected in the remarks that Erin just made.

我將在這個問題上講得更廣泛一些。因為我們——有很多有趣的機會。因此，馬克問了一個關於優先接載的問題，實際上不是優先接載，對於我們的預定行程，這是一個利潤率稍高的產品。優先接載，還有另一個——額外舒適是另一個，我們已經討論過幾次了。我們於 10 月推出了該項目。這是一款價格稍高的產品，1 美元或 2 美元，可以這麼說，但我們的成本並沒有顯著差異。因此，如果你看看混合，你會發現有很多機會。然後，再次回到媒體的話題，這對我們以及我們的許多合作夥伴原創遊樂設施來說是一項利潤率非常高的業務。所以我想說，到目前為止，我們的大部分重點實際上是以一種非常有效的方式和一種結構性的、財務上強大的方式來成長的收入。我們在邊緣方面獲得了真正的機會，這反映在艾琳剛剛發表的言論中。

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

您的下一個問題來自摩根大通的 Doug Anmuth。

This is Wes on for Doug. Regarding the rides growth in mid-teens in '24, how should we think about kind of the pace of deceleration from 20% from here?

這是韋斯為道格代言的。關於 24 年中青少年的乘車量成長，我們該如何看待從現在起 20% 的減速速度？

So we -- Wes, thanks for the question. We're not in a position really to talk about the quarterly sequencing. But we've talked about our assumption in terms of rides growth for the full year in the mid-teens. And we've also provided guidance for Q1 that rides will grow approximately 20% year-over-year. And just as a reminder, we are lapping that 20% assumed lapping of the prior year where we weren't fully operating in sort of the more competitive way that really started for the full quarter in the second quarter of 2023. So hopefully, that gives you some context for how we guided to Q1 and maybe how to think about that in the context for the full year of 2024.

所以我們——韋斯，謝謝你的提問。我們無法真正談論季度排序。但我們已經討論過我們對全年遊樂設施成長在十幾歲左右的假設。我們也為第一季提供了指導，乘客量將年增約 20%。提醒一下，我們正在研磨 20% 的假設研磨前一年，我們並沒有以更具競爭力的方式全面運營，這種方式實際上是在 2023 年第二季度的整個季度開始的。所以希望，為您提供了我們如何指導第一季度的背景信息，以及如何在2024 年全年的背景下思考這一點。

So if I could ask just one more on Women+ Connect, you've seen a lot of success there. Great to see. Are you seeing kind of any incremental like share gains like whether that be on the driver side or the rider side kind of as a result? Or maybe is that a little too early to tell?

因此，如果我能在 Women+ Connect 上再問一個問題，您已經看到了那裡的巨大成功。很高興看到。您是否看到任何增量，例如份額收益，例如，無論是在駕駛員方面還是在騎手方面？還是現在說還太早？

Yes. Thanks for the question. A couple of things there. I'll just say sort of directionally. First just to level set for everyone. We launched it at the end of last year, it was first in 5 markets than it was in 55 markets now, just as of today, it's in over 200 markets. So obviously, from an overall volume perspective, it's still fairly small. But from a product market fit perspective, it's super, super good, and frankly, sort of off the charts type of thing. If there aren't many features that you launch for example, that have something like a 98% driver acceptance rate and no one turns it off once it's on. And so those are the types of early indicators we look for.

是的。謝謝你的提問。有幾件事。我就直接說一下吧。首先只是為每個人設定水平。我們在去年年底推出了它，它首先在 5 個市場推出，而現在是 55 個市場，截至今天，它已在 200 多個市場推出。顯然，從整體體積來看，它仍然相當小。但從產品市場契合度的角度來看，它非常非常好，坦白說，有點破紀錄。例如，如果您推出的功能不多，驅動程式接受率約為 98%，一旦開啟就沒有人將其關閉。這些就是我們正在尋找的早期指標類型。

I mentioned the fact that drivers are now referring Lyft to other potential drivers. These are women drivers referring to potential new drivers. And back to that margin expansion point, roughly speaking, if we have higher density, we have higher margins because of the way the sort of the structure of rides go. So anyway, that's very good.

我提到過，司機現在正在將 Lyft 推薦給其他潛在司機。這些是女司機，指的是潛在的新司機。回到利潤擴張點，粗略地說，如果我們有更高的密度，我們就會因為遊樂設施的結構方式而擁有更高的利潤。無論如何，這非常好。

I don't know if we mentioned we've done about 7 million rides so far Women+ Connect just in the last couple of months, just in those 55 markets. And we expect, obviously, that to accelerate quite a bit now that we're nationwide. So nothing specific to share, but really good product market fit. And as I always say, if you look at the sort of the social media commentary or frankly, ask your wife or your daughter or a women in your life, whether they think this is a good thing, you'll, I think, probably hear a very good, very good response.

我不知道我們是否提到過，就在過去的幾個月裡，Women+ Connect 到目前為止，我們已經在這 55 個市場完成了大約 700 萬次騎行。顯然，我們預計，既然我們已經在全國範圍內，這一速度將會加快。所以沒有什麼具體可以分享的，但確實是很好的產品市場契合度。正如我常說的，如果你看一下社交媒體評論，或者坦率地說，問問你的妻子、你的女兒或你生活中的女性，她們是否認為這是一件好事，我想，你可能會聽到非常非常好的回應。

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

您的下一個問題來自 TD Cowen 的 John Blackledge。

Two questions. First, on the 2024 free cash flow. Can you just remind us again the drivers of the 50% EBITDA conversion into free cash flow in '24? And is that kind of sustainable going forward that conversion rate? Or should we expect it to perhaps rise as we go forward? And then second question is on the customer experience. With the ETAs and Primetime kind of improving, could we see further incremental improvements in both of those consumer experience metrics in 2024?

兩個問題。首先，關於2024年的自由現金流。您能否再次提醒我們 24 年 50% 的 EBITDA 轉化為自由現金流的驅動因素？這種轉換率是否可持續發展？或者我們應該預期它會隨著我們的前進而上升？第二個問題是關於客戶體驗。隨著預計抵達時間和黃金時段的改善，我們能否在 2024 年看到這兩個消費者體驗指標進一步逐步改善？

Thanks so much, John, I'll start with the first question and then turn it over to David.

非常感謝，約翰，我將從第一個問題開始，然後將其交給大衛。

So as we mentioned in our prepared remarks, very pleased to give this directional commentary on free cash flow for 2024. From where we sit today, we believe we've reached a turning point, and it's an important milestone overall for our company. In terms of what's driving that, first and foremost, obviously, just operating a healthier business, right? We've got adjusted EBITDA growth and expansion year-over-year. And then I talked a little bit about the transition with respect to our insurance program. So there was a period of time in our history where we were largely fully self-insured. As insurance works, it can take up to 7 years for claims to fully resolve. Now while we did transition to our risk transfer structure about 5 years ago, and we are at the tail end of the legacy book, it's not fully resolved. And so again, meaningful progress this year, but there's still some resolution of that legacy book to go. So I think you can think about that somewhat in the free cash flow conversion, if you will, directional commentary we've given for 2024.

正如我們在準備好的發言中提到的，非常高興對2024 年自由現金流做出這一方向性評論。從我們今天的立場來看，我們相信我們已經到達了一個轉折點，這對我們公司來說是一個重要的里程碑。就驅動因素而言，首先也是最重要的是，顯然，只是經營更健康的業務，對嗎？我們的調整後 EBITDA 年成長和擴張。然後我談到了我們保險計劃的過渡。因此，在我們的歷史上有一段時間，我們基本上是完全自我保險的。隨著保險的發揮，索賠可能需要長達 7 年的時間才能完全解決。現在，雖然我們在大約 5 年前確實過渡到了風險轉移結構，而且我們正處於遺留書的末尾，但它還沒有完全解決。再說一遍，今年取得了有意義的進展，但那本遺留書仍有一些解決方案需要解決。因此，如果您願意的話，我認為您可以在自由現金流轉換中考慮我們為 2024 年提供的方向性評論。

The last thing that I would say is, I obviously touched on our capital expenditures moderating year-over-year. This is largely because we invested in 2023 in updating our bike fleet across our bike and scooters business. And we've got a much larger mix of e-bikes that allows us to -- first of all, riders love them. Second of all, it allows us to be more efficient, and that's a higher margin ride overall and just frankly, an overall better experience for riders. So while most of that investment and deployment happened in 2023, there's still some more to come in 2024.

我要說的最後一件事是，我顯然談到了我們的資本支出逐年放緩。這主要是因為我們在 2023 年投資更新了自行車和踏板車業務的自行車車隊。我們擁有更廣泛的電動自行車組合，這使我們能夠——首先，騎士喜歡它們。其次，它使我們能夠提高效率，總體而言，騎行利潤更高，坦白說，總體上為騎手提供了更好的體驗。因此，雖然大部分投資和部署發生在 2023 年，但 2024 年仍有更多投資和部署。

So hopefully, that gives you some additional color on free cash flow and a little bit about how we're thinking of the conversion for 2024. The bottom line is, again, we feel we've reached a turning point and we're very focused on improving from here.

因此，希望這能讓您對自由現金流有一些額外的了解，並了解我們如何考慮 2024 年的轉換。最重要的是，我們再次認為我們已經到達了一個轉折點，我們非常高興專注於從這裡改進。

Let me pick up on that, speaking of improving from here. So I'll give you some data about what we've seen and then maybe directionally in the future. What we've seen -- and you mentioned ETA specifically as well as Primetime. So ETAs actually got faster in Q4 quarter-over-quarter and year-over-year than they've been before. So we saw a really nice directional improvement there. Primetime, I can actually be more precise, we saw about a 40% reduction in the share of rides affected by Primetime in Q4, again year-on-year. So really significant, meaningful changes in both.

讓我繼續談談從這裡開始的改進。因此，我將向您提供一些有關我們所看到的數據，然後可能是未來的方向。我們所看到的—您特別提到了預計到達時間以及黃金時段。因此，第四季度的預計到達時間實際上比以前更快。所以我們在那裡看到了非常好的方向性改進。黃金時段，我實際上可以更準確地說，我們看到第四季度受黃金時段影響的乘車比例再次同比下降了約 40%。兩者都發生了非常重大、有意義的變化。

So the other question is how much further is there to go? And this is an area -- look, there's a little personal story. I just finished the book recommended to me by a colleague here called "Unreasonable Expectations." And my expectations are unreasonable. I will continue to push us very hard on this. And the team, I hope, is energized by it because as you've seen with things like the on-time pickup promise, when we really focus on doing something, even at the scale we are, like just as a reminder, we're doing 2 million rides a day. What I think I sometimes comment on the roof here is I look at an airline like a Delta Airlines, 2,000 or 3,000 or 4,000 flights a day. Now obviously, they're shipping on a lot of people, there are 180, 200 passenger in jets. But still, the scale that we're working at is really quite large. And so I remind our team while it's large, we -- it's no excuse. We still have to do just an unreasonably good job every day. So I don't want to speculate how much further we can go, but I will say we're quite focused on perfection. That's not a word we chose cavalierly.

那麼另一個問題是還有多遠的路要走？這是一個領域——看，有一些個人故事。我剛剛讀完一位同事向我推薦的書《不合理的期望》。我的期望是不合理的。我將繼續在這方面大力推動我們。我希望團隊會因此而充滿活力，因為正如您所看到的準時取貨承諾之類的事情，當我們真正專注於做某事時，即使是在我們的規模上，就像提醒一樣，我們'每天騎200 萬次。我想我有時在這裡的屋頂上評論的是我看到像達美航空這樣的航空公司，每天有 2,000 或 3,000 或 4,000 個航班。現在顯然，他們運送了很多人，飛機上有180、200名乘客。但我們目前的工作規模確實相當大。所以我提醒我們的團隊，雖然規模很大，但我們——這不是藉口。我們每天仍然必須把工作做得非常好。所以我不想猜測我們還能走多遠，但我會說我們非常注重完美。這並不是我們隨意選擇的一個詞。

Your next question comes from the line of Alec Brondolo from Wells Fargo.

您的下一個問題來自富國銀行的亞歷克·布隆多洛 (Alec Brondolo)。

Two for me. I guess, why is now the right time to establish a 70% minimum driver payout threshold? It seems like all of the commentary suggests that industry supply trends are extremely healthy. And so I think that stands a little bit in contrast with increasing capacity. So just any commentary on the timing, I think, would be really interesting.

給我兩個。我想，為什麼現在是設立 70% 駕駛最低賠付門檻的最佳時機？似乎所有評論都表明行業供應趨勢非常健康。所以我認為這與增加容量有點相反。因此，我認為，對時間安排的任何評論都會非常有趣。

And then maybe secondly, if I could ask one on insurance. You guys indicated correctly that you've been mixing the business towards risk transfer. Obviously, in the U.S., your primary competitor Uber has been moving in the other direction. They've been shifting their business towards captive insurance. I guess how can we explain the differential in strategy there? I mean is there any concern that they're going to build a structural cost advantage over Lyft by leveraging the captive insurance muscle?

其次，也許我可以問一下保險方面的問題。你們正確地表明，你們一直在將業務與風險轉移混合在一起。顯然，在美國，你的主要競爭對手優步一直朝著另一個方向發展。他們一直在將業務轉向自保保險。我想我們該如何解釋策略上的差異呢？我的意思是，是否有人擔心他們會利用自保保險實力來建立相對於 Lyft 的結構性成本優勢？

Yes. Let's -- we'll do one-on-one on that. I'll start with the first.

是的。讓我們——我們將進行一對一的討論。我將從第一個開始。

So I mean a couple of things there. So actually, I'll start with an old chest tide. The best time to replace your roof is when the sun is shining. So we have strong driver preference for Lyft already. And that's been true for a long time, really since the earliest days of Lyft. I'd say it's one of the real sort of differentiators between Lyft and Uber are kind of a perception basis on the driver side. And so we're leaning into that. We're leaning into that.

所以我的意思是有幾件事。所以實際上，我將從舊的胸部開始。更換屋頂的最佳時間是陽光明媚的時候。因此，我們已經對 Lyft 產生了強烈的司機偏好。很長一段時間以來都是如此，實際上從 Lyft 成立之初就開始了。我想說，這是 Lyft 和 Uber 之間真正的區別之一，也是司機方面的感知基礎。所以我們正在傾向於這一點。我們正在傾向於這一點。

And so behind the scenes, you might have seen the report that came out a couple of weeks ago from GridWise that sort of suggested that Uber drivers' earnings have been decreasing, I think they estimated about 17%. Whereas ours have been going up over the same period after the period was, I think, 2 years, maybe a little over 2%. So in the background, we've been working quite hard at making sure that our drivers are paid as well as they can. And again, just for clarity, it's technically the riders who pay the drivers and we just take a cut. So that's kind of the mechanics of it.

因此，在幕後，您可能已經看到 GridWise 幾週前發布的報告，該報告表明 Uber 司機的收入一直在下降，我認為他們估計約為 17%。而我們的同期卻一直在上漲，我認為，兩年後，可能略高於 2%。因此，在後台，我們一直在努力確保我們的司機得到盡可能好的報酬。再說一次，為了清楚起見，從技術上講，是乘客向司機支付費用，而我們只是從中抽取一部分。這就是它的機制。

So then we say, given those mechanics, the riders pay the drivers and we take a cut. Well, what can we do to address a very consistent set of pain points the drivers have communicated to me often in quite personal ways, I might add, since the day I started. One is around transparency. A question of fairness. Are you taking too much? And the second is a question of minimums, frankly. Why are there some drives where it feels like my rider pays $20 and I get barely anything. So it was a very deliberate strategy on our part. It's been for some period of time to say there are 2 customers in every car. It's a rider and a driver. And if we can drive preference on both, that's what ends up creating marketplace efficiency, which then in turn obviously increase the service levels -- improved service levels, but also increases topline and margin. So it's really quite a self-fulfilling prophecy.

所以我們說，考慮到這些機械師，乘客付錢給司機，我們從中抽取一部分。好吧，我可以補充一下，從我開始工作的那天起，我們可以做些什麼來解決司機們經常以非常個人化的方式向我傳達的一系列非常一致的痛點。一是透明度。公平問題。你服用太多了嗎？坦白說，第二個是最低限度的問題。為什麼有些行程感覺我的乘客付了 20 美元，而我幾乎什麼都得不到。所以這對我們來說是一個非常深思熟慮的策略。一段時間以來，每輛車上都有 2 位顧客。這是一個騎手和一個司機。如果我們能夠提高對兩者的偏好，最終將創造市場效率，從而顯著提高服務水平——提高服務水平，同時也提高營收和利潤。所以這確實是一個自我實現的預言。

And back to your question around timing, sort of if not now, when? Like you sort of want to do it when things are going pretty well rather than feeling like you're going to have to defend yourself. I'll say one last thing before I turn it over to Erin. There's a piece we published last week that I would encourage everyone to read. The customer obsession doesn't just mean listening to customers. Of course, it means that. And trying to come up with things innovating on their behalf. But it also moves deeply, deeply understanding their needs so that the work that you're doing in response to those needs.

回到你關於時間的問題，如果不是現在，什麼時候？就像你想在事情進展順利時這樣做，而不是感覺你必須為自己辯護。在把它交給艾琳之前我要說最後一件事。我們上週發表了一篇文章，我鼓勵大家閱讀。對客戶的執著不僅僅意味著傾聽客戶的意見。當然，就是這個意思。並試圖為他們提出創新的東西。但它也會深入了解他們的需求，以便你所做的工作可以滿足這些需求。

We published a white paper about 10 days ago or actually, I guess, about a week ago and it's called something like the driver transparency earnings report. I forget the exact name of it. It's really quite a nice piece of work, and I'm going to brag on the team for a second. The team, quite a large team actually, across the company spent a lot of energy looking not just at gross earnings which is how much drivers get paid kind of off the top. But also net earnings, in other words, what they make after their expenses, their gasoline, their maintenance, their depreciation even the cleaning of the car, all the marginal costs that you have when you drive for rideshare.

我們大約 10 天前發布了一份白皮書，或者實際上，我猜大約一周前，它的名稱類似於司機透明度收益報告。我忘記了它的確切名稱。這確實是一件非常好的工作，我要稱讚我們的團隊。這個團隊實際上是一個相當大的團隊，整個公司花費了大量的精力，不僅關注總收入，還關注司機從頂部獲得的報酬。還有淨利潤，換句話說，就是除去費用、汽油、維護、折舊甚至汽車的清潔，以及當你駕駛共享汽車時的所有邊際成本後的收入。

And we did it for all kinds of reasons, policymakers are interested in this, but frankly, so are we. We're really interested in understanding how much drivers take home and on average, after all the expenses, the best we can see, and this is an average, you can see the quartiles in the report, but on average, $23.46 per engaged hour is what Lyft drivers make. And we're very proud of that. We think it stacks up really nicely against other potential ways people can earn money, particularly when you add the flexibility you get.

我們這樣做是出於各種原因，政策制定者對此感興趣，但坦白說，我們也是如此。我們真的很想了解司機帶回家的平均收入，在所有費用之後，我們能看到的最好的結果，這是一個平均值，您可以在報告中看到四分位數，但平均而言，每個工作小時23.46 美元Lyft 司機就是這麼做的。我們對此感到非常自豪。我們認為它與人們賺錢的其他潛在方式相比確實非常好，特別是當你增加了靈活性時。

So it's a very long answer, but really, I think -- I hope it reveals the way we think about driver supply, which is not just some generic number, 1 million drivers making $1 billion, whatever. But very specifically, while drivers drive, how much money do they make? And how can we give them a certain amount of assurance within the context of our business partner -- their independent contractors that their take is there.

所以這是一個很長的答案，但實際上，我認為 - 我希望它揭示了我們對司機供應的看法，這不僅僅是一些通用數字，100 萬司機賺 10 億美元，等等。但更具體地說，當司機開車時，他們能賺多少錢？我們如何在我們的業務合作夥伴（他們的獨立承包商）的背景下向他們提供一定程度的保證，讓他們相信他們的利益就在那裡。

And Alec, I'll take your question overall on insurance. And so in last quarter's conference call, we talked a fair bit about insurance. But what I'd like to leave you with is insurance is priced per mile, right? So it's not as if there's a bulk discount as you think about that overall. And we continue to do a tremendous amount of work implementing our strategy here at Lyft as it relates to increasingly building in features in our products, working across various policy initiatives and doing a number of things that we believe, and we have demonstrated in the past, have a positive impact on what has been a rate of increase historically over time.

亞歷克，我將全面回答你關於保險的問題。因此，在上個季度的電話會議上，我們討論了許多有關保險的問題。但我想告訴您的是，保險是按每英里定價的，對吧？因此，從整體上考慮，這並不是說存在批量折扣。我們在 Lyft 繼續做大量工作來實施我們的策略，因為它涉及到我們產品中越來越多的功能、跨各種政策舉措的工作以及做一些我們相信並且我們過去已經證明過的事情，對歷史增長率產生正面影響。

I couldn't comment on our competitors' choice about how they structure their program. But what I can tell you is the thought that is behind how we've structured ours. And so we do risk transfer a majority of our business, which means there's a portion of it, a small portion, that is self-insured. And we like that mix. We think it's the right one for us, and let me tell you a little bit about why.

我無法評論我們的競爭對手對如何建立計劃的選擇。但我可以告訴你的是我們建構我們的架構背後的想法。因此，我們將大部分的業務進行風險轉移，這意味著其中一小部分是自我保險。我們喜歡這種組合。我們認為這對我們來說是正確的，讓我告訴你一些原因。

So on the portion that we retain, we do that on a selective basis where we think it makes sense. And so that's a thoughtful approach. And then as it relates to the portion of the business that we risk transfer, there's a benefit there and that there's some certainty in cash flows that's provided. We think that's important.

因此，對於我們保留的部分，我們會在我們認為有意義的情況下選擇性地這樣做。所以這是一個深思熟慮的方法。然後，由於它與我們風險轉移的業務部分相關，因此存在好處，並且所提供的現金流有一定的確定性。我們認為這很重要。

And then the second thing that I'd highlight is we work very closely with partners and partners is a really important word here because these are long-term partners that have been with us for a number of years, and they have deep expertise, deep expertise in the states where they operate. And so as we continue to work increasingly sort of in a very collaborative way, we think this is the right way in terms of resolving claims in a timely fashion and in a reasonable fashion. So we like the mix of how we're structured today and it works for us. And beyond that, I couldn't comment on what our competitor chooses.

我要強調的第二件事是，我們與合作夥伴密切合作，合作夥伴在這裡是一個非常重要的詞，因為這些是與我們合作多年的長期合作夥伴，他們擁有深厚的專業知識、深厚的知識和經驗。其業務所在州的專業知識。因此，隨著我們繼續以非常協作的方式開展工作，我們認為這是及時、合理地解決索賠的正確方法。因此，我們喜歡今天的結構組合，並且它對我們有用。除此之外，我無法評論我們的競爭對手的選擇。

Yes. I'm going to say one more thing -- I'm going to say one more thing here, too, because it gives us the chance to brag on our team a little bit. So -- and actually give a little preview to Investor Day. We mentioned we're going to do an Investor Day. I think one of the things -- this will sound strange. But if you come to the Investor Day, and I hope you do, and you get a chance to meet Max Feldman, who is up our insurance and risk management. The guy is a rockstar. And it's just an incredible, incredible team we've got to focus on risk management. I think you'll come away super both impressed but also educated about how we think about this.

是的。我還要說一件事——我在這裡還要說一件事，因為這讓我們有機會誇耀我們的團隊。那麼——實際上對投資者日進行了一些預覽。我們提到我們將舉辦投資者日活動。我認為其中一件事——這聽起來很奇怪。但是，如果您參加投資者日（我希望您參加），您將有機會見到馬克斯·費爾德曼（Max Feldman），他負責我們的保險和風險管理。這傢伙是個搖滾明星。這是一個令人難以置信的團隊，我們必須專注於風險管理。我想您離開時會留下深刻的印象，同時也了解我們對此的看法。

I'll also point out one of the newest additions to our Board Jill Beggs, who is the Head of North American and global specialty reinsurance for Everest Re brings an enormous amount of insurance expertise to the company, enormous amount. And so as Erin said, we really like the sort of the mix. And yes, we'll be interested to see what the other guys do, but we feel pretty good about our strategy.

我還要指出我們董事會的最新成員之一 Jill Beggs，她是 Everest Re 北美和全球專業再保險業務的負責人，為公司帶來了大量的保險專業知識。正如艾琳所說，我們真的很喜歡這種組合。是的，我們有興趣看看其他人做了什麼，但我們對我們的策略感覺很好。

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

您的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

So first, David, with all the efforts to grow the portfolio of products and then bringing prices, service level on parity with this competition, can you talk about the trends in active riders? I know there is some seasonal elements in 4Q. But how should we think about the importance of growing audience users to hit kind of like the mid-teens and potentially compound run that into the future. .

首先，大衛，透過努力擴大產品組合，然後使價格、服務水準與競爭對手持平，您能談談活躍騎士的趨勢嗎？我知道第四季有一些季節性因素。但是，我們應該如何考慮不斷增長的觀​​眾用戶對青少年的重要性，並可能在未來實現這一目標。 。

And then sort of related to that, on the cost side, how should we think about the level of investments that's required for headcount? Maybe to expand on the scope of product initiatives as you think about kind of balancing the growth over the medium term?

與此相關的是，在成本方面，我們應該如何考慮員工人數所需的投資水準？當您考慮平衡中期成長時，也許會擴大產品計劃的範圍？

Sure. Deepak, I'll take the first part and then Erin and I will tag-team -- Erin will take the second.

當然。迪帕克，我將承擔第一部分，然後艾琳和我將雙打——艾琳將承擔第二部分。

So first -- yes, good question about active riders and definitely want to double down on something you alluded to, but it's good for everyone to understand, which is because our active riders is a sum of rideshare and bikes and scooters, you see a bit of a sort of a switch in Q4 where, obviously, when there's snow on the ground and cold, people don't take bikes very much. So there's a little bit of a switch going into the Comfort. But broadly speaking, here's the way we look at it.

所以首先- 是的，關於活躍騎手的好問題，並且肯定想加倍關注你提到的東西，但這對每個人理解都有好處，這是因為我們的活躍騎手是乘車共享、自行車和踏板車的總和，你會看到第四季度出現了某種轉變，顯然，當地面下雪且寒冷時，人們不太騎自行車。所以舒適型有一點改變。但從廣義上講，我們是這樣看待它的。

We -- I sort of zoom out here a little bit. Like for us, every single time we get a rider and I mentioned that 25% of our riders were new last year, it's very, very important that we work on our service levels. We work on obsessing over that ride and over that rider because just to say the cliche thing, it's almost easier -- more efficient to hold on to an existing rider than to acquire a new one.

我們——我把這裡縮小了一點。就像我們一樣，每次我們獲得乘客時，我提到去年我們的乘客中有 25% 是新乘客，因此提高服務水準非常非常重要。我們致力於沉迷於那次騎行和那個騎手，因為只是說一句陳詞濫調，保留現有騎手比獲得新騎手幾乎更容易 - 更有效。

And so our first order of business over the last couple of quarters has really been the focus on making sure that every time we get a rider, new or existing, we take good care. What that translates to is higher frequency. And particularly when you look at our high-frequency riders, again, riders come in all shapes and sizes and there are all sorts of segments. But if you look at our high-frequency riders, you actually see a meaningful increase in frequency there. We think that's incredibly telling because it's a really good leading indicator that when your biggest fans, who also going to be your biggest critics, are positively responding to the work you've done, that has not (inaudible). And so it means that over time, as we focus even more energy on rider acquisition, through new product initiatives like Women+ Connect, some of these other things we do, every single one of those riders that comes in is effectively a more profitable rider for us, right, because we expect them to be a heavier user of Lyft.

因此，過去幾季我們的首要任務實際上是確保每次我們獲得新的或現有的乘客時，我們都會照顧得很好。這意味著更高的頻率。特別是當您觀察我們的高頻騎手時，您會發現騎手的形狀和尺寸各異，並且存在各種細分市場。但如果你看看我們的高頻乘客，你實際上會發現那裡的頻率顯著增加。我們認為這非常有說服力，因為這是一個非常好的領先指標，表明當你最大的粉絲（也將成為你最大的批評者）對你所做的工作做出積極回應時，情況卻並非如此（聽不清楚）。因此，這意味著隨著時間的推移，隨著我們將更多的精力放在吸引騎手上，透過像Women+ Connect 這樣的新產品計劃以及我們所做的其他一些事情，每個進來的騎手實際上都是更有利可圖的騎手。我們，對，因為我們希望他們成為 Lyft 的重度用戶。

So that sort of focus -- the focus is on really increasing -- working on the basics, that creates some good frequency things. If we do a good job of it, you see it earliest in high-frequency riders because that's obviously that's where the data is the densest and then you can sort of over time to the extent you want to or need to, you can do more customer acquisition even in terms of product innovation or even marketing efforts or some combination of both. So that's kind of the structure.

因此，這種關注——重點是真正增加——在基礎上工作，創造了一些好的頻率。如果我們做得很好，您最早會在高頻騎手中看到它，因為這顯然是數據最密集的地方，然後您可以隨著時間的推移達到您想要或需要的程度，您可以做更多甚至在產品創新、行銷努力或兩者的結合方面也能獲得客戶。這就是結構。

And then I'll turn it over to Erin to talk about the cost.

然後我會把它交給艾琳來討論費用。

Yes. So you're asking a little bit about cost overall and sort of how to think about initiatives into 2024. So I think you've specifically chatted about headcount. We've talked about a real focus on operational excellence, and that absolutely includes a focus on cost discipline. And so we are not anticipating any material changes, if you will, in the overall level of head count, et cetera. Although I would point out that even on flat head count, you're going to expect some increases for merit and some inflation and cost of benefits, et cetera, year-over-year. But outside of things like that, we are very, very disciplined as it relates to our sort of base cost structure.

是的。所以你問了一些關於總體成本以及如何考慮 2024 年計劃的問題。所以我認為你已經專門討論了員工人數。我們已經討論過真正關注卓越運營，這絕對包括關注成本紀律。因此，如果你願意的話，我們預計員工總數等方面不會有任何重大變化。儘管我要指出的是，即使在員工人數持平的情況下，你也會預期與去年同期相比，績效會增加，通貨膨脹和福利成本也會增加，等等。但除此之外，我們非常非常自律，因為這與我們的基本成本結構有關。

You asked about the cost of initiatives. And frankly, I think I'm going to go back to the driver earnings commitment because I think it's a really good framework in the way that we think about investing in these types of initiatives. So first and foremost, just want to emphasize, even though it's probably obvious that everything associated with the driver earnings commitment is included in our outlook for 2024. But if you think about that at the heart, we published a lot of information here. Some of those things include things like on average drivers are taking about 88%. And then we announced this 70% that you can think of as a floor.

您詢問了舉措的成本。坦白說，我想我將回到司機收入承諾，因為我認為這是我們考慮投資此類舉措的一個非常好的框架。因此，首先也是最重要的是，我想強調一下，儘管很明顯，與駕駛員收入承諾相關的所有內容都包含在我們對2024 年的展望中。但如果您認真思考這一點，我們在這裡發布了很多資訊。其中一些因素包括司機平均佔用約 88% 等。然後我們宣布了這 70%，你可以將其視為下限。

So another way to consider this are these are edge cases that are really a pain point for drivers. And so while there is a cost to the promotion, the really important premise is that we're taking some of the biggest pain points for drivers off the table. And if you step way back, that really allows us to engage with drivers overall in a much more efficient way. And so hopefully, that gives you a framework for the way that we think about investing in things. This is a clear sort of customer obsession way to do that. And how, for our total business, it ends up being over time, just a really efficient thing to do. So good for the customer, good for our business.

因此，考慮這一點的另一種方式是，這些邊緣情況確實是駕駛者的痛點。因此，雖然促銷是有成本的，但真正重要的前提是我們正在消除司機的一些最大的痛點。如果退一步看，這確實使我們能夠以更有效的方式與駕駛員進行整體互動。希望這能為您提供一個我們思考投資方式的框架。這是一種明顯的以客戶為中心的方式來做到這一點。對於我們的整體業務來說，隨著時間的推移，這將是一件非常有效率的事情。這對客戶有利，對我們的業務也有利。

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

您的下一個問題來自德意志銀行的本傑明·布萊克。

Erin, for you perhaps, I think you mentioned that the improvements in marketplace balance were able to offset 75% or so of your incremental insurance costs. So can you just dig into that a little bit more? Was that mostly a function of driver incentives coming down.

艾琳，也許對您來說，我認為您提到市場平衡的改善能夠抵消 75% 左右的增量保險成本。那你能再深入研究一下嗎？這主要是司機激勵措施下降的結果嗎？

And then secondly, for your directional guidance for 2024, it implies slightly faster bookings growth versus trip growth. So should we be expecting pricing to potentially a lever in 2024 as well?

其次，對於 2024 年的方向指導，這意味著預訂量增長略快於旅行增長。那麼我們是否應該預期 2024 年定價也可能成為槓桿？

Yes. So thanks. I think you were talking about Q4, where we had the full impact of our third-party insurance renewals. And so you're correct. If I mentioned, if you think about that along with ride growth, as we had anticipated and guided to cost of revenue increased substantially in Q1. And so yes, we were largely able to offset that operating more efficiently as you think about driving increased driver preference for Lyft, and I talked about the increase that we saw in driver hours, which have been -- which were meaningful, both in Q3 and Q4. That really allows us, again, to engage with that driver community in a much more efficient way. And it's good for riders as well, right? Our ETAs go down, et cetera. So it becomes a sort of virtuous cycle, if you will, overall in the business.

是的。那謝謝啦。我想你說的是第四季度，我們受到了第三方保險續保的全面影響。所以你是對的。如果我提到，如果你考慮一下乘車成長，正如我們預期和指導的那樣，第一季收入成本大幅增加。所以，是的，當你考慮到駕駛司機對Lyft 的偏好增加時，我們在很大程度上能夠抵消更有效率的運營，我談到了我們看到的司機工作時間的增加，這在第三季度都是有意義的和 Q4。這確實使我們能夠再次以更有效的方式與駕駛員社群互動。這對騎手來說也有好處，對吧？我們的預計到達時間會縮短，等等。因此，如果你願意的話，這將成為整個產業的良性循環。

You're going to have to repeat the second question for me, Benjamin.

班傑明，你必須為我重複第二個問題。

Yes, gross bookings growing faster than trip growth in 2024. So curious if there's an assumption for pricing to be a catalyst in '24?

是的，到 2024 年，總預訂量的成長速度將快於旅行的成長速度。很好奇定價是否會成為 24 年的催化劑？

Yes. Thanks. Sorry. Thanks for repeating the question. Yes, so we did guide for gross bookings to grow slightly faster than rides growth in 2024. I think it's important to remind everyone that gross bookings, while a significant majority of that number is our core rideshare business, important to remind that things like our bikes and scooter business, media, et cetera, are also flowing through our gross bookings line. So I'd point that out.

是的。謝謝。對不起。感謝您重複這個問題。是的，所以我們確實指導2024 年總預訂量的增長略快於乘車的增長。我認為重要的是要提醒大家，總預訂量雖然其中很大一部分是我們的核心乘車共享業務，但重要的是要提醒大家，像我們這樣的事情自行車和踏板車業務、媒體等也正在透過我們的總預訂線進行。所以我想指出這一點。

As it relates to pricing, it's not a driving assumption in our 2024 guide. And so hopefully, that all just gives you some context. Our strategy remains to be price competitive overall.

由於它與定價相關，因此它不是我們 2024 年指南中的驅動假設。希望這一切都能為您提供一些背景資訊。我們的策略仍然是整體上具有價格競爭力。

Your next question comes from the line of Michael Morton from MoffettNathanson.

您的下一個問題來自 MoffettNathanson 的 Michael Morton。

I was wondering if we could talk some more about the directional guidance for 2024. And what the expectations are for the performance of the advertising business. As part of that guide, I remember a little while ago on Yahoo! Finance, David referenced the potential for $0.5 billion advertising business. So just trying to get a deeper understanding of the cadence of that advertising business going forward.

我想我們是否可以多談談2024年的方向性指導。以及對廣告業務績效的期望是什麼。作為該指南的一部分，我記得不久前在雅虎！財務方面，David 提到了 5 億美元廣告業務的潛力。因此，我只是想更深入地了解廣告業務未來的節奏。

Yes, sir. Michael, it's David. Yes, that's one of those costs that has come back at me a couple of times. I've seen that one. So that was meant to be aspirational and long term, to be clear. Who knows, maybe we will get there sooner or maybe later, team is working pretty hard. I think I hope I'm not saying anything out of line here, but last week, they had their biggest sales week ever in history. We just don't (inaudible) just internally that's on a Friday. So what does that tell you? That's tells you the business is growing fast by definition. It tells you it's good product market fit. It doesn't tell you the size, and we're being deliberate about it. It's not particularly large from a sort of overall total company perspective. But again, we see a really good fit with what our advertisers or media partners are looking for. And you'll see a lot of innovation on our side when it comes to new ad units.

是的先生。邁克爾，是大衛。是的，這是我多次遭受的成本之一。我見過那個。因此，明確地說，這是一個有抱負的、長期的目標。誰知道呢，也許我們會早點或晚點到達那裡，團隊正在努力工作。我想我希望我沒有在這裡說任何不合時宜的話，但上週，他們經歷了歷史上最大的銷售週。我們只是在周五不（聽不清楚）內部。那麼這告訴你什麼呢？從定義上來說，這告訴您業務正在快速成長。它告訴您該產品非常適合市場。它沒有告訴你尺寸，我們正在深思熟慮。從整個公司的角度來看，它並不是特別大。但我們再次看到，它非常適合我們的廣告商或媒體合作夥伴正在尋找的東西。當涉及到新的廣告單元時，您會看到我們方面的許多創新。

Just as a quick reminder and just for big picture for one second. We have advertising units that we sell in the Lyft app. We have advertising units that we sell on tablets, which are in cars. You've probably seen them if you've been in New York City recently. We have advertising you see on top of cars. And then we even have -- thanks again to our bike and scooter business, we've got panels, some of which are old school add on panels, some of which are increasingly digital electrified panels in some cities.

只是作為一個快速提醒，只是為了一秒鐘的大局。我們在 Lyft 應用程式中銷售廣告單元。我們有在汽車上的平板電腦上銷售的廣告單元。如果您最近去過紐約市，您可能已經見過它們。我們有您在汽車頂部看到的廣告。然後，我們甚至擁有 - 再次感謝我們的自行車和踏板車業務，我們擁有面板，其中一些是老式附加面板，其中一些在一些城市越來越數字化電氣化面板。

So we've got a really nice and it's one of the reasons why on Super Bowl Sunday for example, I mentioned, I think I didn't mention Zillow. Zillow also did a big buyout and they tend to be sort of multi-channel buyouts across these sort of multiple kind of ad outlets, sort of Surround Sound type of things. And it's something that we can provide that there aren't a lot of other ways in the physical and digital world, and that's really quite interesting, right, because the physical world still turns out to be quite important to a lot of people, and we're right there in front of them.

所以我們有一個非常好的，這就是為什麼在超級碗週日，我提到，我想我沒有提到 Zillow 的原因之一。 Zillow 也進行了大規模收購，他們往往是跨多種廣告管道的多通路收購，類似於環繞聲之類的東西。我們可以提供在實體和數位世界中沒有很多其他方式的東西，這真的很有趣，對吧，因為物理世界對許多人來說仍然非常重要，我們就在他們面前。

So anyway, all that's really just kind of meant to be color. In terms of the actual numbers, though, we're not releasing those yet. But for sure, it will be something you'll be hearing us talk more about. Over time, I do stand by my prediction. I'm just not putting a time frame on it.

所以無論如何，所有這些實際上都只是顏色。不過，就實際數字而言，我們還沒有發布這些數據。但可以肯定的是，您將會聽到我們更多地談論這件事。隨著時間的推移，我確實堅持我的預測。我只是沒有設定一個時間框架。

Your next question comes from the line of Stephen Ju from UBS.

您的下一個問題來自瑞銀集團的 Stephen Ju。

David, I think you have in the past talked about the marketplace, connecting of supply and demand as sort of the base level service, and you were really looking forward to rolling out incremental value-added services. So any directional pointers you can share with us and how the product development has been progressing here? And maybe advertising, as you just alluded to, is one piece, but what else should we be thinking about?

大衛，我認為您過去曾談論過市場、供應和需求的連接作為一種基礎服務，並且您真的很期待推出增量增值服務。您可以與我們分享一些方向性的建議嗎？產品開發進度如何？也許廣告，正如您剛才提到的，是其中之一，但我們還應該考慮什麼？

Yes. This is always an area where I get frustrated as just myself because, of course, I always want to talk about all the things we've got out the pipeline, but it's not such a good idea. I think thus, I have to sort of keep talking about some of the same things. Let's look at Comfort Plus for just a second. Comfort Plus, relatively small products in the portfolio, but I think we've given about 2 million rides or so since we've launched it. And that's wonderful. And it's not a product we've particularly marketed. We play around with a little bit on-site stuff. But there's more we can do there when people want either a slightly larger car, slightly newer car or at least in my case, sometimes it's slightly quieter car is another option we get there. So that's a sort of small example.

是的。這始終是我自己感到沮喪的一個領域，因為當然，我總是想談論我們已經完成的所有事情，但這不是一個好主意。我認為因此，我必須繼續談論一些相同的事情。讓我們來看看 Comfort Plus。 Comfort Plus 是產品組合中相對較小的產品，但我認為自推出以來我們已經提供了大約 200 萬次乘坐。這太棒了。而且這不是我們專門行銷的產品。我們在現場嘗試一些東西。但是，當人們想要一輛稍大一點的汽車、稍微更新一點的汽車，或者至少就我而言，有時稍微安靜一點的汽車是我們到達那裡的另一種選擇時，我們可以做更多的事情。這是一個小例子。

On-time pickup promise, again, today, it's very focused on airports, right? But that doesn't necessarily have to be where you stop with that. With a promise like that, you can imagine all sorts of ways that we can guarantee reliability and maybe charge a premium for it. So there's a lot more to do there. I wish I could get more specific, but I'm going to have to sort of leave it there. But I think one of the things that's really -- that I just enjoy, frankly, about our -- pardon me, my job and about the team is how focused folks are on coming up with amazing new ideas for our customers. We expect to see a lot more over time.

準時接機承諾，今天再次強調，重點是機場，對嗎？但這並不一定是您必須停止的地方。有了這樣的承諾，您可以想像我們可以透過各種方式來保證可靠性，並可能為此收取額外費用。所以那裡還有很多事情要做。我希望我能說得更具體，但我不得不把它留在那裡。但我認為，坦白說，我很喜歡我們的工作、我的工作和團隊的一件事是，人們如何專注於為我們的客戶提出令人驚嘆的新想法。隨著時間的推移，我們預計會看到更多。

Your next question comes from the line of Youssef Squali from Truist Securities.

您的下一個問題來自 Truist Securities 的 Youssef Squali。

First, David, you said that 20% of rides has a connection to partners back in 2023. One, I was wondering what it was in 2022? And as you look at 2024, are you expect an additional or the guide baking in additional partners that have yet to be announced?

首先，David，你說 2023 年 20% 的遊樂設施與合作夥伴有聯繫。第一，我想知道 2022 年是什麼？展望 2024 年，您是否期望有更多尚未公佈的合作夥伴或指南？

And Erin, relative to that 50 basis point improvement in margins 2024 versus 2023. As we look beyond, I know you're not guiding to beyond 2024 yet just yet, but is a little beyond from a modeling perspective, is it -- what are the things that happening in 2024 that may actually preclude you from having that 50 basis point be sustainable beyond 2024, if you can point to 1 or 2 please.

艾琳，相對於2024 年與2023 年相比，利潤率提高了50 個基點。當我們展望未來時，我知道你們還沒有指導到2024 年之後，但從建模的角度來看，有點超出了，是嗎？ 2024 年發生的事情實際上可能會妨礙您在 2024 年之後維持 50 個基點的可持續性，如果您能指出 1 或 2 個的話。

Youssef, it's David. I'll start, and again, Erin will tag-team with me. So unfortunately, I have to disappoint you a little bit. We're not going to give specifics on that percentage, how we expect it to change. But I will add a little color because I think it helps tell the story. And the word partner is such a broad word, it's maybe helpful to have a bit of a framework.

優素福，我是大衛。我先開始，艾琳也會跟我一起組隊。不幸的是，我不得不讓你有點失望。我們不會詳細說明該百分比以及我們預計它會如何變化。但我會添加一點色彩，因為我認為這有助於講述故事。合作夥伴這個詞是如此寬泛，有一個框架可能會有所幫助。

You might think of some of these partners and let's use Chase as an example, of a fairly clear value proposition where Chase is not the largest credit card issuer, I think they are actually the large credit card issuer in North America. They have -- we have a very strategic and long-term relationship with them involving Chase Sapphire in particular, where people can earn points by using their Chase Sapphire cards. And that's something as a driver, I hear fairly regularly from my riders that they say that's the reason that they choose Lyft.

您可能會想到其中一些合作夥伴，讓我們以大通銀行為例，這是一個相當明確的價值主張，其中大通銀行不是最大的信用卡發行商，我認為他們實際上是北美最大的信用卡發行商。我們與他們建立了非常策略性的長期關係，特別是大通藍寶石卡，人們可以透過使用大通藍寶石卡賺取積分。作為一名司機，我經常聽到乘客說這就是他們選擇 Lyft 的原因。

So those sorts of -- and then we have a similar relationship with Delta. We have similar relationship with Alaska Airlines. There's a lot more we can do with all of those.

因此，我們與達美航空有著類似的關係。我們與阿拉斯加航空也有類似的關係。對於所有這些，我們還可以做更多的事情。

I mentioned briefly, by the way, those partnerships sometimes start in one way and then they morph into a different thing. So Alaska Airlines -- or excuse me, Delta Airlines started as a points partnership. It's now evolved to be a commute partnership, right? So because as I say, flight crews get transported by a Lyft to the airports.

順便說一句，我簡要地提到，這些夥伴關係有時以一種方式開始，然後演變成另一種方式。阿拉斯加航空——或者對不起，達美航空最初是作為積分合作夥伴關係開始的。現在它已經發展成為通勤夥伴關係，對吧？正如我所說，機組人員乘坐 Lyft 前往機場。

And let me give you some other examples, again, just purely for color. With Amazon, we have a relationship with them where we're providing a certain amount of support for their distribution center workers as well as some business travel. On the Starbucks, I mentioned early on and so I did with Delta, FedEx. So FedEx, we help them get to and from their distribution centers, again, in kind of a commute context. And then similar with LinkedIn. LinkedIn actually had our instance situation with return to office, where their parking lots actually ran out of space. And so we now with our Lyft Pass product, provide a commute solution for them.

讓我再給你一些其他的例子，純粹是為了顏色。我們與亞馬遜建立了合作關係，為他們的配送中心工作人員以及一些商務旅行提供一定程度的支援。關於星巴克，我很早就提過，所以我也提到過達美航空、聯邦快遞。因此，聯邦快遞，我們再次在通勤環境中幫助他們往返配送中心。然後與 LinkedIn 類似。 LinkedIn 實際上有我們返回辦公室的實例情況，他們的停車場實際上已經沒有空間了。因此，我們現在透過 Lyft Pass 產品為他們提供通勤解決方案。

So each of these -- and you've heard us talk about healthcare in the past, which has had some nice growth. Again, these are relatively small individually, but collectively, they turn out to be quite meaningful. And so again, without wanting to sort of get ahead of myself on exactly our percentage prediction or whatever it is, I would say it's a part of the business where we're making real investments because we see a lot of opportunity. And they tend to be, by the way, quite sticky relationships, which is nice, right? If you're doing a good job for your partner, there's no reason for that partner to switch. And so that's -- that provides us some long-term stability as well as potentially higher margin and, of course, incremental rides.

因此，您過去曾聽過我們談論醫療保健，這些領域已經取得了一些不錯的成長。同樣，這些單獨來看相對較小，但總的來說，它們非常有意義。再說一次，我不想在我們的百分比預測或其他什麼方面超出自己的預期，我想說這是我們正在進行真正投資的業務的一部分，因為我們看到了很多機會。順便說一句，他們往往是非常黏性的關係，這很好，對吧？如果你為你的伴侶做得很好，那麼那個伴侶就沒有理由更換。因此，這為我們提供了一些長期穩定性以及潛在的更高利潤，當然還有增量乘車。

And thanks, I'll take the question.

謝謝，我會回答這個問題。

You're right. I'm not going to comment on things beyond the directional guide we gave for 2024. But to the extent it's helpful, I think it's interesting to think about in our remarks and today in the Q&A, we've sort of touched on 3 key areas: continuous innovation, rideshare perfection and sort of leaning into this partnership-driven growth. I suppose the other element, as you think about expansion over time would relate to cost discipline which, frankly, is a hallmark of any durable profitable business.

你說得對。我不會對我們為2024 年提供的方向指南之外的事情發表評論。但就其有幫助而言，我認為在我們的言論和今天的問答中思考這一點很有趣，我們已經觸及了3 個關鍵點領域：持續創新、共乘完美以及傾向於這種夥伴關係驅動的成長。我認為，當您考慮隨著時間的推移進行擴張時，另一個因素將與成本紀律有關，坦白說，這是任何持久盈利業務的標誌。

If you think about all of those 4 things, they're not meant to be sort of annual things that have an expiration date. These are sort of core ways that we think about what it means to have a healthy business, right? Innovation and continuous innovation. Rideshare perfection, if you think about what it takes to deliver great execution at scale, meaning millions and millions of rides every day and doing all of those things with a laser focus, that's very much a continuous cycle as well. So those are some of the ways that I think I would think about. I think we've touched on sort of underpinnings of the way that we would -- are running the business in 2024, and they're all fairly durable themes.

如果您考慮所有這四件事，它們並不意味著是有有效期的年度事物。這些是我們思考擁有健康的業務意味著什麼的核心方式，對吧？創新並持續創新。乘車共享的完美，如果你考慮一下如何才能大規模地提供出色的執行力，這意味著每天有數以百萬計的乘車次數，並且以激光聚焦的方式完成所有這些事情，這在很大程度上也是一個連續的循環。這些是我認為我會考慮的一些方法。我認為我們已經觸及了 2024 年業務運作方式的一些基礎，而且它們都是相當持久的主題。

This will conclude our question-and-answer session. I will now turn the call back to Lyft's 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 Lyft 執行長 David Risher，以徵求結束語。

I'll be brief. I really appreciate the opportunity. Thanks for joining us today, you all.

我會簡短地說。我真的很感激這個機會。感謝大家今天加入我們。

This business really has come a long way over the past year. We are competing well, but we're executing really well for our riders and drivers. And I think growing some great new businesses and doing it dropping free cash through the whole statement. So super excited about where we've been.

這項業務在過去的一年確實取得了長足的進步。我們的競爭很好，但我們為騎士和車手的表現也非常好。我認為發展一些偉大的新業務並在整個聲明中投入免費現金。對我們去過的地方感到非常興奮。

Here's where I want to end, thank you to our shareholders for being good partners for us over the years, and in particular, thanks to our team members. I know we have team members who sometimes log into these calls. Really appreciate every single person on the call who's been working so hard on behalf of riders and drivers and making a great business. So thank you all. We look forward to keeping up to date. And thanks again.

我想在此結束，感謝我們的股東多年來成為我們的好合作夥伴，特別是感謝我們的團隊成員。我知道我們的團隊成員有時會登入這些電話。非常感謝通話中的每一個人，他們為乘客和司機而努力工作，並創造了偉大的業務。謝謝大家。我們期待保持最新狀態。再次感謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。